Source: National Cyber Security – Produced By Gregory Evans
Right now in small shops and restaurants across Boulder County, sales are being made and credit cards handed over in a process that has remained unchanged for more than 45 years, when the first magnetic stripped-card was used at Chicago’s O’Hare Airport. But as fraud takes bigger and bigger bites out of the economy, the U.S. has decided to join the rest of the world in adopting so-called “smart cards.” These new-age charge cards are embedded with computer chips that make it nearly impossible to steal customers’ data. The first big deadline in the process is Oct. 1. But dozens of Boulder County’s independently owned businesses, who weren’t aware of the new rules, won’t be ready in time. And that could mean thousands of dollars in penalties. After Oct. 1, American Express, Discover, Mastercard and Visa will no longer accept liability for fraudulent charges. Instead, the responsibility will pass to either banks or retailers — whichever party is the least compliant. A July survey conducted by Wells Fargo and Gallup found that 49 percent of small business owners in the U.S were unaware of the pending liability shift. Shops preparing, but not fast enough A stroll down Boulder’s Pearl Street […]
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