After that date, the seller would have to reimburse the card-issuing bank unless they used chip-compliant processors at the point of sale. In other words, prior to that date, when American consumers called their credit card company to report fraudulent transactions on their credit card statement, the bank would eat the charges. After that date, merchants that didn't employ EMV-chip-reading terminals for transactions would be liable for the damages. Before that date, when a fraudulent purchase was made using a credit card at a retail location, the card issuer was liable for the purchase. ![]() ![]() 1, 2015, a massive liability shift occurred across the domestic retail landscape. Watch Video: 5 hints to help protect yourself from credit card fraud
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