Credit card companies are forcing everyone to use “smart” credit cards in their war against cash
MassPrivatei.blogspot.com
Tuesday, July 28, 2015
Payment-processing giants like MasterCard and Visa insist that you and your financial data will be safer once you move to “smart” credit cards that contain a computer chip. And like it or not, credit card companies are forcing merchants to make the change.
After an Oct. 1, 2015, deadline created by major U.S. credit card issuers MasterCard, Visa, Discover and American Express, the liability for card-present fraud will shift to whichever party is the least EMV-compliant in a fraudulent transaction.
In other words credit card companies are FORCING merchants to make the change or they’ll have to pay for every fraudulent purchase!
The new “smart” credit card rules are forcing banks to also hold you accountable for any fraudulent purchases! You read that right, banks can blame the customer if they feel you might have been negligent.
EMV stands for Europay, MasterCard, and Visa, which is shorthand for bank owned digital currency.
“Approximately 120 million Americans have already received an EMV chip card and that number is projected to reach nearly 600 million by the end of 2015, according to Smart Card Alliance estimates.”
A Fortune magazine interview with Carolyn Balfany MasterCard’s SVP of U.S. product delivery for EMV’s revealed this gem:
The ultimate would be no card at all, right? Where I just use my phone for everything.
The Rest…HERE
