With EMV the banks have introduced what they call "liability shift" which means that if a merchant has a chip and pin terminal and someone manages to use a fraudulent card through it the bank will bear the cost. So there is no chargeback. Though this also means though that if a merchant doesn't have a chip and pin terminal and accept a fraudulent card through the magnetic stripe then they will get a chargeback and have to cover the cost of the fraud.

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