If Your Business Still Operating Solely On Magnetic Strip Readers For Credit Card Transactions, It’s Time to Update Your POS System
FRISCO, TX – Nov. 30 — Kevin Hodes, CEO of Swypit has published a new article entitled “ Understanding Credit Card Fraud for Your Business in the Age of EMV.”
In the article, he discusses the growing popularity of EMV cards in the U.S. and how this growth has spurred the implementation of “liability shifts” from many major payment networks.
Hodes says, “As of October 2015 many payment networks, such as Visa and MasterCard, American Express, and Discover, have implemented ‘liability shifts’ that could impact how fraudulent credit card cases are resolved. Previously, fraudulent card transactions were the responsibility of the cardholders; however, after October 2015, responsibility shifts to merchants in some cases if they do not have EMV chip-enabled POS devices or applications.”
Read the whole article HERE.