Retailers will Now be Liable for Credit Card Fraud. Are you Protected?
Retailers will Now be Liable for Credit Card Fraud. Are you Protected?

Ok you will have to endure a small story as I get to the point

Have you or your credit ever been hacked? Oh let me tell you the joys of a hacked or compromised credit card… A few years a go I traveled to Nashville to meet with one of my content writers, a few miles from her house was a Target retail store.  I love shopping at Target and decided that it would be a good break to stop there and pick up a thank you card and small gift for the great work my writer had been producing.  I made a purchase of less than $25.00. She loved the card and the Chocolates…no good deed goes unpunished.

 

Shortly upon my return from said business trip I received a call from my bank informing me that Target had been hacked and my credit / debit card for security measures would frozen and a new card would be issued. This just goes to shoe fates sense of humor, WHAT I said ? when will this happen? it already has been done Mr Benjamin said the very polite and professional bank employee.  Crap! all of my servers for all of my clients payment is due tomorrow! (Holy…Insert your choice string of expletives)  what am I going to do? In a mad scramble I opened a new bank account transferred funds and then set to the task of changing my payment information on Servers, Subscription software… a MULTITUDE of accounts.  Thanks Target, really it was not their fault. All in all, my life was inconvenienced. Many people lost real money, Target lost credibility in the eyes of their customers, banks lost money, customers that were compromised and hacked, lost money.

DID YOU KNOW?

Credit cards are being updated with micro chips for additional security to customer accounts? So what is the Big deal its great that customers have more security?

Please review the email below that I just received from HostaGator

Dear Rich,

This fall, millions of Americans will receive their new “smart chip” debit and credit cards that combat fraud. The new cards are called EMV (for Europay, Mastercard and Visa).

Starting in October, brick and mortar stores will be responsible for fraudulent activity if they don’t use the new EMV card readers to process in-store credit and debit transactions. Since liability was previously covered by credit card companies, it’s a big shift in responsibility. How big? Recent estimates put the United States at $5.2 billion in credit fraud loss.1 For smaller companies, this type of loss can have a significant financial impact.

 

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So as I read this warning, If I as a business accept credit cards and do not use the new EMV card readers… And the custoemr gets hacked through my lack of updating hardware, I and my business will now be liable for issue. OUCH small businnesses, please be sure to contact your creddit card processing company and get the apropriate hardware.