Businesses across the country are cracking down on financial fraud.
The deadline to comply with new europay,VISAand Mastercard technology has passed. But not all businesses are prepared.
Out with the old and in with the new.. businesses across the nation are making the
Shift to credit cards with this chip.
It’s the Europay Mastercard and Visa card chip. EMV for short.
The readers are to help crack down on fraudulent activity and protect *your* financial information.
The deadline to comply and transition to the new EMV enabled terminals was October 1st.
Not all businesses have made the transition just yet.
Minooka Pastry Shop in Scranton is just one of many businesses that have not yet installed the new terminals. In fact, according to the National Federation of Independent Business, “A very large percentage of small business owners across the county are not ready for the deadline and either haven’t acquired the new EMV credit card processes or are unaware of the change.”
Businesses who aren’t in compliance may have to pick up the tab, if you fall victim to fraud, shifting the liability from banks to businesses.
Fidelity bank has already started rolling out new emv credit cards to its customers.
Meanwhile, the co-owner of Minooka Pastry Shop says while they don’t have the technology now, they plan to in the near future.
And for those who still do not have a card with the chip, your bank should be sending them soon.