Square will absorb its customers’ liability for fraud during EMV shift

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  By: Megan Geuss
Via: twitter.com
RT @arstechnica: Square will absorb its customers’ liability for fraud during EMV shift http://t.co/TvPDtB6hw5 by @MeganGeuss



On October 1, 2015, US commerce will undergo a considerable change—a variety of big credit card companies, financial groups, and issuers will require that merchants upgrade their point-of-sale (POS) terminals to accept chip-based cards as well as (and eventually, instead of) magnetic stripe cards. You may have already received chip-based replacements for your magnetic stripe cards in the mail.

The plan to transition to the new payment standard—called EMV for EuroPay, MasterCard, and Visa, (the developers of the standard)—was agreed upon in 2012, but a MasterCard press release circulated today cited a survey that said that 28 percent of small and medium business owners still aren't aware of the new payment standard. That's particularly troubling, because in the event of magneti

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