Beginning today retailers will be responsible for fraudulent transactions if they don’t upgrade their payment terminals to accept chip-enabled cards.
While many businesses are clearly behind in making the needed changes, a new study from CreditCards.com finds credit card issuers are also behind in issuing the cards.
According to the study, six in ten credit card holders still don’t have a chip-enabled card.
The new cards are intended to fight fraud.
The October 1st deadline was self-imposed, and meant to pressure retailers to upgrade to the new readers.
The deadline for getting the new, safer cards to consumers is the end of the year.
Read more: http://nbcnews.to/1P5VF8C