MasterCard Extends Zero Liability Policy at the ATM
MasterCard issued a zero liability policy for ATM transactions shortly after the Target card breach last year. Now, the company has decided to extend that policy through the month of October.
The current policy protects cardholders when they use their PIN number to make purchases, but it does not protect against signed purchases. If you have a MasterCard and would like to take advantage of the zero liability program, you need to adjust your payment method accordingly.
“The changes that we’re making in cardholder protection combined with our efforts to move the U.S. payments industry to EMV chip technology will help deliver safer shopping experiences to consumers,” said Chris McWilton, president of the North American Markets for MasterCard.
Zero liability means a cardholder will not have to cover the cost of any unauthorized charge on the account, as long as it was paid for using a PIN. In an effort to avoid these charges, you may request a new PIN through your issuer or even request an entirely new card.
“The move by MasterCard just enhances the sense of security for people at a time when it has been shaken up significantly in recent times,” said Gil Luria from Wedbush Securities Inc.