October 2015 Liability Shift

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Here's more about the 'liability shift' starting October 2015:




The "liability shift" is not so scary and imminent. For any current-generation credit  cards (without chips) there is no liability change when you swipe the card..


The only situation where there is a possible problem is if you are handed a chip card which had its magnetic swipe fraudulently changed to another card, and that other card had not yet been reported lost or compromised, and if you swiped it and it was authorized.


I.e. the only possibly liability shift is if you encounter a fraudulent charge on a chip card that could have been prevented had you had a chip reader.


It would seem unlikely that a crook would program the fraudulent charge card data on the mag stripe of a card that has a chip - when the merchant could easily have a chip reader.


So, if there are some weeks before you get a new chip reader, if you accept a chip card about which you have any concerns (high amount, unknown customer) you would  request current id and you might even phone it in.