October 1, marks the beginning of a new credit card era.
Maybe you’ve noticed the new computer chip if you’ve had a credit card issued to you recently. It’s an effort to prevent fraud. Starting October 1st if retailers don’t have the right equipment to read the new cards with chips, they’ll be liable for any fraudulent transactions.
It’s something that one local small business owner took very seriously and spent $750 for an updated credit card machine. Kelsey Mihalovich says, “You think about protecting yourself from a few fraudulent charges. Think how they could add up if you didn’t switch to new technology.”
The biggest change for consumers if they use their card at a retailer with the new technology with be “no more swiping.” Instead, they’ll place the card in the card reader and wait a few seconds. It takes a little longer but it’s all an effort to keep the consumer and retailer safe from fraud.