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Originally Posted by SMHarman
I would like to clarify here that the banks are moving the liability for fraudulant use away from themselves to the RETAILER, not the consumer. This move only occurs when the retailer accepts a signature on a C&P card instead of a pin. Swipe and sign liability stays where it is.
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Yes but the retailers would then just hike the prices to cover their fraud liablities meaning the consumers suffer anyway.
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Originally Posted by SMHarman
The only time you would get the CONSUMER suffering more than the default £50 is if the consumer loses the card and the pin number and many chip and pin transactions occur and they could argue that you were negligant in your maintainance of these two pieces of information. If you were shoulder surfed, mugged and your cards used you would be in a pretty strong position as long as you reported them stolen promptly. At the moment if you knowingly let a stolen card remain unreported for a length of time you would be in the same situation - nothing here has changed except the wording has been made more explicit - don't write the pin on the card/postit note in your purse(or wallet) - if it gets nicked then you will be liable for the losses incurred.
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Well, that's just common sense really.