Chip-Embedded Credit Cards

There are new rules in effect for processing credit and debit card transactions in the U.S. Any business without a new 'chip-embedded' card reader will be liable for fraud committed on the transaction.

There are new rules in effect for processing credit and debit card transactions in the U.S. Any business without a new 'chip-embedded' card reader will be liable for fraud committed on the transaction. George Meinz (mines) is a lawyer at Gray Plant Mooty in St. Cloud and says a lot of small businesses have chosen to not invest in the new credit card readers:

Meanwhile, card issuers that have not sent their customers a new chip-embedded card will be liable for counterfeit card fraud. Meinz says he expects that you'll be receiving your new credit and debit cards by the end of the year, if you haven't already.

Countries all over the world have been using chip-embedded credit cards for several years, and that technology is officially being used here in the U.S. However, you might not notice anything different when you stop at the grocery store tonight. George Meinz (mines) is a lawyer at Gray Plant Mooty and says says it's up to individual businesses to decide whether to change over to the new readers:

Meinz says any business that does not make the upgrade to the new readers will be on the hook for any credit card fraud on their system. Also, your credit card company will remain liable for any fraud committed with your card until they send you a new chip-embedded one.

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