On October 1st, liability for debt and credit card fraud will shift from credit card companies and banks to businesses that accept cards whenever a card is compromised by fraud if the business has not updated its system to make it EMV-compliant.
Financial institutions are in the process of replacing customers’ current cards with the new, EMV-compliant cards. Some analysts predict 70% of cards in circulation will comply by year’s end while others expect less than a majority will comply at that time.
Retailers and other businesses taking debit and credit cards for payment should have their EMV (stands for Europay, Mastercard and Visa — the companies that paid to develop the new technology) point-of-sales systems ready to go on October 1 to handle the new cards that are far more difficult to misuse or counterfeit.
Information on Chip Cards: Go Chip Card
Discover Card: The Global Standard For Smarter Payments