Other factors behind the chargeback surge could be criminals are realizing the window for committing counterfeit fraud is closing, and consumers guilty of friendly fraud, who may be exploiting the confusion around the EMV liability shift to contest legitimate transactions for personal gain, Horwedel said. First up is MasterCard Inc. Fraud. S. 10. Processing Errors 13. And one of two things have occurred: The. Processing Errors 13. When magnetic stripe cards are used at a magnetic stripe terminal, the liability for counterfeit fraud falls on the issuer. They are coming, they will be standard, and the United States is going to have to adjust. e. Incorrect Transaction Code. There is an entire underground economy powered by stolen credit cards. Authorization 12. If you do not have EMV enabled technology in place before October 1st of 2015, you will be held liable for most types of fraudulent “card. Dear Diary , Chicago - 9th October - Day Nine into "Counterfeit" Liability Shift. S. October 2015 to complete implementation of EMV chip cards, terminals, and processing systems. Ensure your terminals are EMV compliant. Merchants and acquirers are Visa has been leading the push for EMV adoption by shifting the fraud liability for transactions made without using EMV, with other card networks following suit (American Express, Discover, and MasterCard also moved their deadlines, to April 16, 2021). How does EMV affect me? As part of the EMV initiative, the four major card brands have announced a “liability shift” which will become effective on October 1, 2015. 10. 2 – EMV Liability Shift Non-Counterfeit Fraud: 11. The main thing to understand about chargeback liability with EMV is that the regulations now spread responsibility more evenly between merchants and card issuers. They assign blame to the merchant’s EMV terminal for a card-present transaction. 4 – Other Fraud-Card Absent Environment 10 . 1, 2020. The EMV liability shift began in October 2015 in. 3. The EMV chip standard was designed to prevent fraud in card-present environments. 4 Issuers assume counterfeit fraud-Effective October 1, 2015, payment network rules on certain types of fraudulent transactions shifted so that merchants now may bear the liability for counterfeit fraud unless an EMV chip device is used. 1 – Merchandise/ Services Not Received 12. 2 – EMV Liability Shift Transaction Code Non-Counterfeit Fraud 11. 3 — Other Fraud: Card-Present Environment 2015, the party that does not support EMV— which can be either the issuer or the merchant— assumes liability for counterfeit card transactions. S. Consumer Disputes 10 . S. 10. EMV Liability Shift Counterfeit Transaction Fraud: 10. Description. ” 16 This report addresses only “contact” payments made by swiping or inserting a credit or debit card. mj nEMV Liability Shift Counterfeit Fraud. Processing Errors 13. 2 – EMV Liability Shift Non-Counterfeit Fraud 10 . 4837. Get an EMV Reader . 1, 2017. 2016 is a key year for the country's movement away from counterfeit-prone magnetic stripe transactions, coming at the same time as the payments industry’s fast-paced changes in digital technology. 2: Fraud (10) EMV Liability Shift Non-Counterfeit Fraud: 10. Merchants that accept bankcard payments (including courts) must implement devices that can read EMV chip-enabled cards by October 2015, or be liable for any fraudulent purchases made at their terminals. 2 – EMV Liability Shift Non-Counterfeit Fraud 10 . 1 – EMV Liability Shift Counterfeit Fraud 10 . Since the EMV liability shift in October 2015, both chargebacks and fraud loss rates have increased for merchants, particularly from signature-based, card-present transactions. How Do I Accept. The Fraud Liability Shift is not a mandate, so there is no penalty if you do not meet this date. 3 – Other Fraud-Card Present Environment 10 . 1 – Card Recovery Bulletin 11 . A signed sales receipt with imprint or swipe. Since 2015, most merchants have been responsible for the EMV liability shift. After the shift, liability now passes to wherever is the most technologically vulnerable point in the transaction process. 33 Fraud analysis request; 10. 2002. 10. 10. Prior to the shift, liability for fraudulent transactions fell primarily on card issuers. As part of this transition, mercha October 1 is right around the corner. Chip Liability Shift The issuer may use message reason code 70 when the cardholder disputed an unauthorized transaction performed with an EMV chip card. In 2015, the liability for credit card fraud in the US is estimated to total more than $15 billion. 5 – Visa Fraud Monitoring Program 11 . 5 – Visa Fraud Monitoring Program 11 . 1 – EMV Liability Shift Counterfeit Fraud 11. Fraud 11. If the merchant is using the chip and PIN. About the EMV Migration ForumCounterfeit Fraud Liability. 1 EMV Liability Shift Counterfeit Fraud; 10. 1 – Late Presentment 13. As retailers and banks prepare for the 1 October 2015 EMV liability shift—which moves fraud liability from issuing banks to merchants —many consumers have not yet received their new chip. Mistakes happen. 3 – Other Fraud-Card Present Environment 10 . The liability shift is an effort to accelerate the nationwide switch to EMV (aka chip cards). 1 Late Presentment. Processing Errors 13. 2: EMV Liability Shift Non-Counterfeit Fraud Visa Chargeback Code. Protect Your Business from Financial Loss Due to FraudThe liability shift is still months away. ” This code indicates the merchant. So, clearly, the technology has had some. Historically, card issuers have typically been held liable for credit card fraud. If neither or both parties are EMV compliant, the fraud liability remains the same as it is today. The shift is intended to help parties deal with counterfeit fraud more equally. EMV has an implementation milestone of October 1, 2015 for most retailers and processors to be EMV compliant. 1 EMV Liability Shift Counterfeit Fraud Description of Reason Code EMV Liability Shit Counterfeit Fraud Insights from Rules and Regulations A cardholder claims he or she did not participate in the transaction you processed. 10. 2 - EMV Liability Shift Non-Counterfeit Fraud What caused the dispute? The most common cause of this dispute is that a PIN-preferring chip card was used either at a non-EMV terminal or a chip transaction was initiated without full chip data. Built with a single, intuitive console, Sift’s end-to-end solution eliminates the need for disconnected tools, single-purpose software, and incomplete insights that drain operational resources. The liability shift is an effort to accelerate the nationwide switch to EMV (aka chip cards). 2 –code for Liability Shift – Non-Counterfeit Payment Fraud. Fraud (10) Other Fraud – Card Present Environment. ” 16 This report addresses only “contact” payments made by swiping or inserting a credit or debit card. Consumer Disputes 10 . Now, the cardholder claims the purchase was unauthorized. A recent MasterCard Inc. 1 Note that information was validated at the time of publication and is subject to change. When France migrated to EMV in 2005, card fraud nearly disappeared. 2 Other Fraud – Card Present Environment 81(1) 10. At that point, the liability for counterfeit credit card fraud shifted. 10. Processing Errors 13. The cardholder is claiming that they did not authorize or participate in a transaction originated with the EMV terminal. Here’s a guide to avoiding fraud with (and after) the EMV liability shift. 1040. 4871 - Chip/PIN Liability Shift: The cardholder claims they weren’t in possession of a valid card at the time and didn’t authorise or. S. Consumer Disputes 10 . EMV Liability Shift Counterfeit Fraud: Fraud: Your customer has claimed they did not participate in the transaction processed – the card used was counterfeit and / or the acquirer did not transmit all of the card data to Visa. And one of two things have occurred: The. Merchants. 10. Consumer Disputes 10 . Here’s a guide to avoiding fraud with (and after) the EMV liability shift. Fraud Reason Codes Current Reason Code New VCR Reason Code 62(2) 10. The move to EMV technology is designed to reduce counterfeit credit card fraud. What is Counterfeit Fraud? Chargebacks under Visa’s Reason Code 10. Well, so the liability shift actually, once the merchant has invested in chip technology, they are then protected from any liability for counterfeit fraud. 4870 Counterfeit. EMV Liability Shift – Non-Counterfeit Fraud. ”. This date excludes automated fuel dispensers. 1 – CBK: EMV Liability Shift Counterfeit Fraud 10. But no such option exists. Decline in fraud means a decline in chargeback liability. 1 EMV Liability Shift Counterfeit Fraud Description of Reason Code EMV Liability Shit Counterfeit Fraud Insights from Rules and Regulations A cardholder claims he or she did not participate in the transaction you processed. 4 – Other Fraud-Card Absent Environment 10 . Processing Errors 13. The first of October 2015 saw the highly The worst of both worlds – why the EMV shift in the US is causing more problems than it is solving - IT Security GuruStarting next month, the payment card industry’s transition to chip-and-PIN (also known as EMV) payment cards will take effect. Authorization 12. implemented the so-called “EMV Liability Shift. A. 2: EMV Liability Shift Non-Counterfeit Fraud: The cardholder is claiming that they did not authorise or participate in a transaction that you processed. 1 – Card Recovery Bulletin 11 . ’s liability shift for ATMs, which kicks in Oct. 2: EMV Liability Shift Non-Counterfeit Fraud 10. 10. 10. Chargebacks were created to protect consumers from fraudulent charges. The technology made conventional card “skimming” impossible, and also made it much harder for fraudsters to create counterfeit credit cards. Verify customer identity with. ATM owners will be liable for certain types of fraudulent or counterfeit. 62 (3) Compliance. 10. Consumer Disputes 10. This date excludes automated fuel dispensers. 1 EMV Liability Shift Counterfeit Fraud Description of Reason Code EMV Liability Shit Counterfeit Fraud Insights from Rules and Regulations A cardholder claims he or she did not participate in the transaction you processed. The new liability shift. Chip. 2 – Declined Authorization10 . 10. A counterfeit EMV-chip card was used in a card-present environment. Description. The Sift Digital Trust & Safety Platform does what other fraud tools can’t, patented technology delivers. 10. 1 – EMV Liability Shift Counterfeit Fraud: 11. The deadline for merchants to transition to EMV technology was October 1, 2015. 1 – Card Recovery Bulletin 11 . Counterfeit Products: 120* 30: 13. A post-EMV liability shift increase in chargebacks and fraud leads Visa and MasterCard to take action. And one of two things have occurred: The. (The exact date of the deadline differed by card brand. Drawing on the example of the UK – where in the 10 years between 2004 (when EMV was first introduced in the UK) and 2014, CNP fraud increased by 120% – something similar was predicted for the US. 6Ultimately, EMV technology should help protect both consumers and merchants from fraud. S. 2B. A BSFI that has enabled secure EMV technology shall be protected from financial liability arising from losses on counterfeit card fraud. 2 - EMV Liability Shift Non-Counterfeit Fraud. 10. Consumer Disputes 10 . 1 – Card Recovery Bulletin 11 . Use the correct CVM (Cardholder Verification Method). In what is known as the “liability shift,”, on October 1, 2015, the credit card industry changed how banks and processing networks handled certain types of credit card fraud. 2. 4 – Other Fraud – Card-Absent Environment: 120 days. and other countries and an unregistered trademark elsewhere. The shorthand description is “Chip Liability Shift. Authorization 12. Since October 201. customer locations are actively accepting chip card transactions, significantly higher than the. Before the deployment of EMV chips, which generate a new authentication code for each transaction, these point-of-sale debit and credit card payments were deemed risky. Note: Mastercard has a 20% Tip Tolerance when the card isn't present. The cardholder has a chip card and someone made a counterfeit copy of it. With less than a month away from the liability shift and only 59% of retail locations expected to be in compliance by the end of 2015 (Javelin Research), the holiday season could be a costly time for retailers in the United States. 10. EMV Liability Shift Counterfeit Transaction Fraud: 10. With timelines in place for a shift in liability, the total cost of card-present fraud in the US will no longer be borne solely by card issuers. 1: Are You Ready? By Christopher Avery. 1 – Card Recovery Bulletin 11 . Authorization 12. 3. After October 1, 2015, this is where All of Visa’s existing reason codes were condensed into four key groupings: fraud, authorization errors, processing errors, and customer disputes. Processing Errors 13. EMV liability shift occurred, issuers held all counterfeit fraud liability. comIn 2019, Visa reported an 87% decrease in counterfeit card fraud resulting from EMV adoption in the US. 1 EMV Liability Shift Counterfeit Fraud; 10. Authorization 12. 10. Cardholder authentication temporarily unavailable - no liability shift available. The Impact of the Fraud Liability Shift: Did it Work? In short, the answer is: yes! In 2014, stolen cards and counterfeit cards accounted for 51% of credit card fraud, including EMV. S. 2 basis points. 1 – EMV Liability Shift Counterfeit Fraud 10 . EMV Liability Shift Non- Counterfeit Fraud. In the run-up to the EMV liability shift in the US, fraud experts expected a rise in card-not-present (CNP) fraud. How the ‘liability shift’ will work in various scenarios beginning in October, 2015 Scenario One: A traditional magnetic stripe card (one without an EMV chip) is swiped by the customer at a magnetic stripe terminal. Fraud 11. 5 Visa Fraud Monitoring Program; Authorization issues. 5 – Visa Fraud Monitoring Program 11 . 2 – EMV Liability Shift Non-Counterfeit Fraud: 11. EMV is a much more secure form of payment than magstripe cards,. EMV is one of the most secure forms of payment. 12 Truth in Lending Act;13 Visa and MasterCard rules and policies,14 liability shift rules,15 and guidelines. The EMV liability shift does not apply to card-not-present transactions and lost and stolen fraud. EMV Liability Shift – Non-Counterfeit Fraud. If fraud occurs, the party (the issuer or merchant). 2. 1 Card Recovery Bulletin. Chargeback Stage. 4 Other Fraud - Card Absent Environment; 10. Policy Changes Aim to Reduce Fraud Costs for Merchants While Promoting Further Adoption of EMV In an effort to promote further adoption of EMV in the U. 3 – Other Fraud-Card Present Environment 10 . 3 – Other Fraud-Card Present Environment 10 . Hence forth, any counterfeit and lost/stolen card fraud that could have been prevented through the use of an EMV-capable device becomes the responsibility of the party who. 1 EMV Liability Shift Counterfeit Fraud Description of Reason Code EMV Liability Shit Counterfeit Fraud Insights from Rules and Regulations A cardholder claims he or she did not participate in the transaction you processed. 4: Other Fraud-Card Absent Environment:. 2 - EMV Liability Shift Non-Counterfeit Fraud: The cardholder claims the transaction you processed was fraudulent because of your EMV terminal. Counterfeit Liability Shift: For the global payment networks listed in the Counterfeit Liability Shift Fraud section above (American Express, China UnionPay, Discover, MasterCard and Visa), their respective counterfeit liability shift is consistent for all cross-border POS transactions for participating countries in the EMV liability shift. The global payment brands set October 2015 as the date for the payment liability shift, at which point the responsibility for fraud resulting from a card-present payment transaction will shift to the party using the least secure technology. 2 – EMV Liability Shift Non-Counterfeit Fraud 10 . October 2015 is applicable across all global payment networks: American Express, Discover, MasterCard and Visa. For those merchants that accept EMV cards, counterfeit fraud losses decreased 87% in March 2019 compared to September 2015, before the liability shift. For instance, after these machines were introduced in the UK in 2006, annual credit card fraud losses there dropped by nearly £82 million through 2014. With the new rules, the party that is the cause of a chip transaction not occurring, either the issuer or acquirer, will be held financially responsible for any resulting card-present counterfeit fraud losses. Credits / Reversals Processed Prior to Dispute . 3 Other Fraud – Card Present Environment 83(1) 10. 5 – Visa Fraud Monitoring Program 11 . Acquired 10. Before, credit card issuers were primarily responsible for. 3: Other Fraud — Card-Present Environment: 120: 30: 10. 1 – Card Recovery Bulletin: 12. 2: EMV Liability Shift Non-Counterfeit Fraud: 10. *Fraud liability in an EMV country shifts to the non-EMV-compliant party. 2016, chargebacks for counterfeit fraud for transactions under $25 will be blocked. Consumer Disputes 10 . 2 – Incorrect 10. The proportion of these losses related to counterfeit fraud is a quarter for credit to a half for signature debit, or 2. 2. Process of handling Counterfeit EMV Card Fraud chargebacks The process of handling Counterfeit EMV Card Fraud chargebacks raised under the EMV liability shift guidelines and due diligence to be followed by banks were discussed in the Operations working group meeting held on 14th June, 2019. 4 – Other Fraud-Card Absent Environment 10 . Fraud 11. 1 – EMV Liability Shift Counterfeit Fraud 10 . Authorization 12. If the transaction is completed at a contact chip-enabled terminal, regardless of how the card data is captured (i. The term "counterfeit fraud" refers to specific chargeback situations defined by Visa Reason Code 10. 2. Since the Oct. S. 4 – Other Fraud-Card Absent Environment 10 . 3: Fraud (10) Other Fraud - Card Present Environment: 10. This post provides some. 2. 11. 5 Visa Fraud Monitoring Program Authorization Reason CodesEMV Liability Shift Counterfeit Fraud: The cardholder is claiming that they did not authorise or participate in a transaction that you processed. Under this EMV compliance regulation, any merchant who had not adopted EMV acceptance assumed the liability of fraudulent activity and the associated costs. implemented the so-called “EMV Liability Shift. By the. 15 The transition is more formally referred to as the “Debit/Credit U. Below is a list of VISA chargeback codes. 4 – Other Fraud-Card Absent Environment 10 . The U. The EMV liability shift is coming. S. Counterfeit Fraud Liability Shift: Applies to the following payment networks: Accel, American Express, China UnionPay, Discover, MasterCard, NYCE Payments Network,. Previously, under the card brands’ operating rules, the issuer was liable for financial losses due to counterfeit card fraud. A counterfeit EMV-chip card was used in a card-present environment. 5 Visa Fraud Monitoring Program 11. ” This code indicates that a counterfeit chip-and-pin card was used to make a purchase from a merchant who didn't follow the proper procedure for chip-and-pin transactions. According to Visa , Chip readers at EMV-accepting automatic fuel dispensers immediately protect. A counterfeit EMV-chip card was used in a card-present environment. 4 – Other Fraud-Card Absent Environment 10 . 3 – Other Fraud-Card Present Environment 10 . You processed a transaction with the counterfeit card on a non-EMV. 2 – EMV Liability Shift Non-Counterfeit Fraud 10 . 2 – EMV Liability Shift Transaction Code Non-Counterfeit Fraud 11. Consumer Disputes 10 . Visa has seen an increase in cases where a credit was processed prior to the dispute and the issuer did not address why the credit did not resolve the dispute. 4871 Lost/Stolen. 1. These three letters have consumed the payments industry for over half a decade. 2 – EMV Liability Shift Non-Counterfeit Fraud 10 . 2: EMV Liability Shift Non-Counterfeit Fraud: Visa: 10. 11. Previously, the card issuers held liability for card-present counterfeit fraud on credit and debit cards. Alternatively, if you do support EMV – but the card issuer doesn’t issue EMV-enabled cards – the liability remains with the card issuer. EMV liability shift rules for counterfeit fraud. 2 – EMV Liability Shift Non-Counterfeit Fraud 10 . 10. Fraud 11. Authorization 12. 1 EMV Liability Shift Counterfeit Fraud Description of Reason Code EMV Liability Shit Counterfeit Fraud Insights from Rules and Regulations A cardholder claims he or she did not participate in the transaction you processed. It could be a PIN or signature. 2. 2 – Declined AuthorizationEMV. 2 – Declined Authorization 2. 5: Fraud (10) Visa Fraud Monitoring Program: 11. Consumer Disputes 10 . In the years since the EMV liability shift, they’ve figured out a workaround for EMV chip protections. 5 – Visa Fraud Monitoring Program 11 . 1 EMV® Liability Shift Counterfeit Fraud. Category. Condition 10. 1: Authorization (11) Card Recovery Bulletin or Exception File: 11. 1 – Merchandise/Services Not Received: 10. 5 – Visa Fraud Monitoring Program 11 . The use of counterfeit card numbers by fraudsters may move to the online space because. Cancelled Recurring. The party that has made investment in EMV deployment is protected from financial liability for card-present counterfeit fraud losses on this date. 4 – Other Fraud-Card Absent Environment 10 . 4. 2 – EMV Liability Shift Non-Counterfeit Fraud 10. 3 – Other Fraud-Card Present Environment 10 . Before. 4863: Cardholder does not recognize - potential fraud. 10. As of October 1st 2015, when a merchant accepts a magnetic stripe card that was counterfeited with track data copied from an EMV chip card, and the card is subsequently swiped at a POS device/application that is not EMV chip-enabled, and the transaction is successfully processed, the acquirer/merchant may be liable for the. 1050. If your business doesn’t use an EMV processing device when your customer presents an EMV “chip” card, you could be held liable for certain types of fraudulent transactions. EMV fraud prevention technology is a product of EMVCo. 09. The cardholder may also claim that a counterfeit card authorized a transaction from his or her account. 1. As a retailer, you’ve always been more annoyed than worried about fraud: if someone purchased products from your store using a counterfeit or stolen credit card, the only cost to you was the time used to report the fraud. Authorization 12. ) Before October 2015, the chargeback liability from credit card fraud always fell on the card issuer. Dispute Category 11: Authorization. 10. Reduces fraud: Counterfeit mag stripe cards created from EMV chip cards or transaction data will not work at EMV-enabled payment terminals or mPOS devices. Chip Liability Shifts. 10. 2 – EMV Liability Shift Non-Counterfeit Fraud 10 . 2. Indeed, under this approach (see the table below), liability for counterfeit fraud on magnetic stripe cards remains with the issuer after October 1, 2015, even if the merchant where the. Visa has seen an increase in cases where a credit was processed prior to the dispute and the issuer did not address why the credit did not resolve the dispute. 1 – Merchandise/ Services Not Received 12. FRAUD 10. 2 – EMV Liability Shift Non-Counterfeit Fraud 10 . Counterfeit fraud liability shift. Through an FAQ format, we cover the basics and address some of. Fraud 11. CHAPTER 1 / WHY EMV? “ In the U. 3: Other Fraud – Card Present Transactions 10. Time Limit (Issuer/Cardholder) 120 Days. 1 – Card Recovery Bulletin 11 . Consequently, there is unauthorized use of the card by a fraudster. This code indicates a counterfeit card was used to make a purchase from a card-present merchant who didn't scan the card's EMV chip. Due to growth in counterfeit fraud, Visa anticipated the need to shift to dynamic authentication over time. The payment liability shift is intended to incentivize your business to adopt more secure payment processing technologies and reduce fraud. 4 Other Fraud: Card-absent Environment / Condition; 10. In these cases, the liability remains subject to existing liability and chargeback rules. If you have already processed a refund for the transaction in question. 4 Other Fraud – Card Absent Environment 10. 4 – Other Fraud-Card Absent Environment 10 . The cardholder may also claim that a counterfeit card authorized a transaction from his or her account. EMV Liability Shift Non-Counterfeit Fraud. 2 – Incorrect Transaction Code: 13. What’s more, “ friendly fraud ” is on the rise, in which a card is used in a legitimate transaction, but the guest disputes it with their card issuer afterward for any number of reasons. 5: Visa Fraud Monitoring Program: Authorization. Consumer Disputes 10 . Processing Errors 13. Consumer Disputes 10 . When magnetic stripe cards are used at a magnetic stripe terminal, the liability for counterfeit fraud falls on the issuer. 1 – Card Recovery Bulletin 11 . 4 – Other Fraud-Card Absent Environment 10 . The party that has made the investment in EMV deployment is protected from financial liability for card-present counterfeit fraud losses as of October 1, 2015. Effective October 1, 2015, payment network rules on certain types of fraudulent transactions shifted so that merchants now may bear the liability for counterfeit fraud unless an EMV chip device is used. Reason code Description; 11. 1 EMV Liability Shift Counterfeit Fraud Description of Reason Code EMV Liability Shit Counterfeit Fraud Insights from Rules and Regulations A cardholder claims he or she did not participate in the transaction you processed. 1 – EMV Liability Shift Counterfeit Fraud 10 . 5: Visa Fraud Monitoring Program: Most believe that the liability shift applies to counterfeit fraud on both magnetic stripe and EMV cards, not just EMV cards. 3 – Other Fraud-Card Present Environment 10 . Fraud 11. Toronto, ON – March 2, 2021 – A new survey from Leger commissioned by Moneris Solutions Corporation (“Moneris”), Canada’s largest* processor of debit and credit card payments, found that. 1In October, all of the global card networks' liability shifts will be implemented for AFDs. EMV Liability Shift: The EMV liability shift is designed to better protect all parties. UA05 - Fraud Chip Card Counterfeit 4871 - Fraud Chip and Pin Transaction: AmEx: F30 - EMV Counterfeit Transaction F31 - EMV Lost/Stolen . EMV chip-acceptance infrastructure. Market Drivers for EMV Counterfeit, Lost and Stolen Fraud Losses ›Currently Issuers are liable for all counterfeit fraud-related losses ›When EMV cards are issued, liability for counterfeit fraud will shift to merchant if the merchant is not EMV enabled ›When used with a PIN, also protects against lost and stolen fraud. What is the EMV Liability Shift?. EMV requires additional data elements to be included in the authorization message. To protect against this potential liability shift, merchants are encouraged to adopt EMV chip technology at the point of sale. 4 Incorrect Account Number. 10. Merchants are held liable through chargebacks. The EMV liability shift is designed to better protect all parties.