MasterCard announced the expansion of its U.S. electronic payments roadmap to include ATMs. Starting in October 2016, a liability shift will be introduced for ATM transactions in the U.S., as part of an effort to align the use of EMV technology to prevent and manage fraud in the payments ecosystem.
The liability shift will apply to all MasterCard-branded products across all transactions initiated at U.S. ATMs.
As part of its roadmap, MasterCard identified the need to further secure all channels by means of the implementation of EMV standards in the U.S. The company is fostering collaboration to drive migration to advance the U.S. electronic payments system.
Analyst firm Aite Group estimates that fraud costs the U.S. card payments industry an estimated $8.6 billion every year. In addition, the firm’s research shows that many industry executives agree that switching to the EMV standard can greatly help to mitigate card fraud, while minimizing risk and maximizing profitability.