Even though many businesses have converted, there are still some that need to make the shift to chip readers for card acceptance.
As of October 1, 2015, all liability for fraud falls onto the business. You can reduce your risk of fraudulent purchases by making sure your business is chip-enabled. The chip cards have better built-in defenses against fraud than magnetic stripe readers, making them much more difficult to duplicate.
Fraudsters have found ways to copy a magnetic stripe and start replicating cards. However with chip cards, account numbers and expiration dates aren’t actually transmitted between customer and merchant. The chips create a one-time code to fund transactions — information that would be useless to a thief trying to replicate cards.
If your business still doesn’t accept chip cards, you’re putting yourself at risk. The cards are an important move toward better credit card security and a benefit to customers who can be more confident in using their cards at your establishment.
Ready to make the switch? Talk with a relationship officer today!