Source: National Cyber Security – Produced By Gregory Evans
As of Oct. 1, credit card companies shifted responsibility onto businesses to reimburse victims of fraud if they don’t have the updated card machines to read the chips. While larger businesses, such as Walmart and Kroger, installed the machines months ago, some small businesses in Athens were left out of the loop about the requirement. Stephanie Williamson, owner of Athens Atomic on Clayton Street, said she didn’t know about the Oct. 1 deadline. “I’ve heard about the new machine, but I didn’t really know why we needed to upgrade,” Williamson said. Despite the threat of liability for fraud, only about 59 percent of retail locations in the United States will have the new machines installed by the end of the year, according to Aite Group, a financial research firm. Officially, the cards are called EMV cards, named after the three companies to take the first steps toward adopting the new standard: Europay, MasterCard and Visa. The chips are meant to reduce fraud because they create new data with every transaction compared to the magnetic strips, which use the same data each time, making it easy to copy. There is an estimated $3 billion lost in fraud transactions in the U.S. […]
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