July 8, 2015
Attention all departments that accept credit cards: Notice of EMV liability shift for card-present credit card transactions
The Division of Financial Services posted Notice 16-01 with information regarding the liability of using non-EMV compliant card reader devices when accepting payment. EMV stands for Europay MasterCard Visa and is a type of payment card that has a smartchip embedded.
In addition, neither the Division of Financial Services nor the Bank of America will contact departments to order new terminals. Employees should ignore solicitations to purchase new terminals as they could be fraudulent.