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As part of the migration to EMV, the "Liability
Shift" now in force has been in force since 1st January 2005
for payments made in Europe.
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The migration to EMV is accompanied by a transfer of responsibility
from the card-issuing bank to the merchant's bank in the event of
fraudulent card use. This new rule, more commonly known under the
term "Liability Shift", entered into force on 1st January
2005. It is only applicable between banks in the European zone. In
concrete terms, in the event of fraudulent payment by bankcard, it
is the bank of the merchant not equipped with a CB5.2 EMV terminal
or the bank which has not issued an EMV card that shoulders the risk.
The bank can then pursue the merchant for not having taken the appropriate
steps to bring its payment terminal into line with the new standard. |
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