Tuesday, September 11, 2012
MasterCard Worldwide reported Sept. 10, 2012, it will expand its Europay/MasterCard/Visa (EMV) road map to include the ATM channel. The company said beginning October 2016 a liability shift will occur for ATMs that have not integrated the EMV security standard into the transaction process.
"The liability shift will apply to all MasterCard-branded products across all transactions initiated at U.S. ATMs," the company said.
The imposition of EMV standards on ATMs is an effort to stop fraud in channels not yet protected with the security protocol, Mike Weitzman, MasterCard Group Executive for U.S. Markets, said. "We're providing our issuers, acquirers and ISOs flexibility and sufficient time to manage their ATM technology decisions," he said.
Julie Conroy McNelley, Research Director with Aite Group LLC, said, "An upgrade of existing U.S. ATM systems is a necessary next step in the evolution of financial institutions' tactics to keep pace with fraudsters."
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.