4 different Credit Card companies in the US (Visa, MasterCard, American Express, and Discover) will no longer cover fraudulent charges on non-chip transactions starting in October 2015.
Effective 1 October 2015, Visa's global counterfeit liability shift will be instituted in the U.S for POS transactions. With this liability shift, the party that is the cause of a chip transaction not occurring (i.e., either the issuer or the merchant's acquirer processor) will be held financially liable for any resulting card present counterfeit fraud losses. The shift helps to better protect all parties by encouraging chip transactions that use unique, dynamic authentication data.
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The April 2013 acquirer readiness date is the first step in preparation for MasterCardâ(TM)s liability shift, which takes effect October 1, 2015. This liability shift directly affects acquirers and issuers as it pertains to counterfeit fraud. This means that the party, either the issuer or merchant, who does not support EMV, assumes liability for counterfeit card transactions. In addition, MasterCard supports a liability shift for lost, stolen, and never received or issued (NRI) cards to the party that does not support PIN as a cardholder verification method. If neither party supports PIN, only the counterfeit liability shift rules apply. The liability shift does not apply to Automated Fuel Dispensers (AFDs) until October 1, 2017
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Effective October 2015, American Express will institute a Fraud Liability Shift (FLS) policy that will transfer liability for certain types of fraudulent transactions away from the party that has the most secure form of EMV technology. U.S. fuel merchants will have an additional two years, until October 2017, before the FLS takes effect for transactions generated from automated fuel dispensers.
In alignment with U.S. EMV migration timelines, Discover is introducing Fraud Liability Shift for Discover Network (in the U.S., Canada and Mexico) and PULSE (in the U.S.), effective October 1, 2015 at point-of-sale terminals and Oct. 1, 2017 at automated fuel dispensers. This Fraud Liability Shift policy will be a risk-based payments hierarchy that benefits the entity that leverages the highest level of available payments security. As Fraud Liability Shift is already in place for Diners Club International (effective December 31, 2012 for mandated Participants), Discover will have one standard liability shift policy in place across all networks by October 1, 2015.
So, I expect everyone in the US will start seeing new cards issued this year even if their card isn't set to expire.