On October 1st, Card Fraud Liability is Changing. Is Your Small Business Ready?
Small Business Trends | June 23, 2015
Beginning October 1, 2015, small business owners will be liable for any card-present fraud that occurs when a customer uses a credit card with an EMV chip if the business doesn’t have a chip-enabled card reader.
To protect themselves, small business owners should install chip-enabled card readers.
What is an EMV Chip Card?
An EMV chip card is a credit card that has a microchip embedded in it that provides a lot more security than a magnetic stripe. As we make the switch to EMV chip cards in the U.S. (they’ve been common in Europe for years), analysts estimate a reduction in credit card fraud of up to 90 percent!