By: Nina J. Ramón
Have you been issued a new credit card recently? Notice anything different about it?
In order to mitigate fraud and improve out financial security, credit card companies, lenders, and businesses are now embracing the new payment technology commonly referred to as EMV. These EMV (Europay, Mastercard, and Visa) cards have a small electronic chip embedded within for extra security, for buyers and sellers alike, making it nearly impossible to counterfeit.
U.S. credit card companies have set October 1 as the date for the national adoption of chip cards here at home. On this date, there will a “liability shift.” Businesses that have not acquired the technology to process chip cards will become financially responsible for certain fraudulent transactions previously covered by the cardholder’s issuing bank.
Did you know that the U.S. is the last major market still using magnetic stripe only cards? In fact, the U.S lost seven billion dollars to credit card fraud in 2013 according to data from The Nilson Report and BI Intelligence. That is more than the fraud loss sustained by the rest of the world combined.
The U.S. Small Business Administration and Square have teamed up to educate and prepare small businesses for the transition in a FREE webinar. So clear your schedule and learn what small businesses need to know about the switch to chip card technology on October 14 at 1PM Central Time. Click here to register.
Twitter Chat | Small Biz Chip Card/EMV Questions | #ChipCardChat
Tuesday, October 13, 2015 | 2:00 PM CT
Please join the US Small Business Administration (@SBAgov), SCORE Mentors (@SCOREMentors), AT&T Small Business (@ATTsmallbiz), Mastercard (@MasterCardNews), First Data (@FirstData), and Square (@Square) for a Twitter chat on the payment card transition to the embedded chip (also known as EMV). We’ll be discussing common questions about what the shift means for small businesses. Follow along with the hashtag #ChipCardChat.
EMV 101: What Small Businesses Need to Know About The Switch to Chip Card Technology
Wednesday, October 14, 2015 | 1:00 PM – 2:00 PM CT
Join SBA and Square for a free webinar presentation: “EMV 101: What Small Businesses Need to Know About the Switch to Chip Card Technology”.
Participants will learn:
- What the transition to EMV chip card technology means for small businesses
- What EMV chip card technology is and why it’s more secure
- What the new fraud liability rules that take effect October 1st mean for merchants