MasterCard is preparing some October liability changes, including one that increase PIN protections.
“Effective Oct. 17, the company’s existing liability limitations will be applied to PIN-based transactions, which previously hadn’t been covered, along with signature-based transactions,” according to a report from The Clarion-Ledger. “Also, it will no longer be a condition for no monetary liability that a customer hasn’t reported two or more unauthorized transfers in the previous 12 months or that the account the transfer is going to is in good standing.”
The story quoted Matt Schulz, senior industry analyst for financial website CreditCards.com, saying that the changes are non-trivial. “This is a pretty big deal because of how popular debit cards are and because of the amount of ATM transactions there are. There is so much focus on data breaches these days, and it’s important for businesses to do whatever they can to protect their customers,” he said, predicting that other card brands will likely mimic the debit card policy change.
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