Condition 10. Description. Acquired 10. A few other common reason codes for Visa include late presentment; non-receipt of cash from ATM; invalid data; EMV liability shift non-counterfeit fraud; no authorization; canceled merchandise and fraud related to stolen cards on the card recovery bulletin. Fraud 11. 3 – Other Fraud-Card Present Environment 10 . 3. 10. 4 – Other Fraud-Card Absent Environment 10 . 4 Issuers assume counterfeit fraud-EMV standard is a method of preventing credit card fraud by. But, it has been demonstrably ineffective against CNP fraud and all first-party fraud. EMV service code must be 2XX or 6XX – if a value of 1XX has been. However, it may also have resulted in an increase in fraudulent chargebacks. With the U. Time Limit (Acquirer/Merchant) 30 days (cut to 20 days in 2019) Typical Causes. October 1, 2015 – Counterfeit Card Liability Shift. 1 – Card Recovery Bulletin: 12. 1 EMV Liability Shift Counterfeit Fraud Description of Reason Code EMV Liability Shit Counterfeit Fraud Insights from Rules and Regulations A cardholder claims he or she did not participate in the transaction you processed. The cardholder is claiming that they did not authorize or participate in a transaction originated with the EMV terminal. “The level of success is subjective, but some industry statistics indicate that counterfeit payment card fraud. Tip 2: Tout tokenization and encryption as ways to improve overall payment card security. 3. 3 – Other Fraud-Card Present Environment 10 . 2 – Incorrect 10. What is Counterfeit Fraud? Chargebacks under Visa’s Reason Code 10. 2. *Fraud liability in an EMV country shifts to the non-EMV-compliant party. 5 Visa Fraud Monitoring Program Authorization Reason Codes EMV Liability Shift Counterfeit Fraud: The cardholder is claiming that they did not authorise or participate in a transaction that you processed. 3 - Other Fraud: Card-Present Environment/Condition. 28 April 2016 Updated: 10 May 2016 (Page 97-103) EMV chip technology can provide a more secure alternative to non-chip technology for reducing counterfeit-fraud transactions, and if PIN is used as the cardholder verification method (CVM), lost, stolen, and never-received-issue (NRI. If neither or both parties are EMV compliant, the fraud liability remains the same as it is today. 2 – EMV Liability Shift Non-Counterfeit Fraud 10 . So, clearly, the technology has had some efficacy. K. Consumer Disputes 10 . Since the Oct. 1 Card Recovery Bulletin 11. accounts for a quarter of the world’s card transactions and about 47 percent of the world’s counterfeit fraud, according to data released by The Nilson Report. 15 The transition is more formally referred to as the “Debit/Credit U. 1 – Card Recovery Bulletin 11 . 4837. Fuel merchants should continue their efforts to enable AFD EMV acceptance to mitigate counterfeit fraud and avoid . 10. enrolled: string: 1. October 2015 to complete implementation of EMV chip cards, terminals, and processing systems. They are coming, they will be standard, and the United States is going to have to adjust. EMV technology offers several benefits in. EMV Liability Shift Non-Counterfeit Fraud The cardholder believes that the fraudulent activity originated with the EMV terminal. 5 Visa Fraud Monitoring Program; Authorization issues. 2 EMV Liability Shift Non-Counterfeit Fraud: F24 No Card Member Authorization: UA05 Fraud – Chip Counterfeit Transaction: 4849 Questionable Merchant Activity: 10. Before the deployment of EMV chips, which generate a new authentication code for each transaction, these point-of-sale debit and credit card payments were deemed risky. 10. 3 – Other Fraud – Card-Present. EMV Liability Shift Counterfeit Fraud. , key entry, magnetic stripe, contact chip or contactless chip), the transaction is protected from chargebacks using ReasonLiability Shift. 83 - Fraudulent Transaction: Card Not Present Environment. But no such option exists. 1 EMV® Liability Shift Counterfeit Fraud. EMV Smart Cards are an inevitability. Process of handling Counterfeit EMV Card Fraud chargebacks The process of handling Counterfeit EMV Card Fraud chargebacks raised under the EMV liability shift guidelines and due diligence to be followed by banks were discussed in the Operations working group meeting held on 14th June, 2019. 4 – Other Fraud-Card Absent Environment 10 . 1 – Card Recovery Bulletin 11 . Chip Liability Shift The issuer may use message reason code 70 when the cardholder disputed an unauthorized transaction performed with an EMV chip card. As a result of the liability-shift mandates, much of the EMV conversation has shifted to debates, such as whether a 30-year-old concept to counter card-present fraud can withstand today’s more. 10. By far the most obvious perk of EMV, fraud reduction is the biggest payoff. 10. 2. And one of two things have occurred: The. 5 – Visa Fraud Monitoring Program 11 . In rare cases, a skilled fraudster may be able to physically tamper with a card’s EMV chip. survey found that 33% of consumers preferred EMV-accepting merchants. EMV Liability Shift Delayed to 2021 . The cardholder claims fraudulent activity. Fraud Costs Today, and Fraud Costs After the Shift. 1 – EMV Liability Shift Counterfeit Fraud 11. And one of two things have occurred: The. (EMV® Liability Shift Counterfeit Fraud), 10. 1 – Card Recovery Bulletin 11 . The simple truth is, unless they upgrade to EMV-compliant equipment, merchants are liable for card-present counterfeit fraud, resulting in significant financial repercussions. And one of two things have occurred: The. To reduce counterfeit fraud in the card-present (CP) environment, the United States started migrating to EMV chip technology in the mid-2010s. 2. 10. However, for real protection from credit card fraud, you need to also have point-to-point encryption (P2PE) and tokenization which removes all credit card. F30: EMV Counterfeit F31: EMV Lost; EMV Stolen; EMV Non-Received: Card Member Dispute Chargeback Codes: C02: Credit Not ProcessedCome October 2015, this liability will shift depending on the level to which the merchant is EMV compliant. 2 – Declined Authorization: 12. This date excludes automated fuel dispensers. So-called “chip-and-PIN” technology was a revolution in payments when it first hit the scene. Many of your customers don’t have chip cards (in fact, many of them probably have no idea what that even means). Chip cards and chip-activated terminals work together to protect in-store payments. 1 – EMV Liability Shift Counterfeit Fraud 10 . S. shifted to merchants, requiring businesses to implement EMV chip technology – or. The primary benefit of using an EMV card is the prevention of counterfeit card-present fraud. -issued and U. Visa chargeback reason code 10. 2 – EMV Liability Shift Non-Counterfeit Fraud 10 . Fraud-No Cardholder Authorization. 1 EMV Liability Shift Counterfeit Fraud 81(3) 10. Since the EMV liability shift in October 2015, both chargebacks and fraud loss rates have increased for merchants, particularly from signature-based, card-present transactions RWP 18-10, December 2018 To reduce counterfeit fraud in the card-present environment, the United States started migrating to EMV chip technology in the mid-2010s. S. 1 – EMV Liability Shift Counterfeit Fraud 10 . 5 – Visa Fraud Monitoring Program 11 . 10. According to Visa, U. 3 – Other Fraud-Card Present Environment 10 . 2: EMV Liability Shift Non-Counterfeit Fraud: Visa: 10. That year, counterfeit card fraud totaled a value of 97 million Great Britain pounds, equal to about $119 million today. 2 – EMV Liability Shift Non-Counterfeit Fraud 10 . 1 – Card Recovery Bulletin 11 . 5 - Visa Fraud Monitoring. Processing Errors 13. 2: EMV Liability Shift Non-Counterfeit Fraud: 10. 1 – EMV Liability Shift Counterfeit Fraud: 120 days. (The exact date of the deadline differed by card brand. Visa has seen an increase in cases where a credit was processed prior to the dispute and the issuer did not address why the credit did not resolve the dispute. 2: EMV Liability Shift Non-Counterfeit Fraud Visa Chargeback Code. 10. 3 – Other Fraud-Card Present Environment 10 . The move to EMV technology is designed to reduce counterfeit credit card fraud. EMV Liability Shift Non-Counterfeit Fraud: 10. 3 – Other Fraud-Card Present Environment 10 . For many operators, this will represent a 10x increase in their. 5 – Visa Fraud Monitoring Program 11 . Through an FAQ format, we cover the basics and address some of. What Does the Liability Shift Mean to SMBs? 3 • October 1, 2015 is the effective date for the counterfeit, lost and stolen and non-receipt fraud liability shift from issuers to merchants. 5: Visa Fraud Monitoring Program: Most believe that the liability shift applies to counterfeit fraud on both magnetic stripe and EMV cards, not just EMV cards. Note: Mastercard has a 20% Tip Tolerance when the card isn't present. Which is why I am surprised and perplexed that so many smart and savvy ATM ISOs in the United States have not — or very belatedly — turned their full attention to eliminate, reduce or minimize the potentially, devastating financial liability they face due to the networks' EMV counterfeit fraud liability shift — or CFLS — chargebacks. Authorization 12. 1 – EMV Liability Shift Counterfeit Fraud 10 . 3 Other Fraud - Card-Present Environment. 3 – Other Fraud-Card Present Environment 10 . Market Drivers for EMV Counterfeit, Lost and Stolen Fraud Losses ›Currently Issuers are liable for all counterfeit fraud-related losses ›When EMV cards are issued, liability for counterfeit fraud will shift to merchant if the merchant is not EMV enabled ›When used with a PIN, also protects against lost and stolen fraud. The first of October 2015 saw the highly The worst of both worlds – why the EMV shift in the US is causing more problems than it is solving - IT Security GuruStarting next month, the payment card industry’s transition to chip-and-PIN (also known as EMV) payment cards will take effect. This is an independent consortium drawing its name from the three card brands—Europay, Mastercard, and Visa—that first launched the technology. The EMV liability shift does not apply to card-not-present transactions and lost and stolen fraud. 10. It could be a PIN or signature. EMV liability shift rules for counterfeit fraud. Consumer Disputes 10 . 1 EMV Liability Shift Counterfeit Fraud Description of Reason Code EMV Liability Shit Counterfeit Fraud Insights from Rules and Regulations A cardholder claims he or she did not participate in the transaction you processed. Consumer Disputes 10 . Fraud Chargeback Codes: 10. 10. 4 – Other Fraud-Card Absent Environment 10 . According to Visa , Chip readers at EMV-accepting automatic fuel dispensers immediately protect. To protect against this potential liability shift, merchants are encouraged to adopt EMV chip technology at the point of sale. EMV certified (or using pre-certified devices) by October, 2015 in order to avoid any impact from the counterfeit fraud liability shift. The cardholder is claiming that they did not authorize or participate in a transaction originated with the EMV terminal. A counterfeit EMV-chip card was used in a card-present environment. , at least for card-present merchants. 10. The liability shift does not mean compliance is mandatory. 3DS does not stop fraud, it only passes the liability of the dispute back to the card issuer. 21. 5 – Visa Fraud Monitoring Program 11 . Acquired 10. 2. , key entry, magnetic stripe, contact chip or contactless chip), the transaction is protected from chargebacks using Reason 10. If the transaction is completed at a contact chip-enabled terminal, regardless of how the card data is captured (i. Ensure your terminals are EMV compliant. Authorization 12. 10. S. Under rules instituted by MasterCard, Visa, American Express and Discover, as of Oct. Authorization 12. In the run-up to the EMV liability shift in the US, fraud experts expected a rise in card-not-present (CNP) fraud. EMV Liability Shift Non-Counterfeit Fraud. Cancelled Recurring. The liability for this type of fraud shall shift to the BSFI which is not or is only partially compliant with the EMV requirement. Authorization 12. 3 – Other Fraud-Card Present Environment 10 . EMV which stands for Europay, MasterCard and Visa, is a solution that relies on a consumer having a special chip in their credit or debit card that makes credit card transactions more secure. October 1, 2016 is simply the date when MasterCard will handle ATM card fraud liability differently. Authorization 12. 3: Other Fraud-Card Present Environment: 10. 10. Processing Errors 13. Consumer Disputes 10. 3d secure and chargeback liability shiftsLiability Shift Impact. Processing Errors 13. 2 – Cancelled Recurring:10. In 2015, the liability for credit card fraud in the US is estimated to total more than $15 billion. 81 (1) 10. In 2019, Visa reported an 87% decrease in counterfeit card fraud resulting from EMV adoption in the US. EMV Liability Shift Counterfeit Fraud: 10. 3 – No Authorization 12 . to accept this as a standard?. of performing an EMV transaction – would now be responsible for any counterfeit fraud occurring during the transaction. In these cases, the liability remains subject to existing liability and chargeback rules. 10. Chargeback Stage. If fraud occurs, the party (the issuer or merchant). 1 – EMV Liability Shift Counterfeit Fraud 10 . This is typically the case with counterfeit card fraud. With timelines in place for a shift in liability, the total cost of card-present fraud in the US will no longer be borne solely by card issuers. 1 –EMV Liability Shift Counterfeit Fraud 10. EMV is one of the most secure forms of payment. Fraud 11. 10. 1 – Late Presentment: 13. 5 – Visa Fraud Monitoring Program 11 . 4 Other Fraud – Card Absent Environment 93(1) 10. Since 2015, most merchants have been responsible for the EMV liability shift. 3 – Other Fraud-Card Present Environment 10 . Processing Errors 13. The new liability shift. As retailers and banks prepare for the 1 October 2015 EMV liability shift—which moves fraud liability from issuing banks to merchants —many consumers have not yet received their new chip. 2. A counterfeit EMV-chip card was used in a card-present environment. Processing Errors 13. 3 – Other Fraud-Card Present Environment 10 . 10. Both MasterCard and Visa Inc. When EMV first launched, the big four card networks set a deadline for compliance for October 2015, which is when they shifted the liability of fraud from the networks to the merchants. Only use EMV-compliant terminals. EMV® chip is proven technology that is extremely effective in reducing counterfeit fraud. 1 – EMV Liability Shift Counterfeit Fraud 10 . Acquired 10. 5 Visa Fraud Monitoring Program; General: 28 Request for copy bearing signature; 30 Cardholder request due to dispute Who is Liable When EMV Fraud Occurs? Here in the US, an event called the EMV Liability Shift occurred back in October 2015. 1 – EMV Liability Shift Counterfeit Fraud 10 . Card Brand: Fraud Reason Code: Description: Visa: 10. bypass is invoked and is properly identified by the acquirer/merchant in the authorization message as specified by the EMV specification, liability. In fact, the U. Changes in payment network rules seek to support the migration to EMV by placing liability for fraud – counterfeit, and in the case of most networks, also lost or stolen – with the party to the transaction that has not successfully transitioned to EMV chip technology. 6Ultimately, EMV technology should help protect both consumers and merchants from fraud. In what is known as the “liability shift,”, on October 1, 2015, the credit card industry changed how banks and processing networks handled certain types of credit card fraud. After the mid‑April 2021 Outdoor EMV liability shift, any convenience store operator that fails to upgrade their dispensers to accept chip transactions will be held responsible for 100% of credit card fraud. EMV fraud prevention technology is a product of EMVCo. S. 1 – Card Recovery Bulletin 11 . The US is finally making that shift. The party that has made the investment in EMV deployment is protected from financial liability for card-present counterfeit fraud losses as of October 1, 2015. In sum, a move meant to improve security may, in the short-term, move fraudulent behavior. 5 Visa Fraud Monitoring Program 11. Processing Errors 13. 1 – EMV Liability Shift Counterfeit Fraud 11. 1 – Card Recovery Bulletin 12. Sounds ominous, but what does it really mean? And how can retailers and merchants determine the potential impact of the shift on their business? Like many issues in the payment card industry, there is confusion and misunderstanding. 2 – EMV Liability Shift Non-Counterfeit Fraud: 11. However, if EMV was not used, the party (merchant or issuer) that has not adopted EMV technology is liable. Print this page. 3 – CBK: Fraudulent Transaction: No Cardholder Authorization. Fraud (10) EMV Liability Shift Non-Counterfeit Fraud. S. If you do not have EMV enabled technology in place before October 1st of 2015, you will be held liable for most types of fraudulent “card. 10. The payment liability shift is intended to incentivize your business to adopt more secure payment processing technologies and reduce fraud. While card-issuing banks and card companies covered. In 2015, the liability for credit card fraud in the US is estimated to total more than $15 billion. However, Counterfeit fraud When a criminal makes copies of a credit or debit card using illegally or fraudulently obtained data. Most believe that the liability shift applies to counterfeit fraud on both magnetic stripe and EMV cards, not just EMV cards. As described in more detail below, the “liability shift” is an incentive for both merchants and card issuers to increase card security and reduce counterfeit fraud. If the merchant is using the chip and PIN. 4871 Lost/Stolen. 1 EMV Liability Shift Counterfeit Fraud Description of Reason Code EMV Liability Shit Counterfeit Fraud Insights from Rules and Regulations A cardholder claims he or she did not participate in the transaction you processed. Businesses that swiped cards with EMV chips rather than “dipping” them in an EMV card reader could now be held liable for fraudulent transactions. 1 – EMV Liability Shift Counterfeit Fraud 10 . If neither or both parties are EMV compliant, the fraud liability remains the same as it is today. First up is MasterCard Inc. 2 – EMV Liability Shift Non-Counterfeit Fraud 10 . The primary benefit of using an EMV card is the prevention of counterfeit card-present fraud. Fraud 11. 2 – Declined AuthorizationEMV. 1. Processing Errors. 2 – EMV Liability Shift Non-Counterfeit Fraud: 120 days. 3 - Other Fraud, Card Present Environment. 3 — Other Fraud: Card-Present Environment2015, the party that does not support EMV— which can be either the issuer or the merchant— assumes liability for counterfeit card transactions. Counterfeit liability shift likely chargeback outcome table . Other Fraud – Card Present Environment. At then end of 2017, nearly 92 percent of cards processed on Square were EMV chip cards. Visa Fraud Monitoring Program. Authorization 12. 4 (Other Fraud— Card-Absent Environment). 5 – Visa Fraud Monitoring Program 11 . 1040. What is this “liability shift”? Previously, credit card issuers were responsible for funds stolen during a fraudulent transaction. The terminal was not EMV compliant. 5 Visa Fraud Monitoring Program Authorization Reason CodesEMV Liability Shift Counterfeit Fraud: The cardholder is claiming that they did not authorise or participate in a transaction that you processed. 2 – EMV Liability Shift Non-Counterfeit Fraud 10 . In March 2019, Visa reported an 87% decrease in counterfeit fraud dollars. The three dates below are from Master Card and Visa’s website. Counterfeit Fraud Liability Shift: Applies to the following payment networks: Accel, American Express, China UnionPay, Discover, MasterCard, NYCE Payments Network,. The cardholder is claiming that they did not authorize or participate in a transaction originated with the EMV terminal. 4 – Other Fraud-Card Absent Environment 10 . 3 – Other Fraud- Card Present Environment. 15 Share. Authorization 12. In this scenario, a criminal uses low-cost equipment to create brand new magstripe cards with stolen, but valid data. CNP fraud. The shorthand description is “EMV Liability Shift Counterfeit Fraud. This liability shift will apply only to certain networks and only under very narrow circumstances, as follows: Counterfeit fraud liability (applies to all four major card. In the UK, where the EMV liability shift occurred in 2005, CNP fraud increased almost 40 percent over a span of 10 years. 1 – Card Recovery Bulletin 11 . The terminal was not EMV compliant. 4: Fraud (10) Other Fraud - Card Absent Environment: 10. 4 – Other Fraud-Card Absent Environment 10 . 2. In thisEMV Liability Shift Counterfeit Fraud: Fraud: 10. So, clearly, the technology has had some. Visa Chargeback Code Condition 10. Counterfeit Fraud Chargeback Condition All of the following: • The cardholder contacted the issuer. Fraud and EMV Chargeback Liability Shift. As a brief reminder, this liability shift means that petrol retailers will now be responsible for incurring the fraud losses on all non-EMV-chip-authenticated transactions initiated by EMV cards at their pumps. Many predict that the retailers that are more likely to face a higher amount of liability for counterfeit fraud if they do not move to EMV are those that. While migration efforts to shift to EMV technology are ongoing, the use of magstripe in payment cards and/or card-accepting devices shall be allowed subject to card fraud liability shift. Processing Errors 13. 4871 - Chip/PIN Liability Shift: The cardholder claims they weren’t in possession of a valid card at the time and didn’t authorise or. 21. As such, non-compliance with EMV chip technology became more expensive than upgrading one’s payment environment. The major card brands, Visa, MasterCard, Discover, and American Express, have announced that liability for counterfeit transactions will shift to the party that has not implemented EMV capabilities. Authorization 12. To reduce counterfeit fraud in the card-present environment, the United States started migrating to EMV chip technology in the mid-2010s. While EMV has cut-down on the amount of card-present fraud, there's been an increase in card-not-present fraud. 1 EMV Liability Shift Counterfeit Fraud Description of Reason Code EMV Liability Shit Counterfeit Fraud Insights from Rules and Regulations A cardholder claims he or she did not participate in the transaction you processed. So say, for example, a fraudster buys $30 worth of hot sauce from a restaurant with a counterfeit EMV chip card. And one of two things have occurred: The. payment card networks (nine to be exact: Accel, American. 3 Fraud – Card-Present Environment: F29 Card Not Present: UA06 Fraud – Chip and PIN Transaction: 4863 Cardholder Does Not Recognize—Potential Fraud: 10. Complements payment security: EMV complements the payment security ecosystem and provides an added layer of protection when used with other payment security standards. This code applies when a fraudulent. AFD merchant outlets that generate excessive counterfeit fraud. The U. Category. If a small business owner has failed to install the required technology by the date, and there is a subsequent data breach or fraud issue within that business, they will be held accountable for the consumer loss. Always use the correct cardholder verification method—signature, PIN, etc. When magnetic stripe cards are used at a magnetic stripe terminal, the liability for counterfeit fraud falls on the issuer. Am I legally required to accept. The EMV liability shift began in October 2015 in. 2 – EMV Liability Shift Non-Counterfeit Fraud 10 . Consequently, there is unauthorized use of the card by a fraudster. Fraud (10) EMV Liability Shift Counterfeit Fraud: 10. 1 EMV Liability Shift Counterfeit Fraud Description of Reason Code EMV Liability Shit Counterfeit Fraud Insights from Rules and Regulations A cardholder claims he or she did not participate in the transaction you processed. Consumer Disputes 10 . With the new rules, the party that is the cause of a chip transaction not occurring, either the issuer or acquirer, will be held financially responsible for any. At that point, the liability for counterfeit credit card fraud shifted. 12. MasterCard followed suit with its own announcement also pushing its AFD EMV date back from 2017. EMV Liability Shift – Non-Counterfeit Fraud. Workflow. Action Required. 3 – Other Fraud-Card Present Environment 10 . No Cardholder Authorisation/ Fraud: 4871: Chip / PIN Liability Shift--Lost / Stolen / Never Received Issue (NRI) Fraud: No Cardholder. 5: Fraud (10) Visa Fraud Monitoring Program: 11. 1 – Card Recovery Bulletin 11 . Acquired 10. Fraud Card Absent Environment. After this shift, liability fell to whatever party hadn’t adopted chip card technology. The EMV Liability Shift caused most merchants to upgrade to EMV payment technology, which is much less vulnerable to fraud than traditional magnetic strips. Many predict that the retailers that are more likely to face a higher amount of liability for counterfeit fraud if they do not move to EMV are those that sell high-value items that are easy to. The shorthand description is “EMV Liability Shift Non-Counterfeit Fraud. 1 – Card Recovery Bulletin 11 . 5 Visa Fraud Monitoring Program; General: 28 Request for copy bearing signature; 30 Cardholder request due to dispute;Who is Liable When EMV Fraud Occurs? Here in the US, an event called the EMV Liability Shift occurred back in October 2015. any liability for counterfeit fraud, though unlikely, would follow current Visa Operating Regulations. (The exact date of the deadline differed by card brand. After October 1, 2015, this is where All of Visa’s existing reason codes were condensed into four key groupings: fraud, authorization errors, processing errors, and customer disputes. EMV liability shift of October 2015 and the chip rollout has been challenging, to say the least. 2: EMV Liability Shift Non-Counterfeit Fraud: 10. Issuers take on any counterfeit fraud (where a criminal uses a copy of a card). Policy Changes Aim to Reduce Fraud Costs for Merchants While Promoting Further Adoption of EMV In an effort to promote further adoption of EMV in the U. The immediate impact and benefit on the adoption of EMV technology is the reduction in card fraud resulting from counterfeit or skimming attacks. 4 – Other Fraud-Card Absent Environment 10 . S. S. March 31, 2014. However, if EMV was not used, the party (merchant or issuer) that has not adopted EMV technology is liable. As a deterrent and to avoid10. 2 – EMV Liability Shift Non-Counterfeit Fraud 10 . Fraud Reason Codes Current Reason Code New VCR Reason Code 62(2) 10. Visa’s liability shift – covering an additional 484 million cards – is set for October 1, 2017. Processing Errors 13. It’s been almost two years since the liability for card-not- present fraud in the U. 10. It could be a PIN or signature. 81 - Fraud – Card Present Environment; 71 – Declined Authorization 76 - Incorrect Currency or Trans- action Code or Domestic Transac. 5 – Visa Fraud Monitoring Program 11 . 16 10 AND 2018). With the new rules, the party that is the cause of a chip transaction not occurring, either the issuer or acquirer, will be held financially responsible for any resulting card-present counterfeit fraud losses.