In the case of businesses using Square Stand and Reader, in March of 2015 the number of chip card transactions was only 17% of all transactions. The effect of the liability on merchants has produced a steady growth of chip card transactions. As of October 2015, if a customer uses a fraudulent chip card and the merchant does not have an EMV card reader, that merchant could be liable for the fraud. This is very important because of the ever-increasing amount of credit card fraud. EMV® developed and managed by American Express, Discover, JCB, Mastercard, UnionPay, and Visa - is a global standard for credit cards that use computer chips to authenticate (and secure) chip-card transactions.1 EMV chips encrypt bank information making it far more secure than the old magnetic-stripe cards.
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