If you are the owner of an ATM you might have heard people talking about the upcoming “liability shift” set to take place in October 2016. If you haven’t heard about it, basically, the credit card companies don’t want to be held liable for fraudulent ATM transactions (such as card-skimming) so soon the ATM operator will be held liable for the fraud instead. The ATM operator will only be held liable though if the ATM isn’t capable of reading the new credit cards with the small chips embedded in them (EMV cards or ‘smart cards’). If you own and operate an ATM that is not equipped with an EMV-capable card reader you should be concerned, if anything fraudulent happens at your ATM, you or your company will be personally held responsible.
Liability for fraudulent ATM transactions on non-EMV-capable ATMs will shift to ATM operators in October 2016. If you have an EMV-capable card reader you have nothing to worry about.. but what if you don’t? or what if you’re not sure?