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!
How Can EMV Chip Cards Benefit My Business?
EMV chip cards offer greater security by reducing skimming at the point of sale, supporting stronger cardholder verification and helping prevent the use of counterfeit, lost or stolen cards.
Do I Really Need to Worry About Credit Card Fraud?
Yes. Credit card fraud can happen to any business, and for smaller ones, it can have a bigger impact. Let Santander help you protect your small business from fraud.
Doesn’t My Card Issuer Cover Card-Present Fraud?
Starting October 1, if your point-of-sale system is not chip-enabled, you will be liable for any fraud that occurs when a customer uses a card with an EMV chip for a card-present transaction.
Card fraud liability is changing and Santander can help your small business be ready for it. Visit us at santanderbank.com/500offer or contact one of your local branches to learn about our resources and speak with a small business banker.
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Okay. But how about online businesses that receives credit card payments? Are they safe?
I remember that my question on liability got answered during the Twitter chat, #EMVtalk.
Well that’s interesting way adopted to combat fraud in the long run. But it would be interesting to watch how successful it will be in the long run, believe financial transactions going to be safer then before.