August 1, 2016
Re: EMV Technology and Liability Shift
Dear Valued Merchant,
As you may know, the ATM industry is evolving new security technology and standards, including the adoption of Europay-MasterCard-Visa integrated chip card and compatible ATM card-reading technology ("EMV"). In an effort to incentivize ATM owners to adopt EMV technology, the payment networks are phasing in new liability shifting requirements. Starting in October 21, 2016, major networks will be implementing regulations that require ATM owners who operate EMV non-compliant ATMs in the U.S. to bear the risk of liability associated with counterfeit fraudulent transactions perpetuated with EMV compliant cards. MasterCard will be the first major network to implement these changes beginning October 21, 2016, with Visa to follow beginning November 2017. Other networks will follow suit. Since your ATM is part of the MasterCard and Visa (and others) networks, the critical date for EMV compliance by you, as an ATM owner, is the earliest of these deadlines: October 21, 2016.
Effective October 21, 2016, you as an ATM owner are subject to the risk of liability associated with counterfeit fraudulent transactions perpetuated with EMV compliant cards if your ATM is not EMV compliant. Please note that the cash settlement bank account associated to your terminal will be debited for any counterfeit fraudulent transactions perpetuated with EMV compliant cards.
You are strongly encouraged to upgrade or replace your EMV non-compliant ATMs before the above deadlines so you are not left bearing the risk of liability for counterfeit fraudulent transactions. This site is full of all EMV compliant options, including new ATM machines available for purchase. We at Rocket ATM, are happy to assist you in this process. We would appreciate your efforts in being proactive and contacting us to complete this.
If the ATM owner is someone other than yourself, please reach out to them or your Sales Representative. As always, you are free to contact us at Rocket ATM at 855-222-2786 for more information or to discuss how we can help you migrate your ATMs to EMV compliant technology.
Rocket ATM, Inc.
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