Liability Shift definition

Liability Shift means the change in financial responsibility, to either a merchant or bank should a fraudulent transaction take place.
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Liability Shift means that the Issuing Bank will not be in a position to chargeback a transaction to the merchant subject to the merchant complying with all EMV conditions and processes as stipulated in Clause 6 of this agreement.
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Liability Shift means that, when a merchant is enrolled in the 3DSecure programme, the burden of proof for qualifying e-commerce transactions shifts from the acquiring bank and its merchant to the card issuer;
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Examples of Liability Shift in a sentence

  • Whether an invoice falls before or after the Chargeback Liability Shift Date shall be determined by reference to the date on the wholesaler invoice to its customer.

  • Issues involved damage calculations, payment card market analysis, profitability, but-for world benchmarks and big data analysis.• Testifying expert for Visa in EMV Fraud Liability Shift Antitrust Litigation.

  • Launch of Programme for Young Persons with a Disability (“Ability”)In September 2017, the Minister for Employment Affairs and Social Protection, Regina Doherty, T.D., together with the Minister of State with special responsibility for Disabilities, Finian McGrath, T.D., announced the launch of a new pre-activation programme for young people with disabilities called “Ability”.

  • EMV Liability Shift – EMV is the global standard for chip-based debit and credit card transactions.

  • The obligations of the parties for chargebacks will be allocated based on the setting of a Chargeback Liability Shift Date with chargebacks on wholesaler invoices to their customers dated before the Chargeback Liability Shift Date being the obligation of Spectrum, and chargebacks on wholesaler invoices to their customer sent on or after that date being the responsibility of Purchaser.

  • The EMV chip embedded on credit and debit cards encrypts information, making this technology significantly more secure; whereas, a traditional magnetic stripe card can be duplicated more easily.The EMV Fraud Liability Shift states, in the event of a fraud dispute, the card issuer is responsible if an effort is made to first read the EMV chip to create the transaction at an EMV-enabled POS terminal (this process is called “dipping”).

  • The obligations of the parties for chargebacks will be allocated based on the setting of a Chargeback Liability Shift Date with chargebacks on wholesaler invoices to their customers dated before the Chargeback Liability Shift Date being the obligation of Bayer, and chargebacks on wholesaler invoices to their customer sent on or after that date being the responsibility of Purchaser.

  • EMV Adoption in the United States: DriversThere are four significant drivers of EMV adoption in the United States:• Liability Shift.

  • APPLICABLE ONLY TO CLIENTS USING BLACKBAUD MERCHANT SERVICES FOR CARD-PRESENT TRANSACTIONS WITH ALTRU, BLACKBAUD MOBILEPAY, THE BLACKBAUD MERCHANT SERVICES VIRTUAL TERMINAL, OR THE PATRON EDGE: Transactions where a credit or debit card with an embedded chip is used for card-present swiped transactions on or after October 1, 2015 are subject to the Payment Networks’ 2015 U.S. Fraud EMV Liability Shift (the “EMV Liability Shift”).

  • Transaction TypeModeAuthenticationLiabilityP2PPush/pullLogin Authenticated & Transaction PIN VerifiedPayer BankP2BPush/pullLogin Authenticated & Transaction PIN VerifiedPayer BankP2PPush/pullLogin Authenticated & Transaction PIN not VerifiedPayer BankP2BPush/pullLogin Authenticated & Transaction PIN not VerifiedPayer BankP2B from a Fake merchant/websitePush/PullLogin Authenticated PIN VerifiedPayee Bank Note: The Liability Shift does not apply for Good Faith Collection Request.


More Definitions of Liability Shift

Liability Shift means that the Issuing Bank will not be in a position to chargeback a Card Transaction toyou, subject to you complying with all EMV conditions and processes as stipulated herein. 66. “Lay-By” means a method of retail purchase in which the selected goods are set aside or procured for future delivery and the Customer pays for them in installments, receiving them when fullypaid. 67. “LaybyApplication" means the Customer’s application to receive goods on Lay-By, processed through us. 68. “Loan” means the approved and contracted agreement of amount applied for from a Service Provider. 69. “Loan Application” means the Customer’s application for a Purpose-Based Loan from an Alternative Service Provider, initiated by the Customer and processed through us, intended for the Customer topurchase goods or services from you. 70. “Losses” means any and all damages, fees, costs, charges, Chargebacks, expenses, instructions, commitments, disputes, claims, defences, taxes (local or foreign), fines and penalties imposed upon or incurred by a Party, howsoever arising in connection with the other Party,its employees and/or its third-party service providers actions or omissions. 71. “Nedlink Card AcceptanceDevice” means the Card Acceptance Device provided by Nedbank which enables Customers to apply for purposed based finance instore. 72. “Masterpass Enabled App” means an application a Customer installs on a Card Acceptance Device which allows them to load or link Card details and perform a payment by scanning a QR Code or capturing aMasterPass reference number. 73. “MasterPassMerchant Portal” means the interface accessed via a browser that you can use to view MasterPassTransactions and access reports on MasterPass Transactions. 74. “MasterPass Solution” means a service provided to you by us, allowing you to accept payment from Customers using the MasterPass Enabled App to perform and to access the MasterPass MerchantPortal. 75. “Merchant Agreement” means these Terms, Fees Schedule, including the Application Form, FICA schedule, the suretyship agreement (if applicable) and any other appendix thereto entered into betweenthe Parties. 76. “MID” means the “merchant identification number”, the number that we allocate to you. 77. “MoreTyme” means an interest free on-demand product provided by Tyme Bank Limited (registration number 2015/231510/06) that allows a Customer who purchases goods and services from you to only pay a portion of the purchase amount at the time of purchase. The r...
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Liability Shift means that the liability for fraudulent card transactions will pass to the bank that did not make its cards EMV chip compliant and did not upgrade its ATM and POS terminals to chip capability.
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Related to Liability Shift

  • Liability means any liability or obligation (whether known or unknown, whether asserted or unasserted, whether absolute or contingent, whether accrued or unaccrued, whether liquidated or unliquidated, and whether due or to become due), including any liability for Taxes.

  • Defect Liability Period in relation to a work means the specified period from the date of COMPLETION CERTIFICATE upto the date of issue of FINAL CERTIFICATE during which the CONTRACTOR stands responsible for rectifying all defects that may appear in the works executed by the CONTRACTOR in pursuance of the CONTRACT and includes warranties against Manufacturing/Fabrication/ Erection/Construction defects covering all materials plants, equipment, components, and the like supplied by the CONTRACTOR, works executed against workmanship defects.

  • Professional liability insurance means insurance against legal liability incident to the practice of a profession and provision of a professional service.

  • Environmental Liabilities and Costs means all liabilities, monetary obligations, Remedial Actions, losses, damages, punitive damages, consequential damages, treble damages, costs and expenses (including all reasonable fees, disbursements and expenses of counsel, experts, or consultants, and costs of investigation and feasibility studies), fines, penalties, sanctions, and interest incurred as a result of any claim or demand by any Governmental Authority or any third party, and which relate to any Environmental Action.