When did credit card issuers set a new effective date for liability rules regarding unauthorized charges?

The correct choice reflects that credit card issuers established a new effective date for liability rules concerning unauthorized charges in October 2015. This change was significant because it enhanced consumer protection against fraud and unauthorized transactions. Under these updated liability rules, consumers would be held liable for a reduced amount of fraud compared to previous regulations, as long as they reported the unauthorized charges in a timely manner.

The amendments were part of broader efforts to combat rising identity theft and credit card fraud, offering consumers greater peace of mind when making purchases and using their credit cards. By setting the effective date in October 2015, the credit card industry aimed to align the guidelines with emerging technologies, such as the shift towards EMV chip technology, which provides enhanced security features.

Understanding this timeline is crucial for professionals in identity theft risk management, as it directly affects how they advise clients regarding their rights and responsibilities in dealing with unauthorized credit card charges and fraud situations.