If a merchant has not converted its payment devices to chip-enabled technology by October the merchant could be held liable for the costs of a fraudulent transaction if the person paying at the terminal has a chip card but has to swipe the magnetic stripe on the back of the card through an older terminal. The opposite holds true for issuers that have not issued chip cards to cardholders but a merchant is using a chip-enabled terminal to accept transactions. In this instance, the issuer would be liable for the cost.