Major credit card companies are migrating from outdated magnetic stripe credit and debit to cards embedded with microchips. This technology, also known as EMV, is a safer form of payment for buyers and sellers alike, safeguarding against fraud and counterfeit. Many consumers already have chip cards in their wallets or will be getting these cards soon, but reading chip cards requires new technology.
On October 1st, the liability for certain types of fraudulent transactions will shift from banks to businesses that do not have the technology to process chip cards.
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