ATM owners, like POS merchants before them, face deadlines to change to supposedly fraud-fighting, chip-reading cards that meet the international EMV standards. Unlike merchants, who faced a single deadline in 2015, the deadlines for ATM switching will be staggered. The MasterCard liability shift to ATM owners is October 21, 2016. The VISA liability shift to ATM owners is October 1, 2017.
This has been, and will continue to be, a very costly migration with no benefit to ATM owners. MasterCard, VISA, and the banks are not contributing to the cost of this process.
Hopefully, the transition will be more transparent than what happened during the POS EMV transition last year. That process was canceled by many merchants because many networks, banks, and issuers were not adequately prepared. In addition, when EMV was implemented in the United Kingdom, fraud rose substantially on the 2nd and 3rd year after the conversion.
It is important to remember that this is not a mandate. It’s a liability shift, and ATM owners have the option to do it.