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

The video discusses the behavior of transactions at the point of sale (POS) and the importance of merchant data. It explains EMV cards, which enhance transaction security by preventing counterfeit credit cards. The video highlights the EMV migration in the US, starting on October 1st, where merchants and banks must adopt chip card technology to avoid liability for fraud. The migration involves reissuing 1.2 billion cards and updating 6.5 million merchant locations.

What is the primary focus when analyzing transaction behavior at the POS?

• Evaluating merchant categories and market comparisons

• Monitoring transaction speed

• Understanding customer preferences

• Assessing employee performance

What is the main purpose of EMV cards?

• To reduce transaction fees

• To increase customer loyalty

• To prevent counterfeit credit card fraud

• To enhance the speed of transactions

What happens if a party in a transaction has not adopted chip card technology after the migration date?

• They will face higher transaction fees

• They will be liable for counterfeit card fraud

• They will lose customer trust

• They will have to close their business

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

• 3.5 billion

How many U.S. merchant locations need to upgrade their terminals for EMV cards?

• 1 million

• 10 million

• 3 million

• 6.5 million