CLEAN : US sellers become liable for fraud unless swap to chip & pin (2)

The video tutorial discusses the introduction and usage of chip cards, specifically EMV cards, in the United States. It highlights the migration to EMV technology, which began on October 1st, and explains the liability shift for counterfeit card fraud. The tutorial also covers the scale of the migration, with 1.2 billion cards and over 6.5 million merchant locations affected, emphasizing the importance of upgrading to new terminals to prevent fraud.

What is the primary function of chip cards at the point of sale?

• To simplify transaction processes

• To reduce transaction costs

• To enhance transaction security

• To increase transaction speed

What is a key benefit of EMV cards mentioned in the video?

• They are cheaper to produce

• They prevent counterfeit card fraud

• They are universally accepted

• They offer cashback rewards

What happens if a party in a transaction does not have chip card capability after the migration date?

• They will receive a warning

• They will be banned from transactions

• They will have liability for counterfeit fraud

• They will face a fine

Approximately how many U.S. consumer credit and debit cards need to be reissued due to the EMV migration?

• 500 million

• 1.2 billion

• 2 billion

• 3 billion

How many U.S. merchant locations need new terminals for chip cards?

• 1 million

• 3 million

• 6.5 million

• 10 million