Visa Canada and its Issuing Clients to Temporarily Postpone Chip Liability Shift
TORONTO, Sept. 24 /CNW/ - Visa Canada and its Canadian card-issuing financial institutions, in response to requests from the merchant community, have assisted merchants by postponing the domestic chip liability shift's effective date to March 31, 2011. This date signifies when Canadian merchants become liable for domestic card-present fraudulent transactions that may have been avoided by adopting Chip technology. Liability involving chip cards used at non-chip devices was originally slated to shift on October 1, 2010, but issuers will continue to absorb the liability for domestic transactions until March 31, 2011.
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