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Retailers who missed chip card deadline eye lawsuit

02
Oct
2015
Retailers who missed chip card deadline eye lawsuit

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U.S. are contemplating lawsuits against and credit card companies over the slow of chip-based card technology and the possible financial merchants began facing that started Oct. 1.

Retailers that did not install newer chip-enabled point of sale terminals in stores, restaurants and hotels as of Oct. 1 have to pay an extra fee to cover counterfeit fraud. Before Thursday, banks were liable for consumers’ use of magnetic stripe credit and debit cards. The deadline on Oct. 1 was set by banks four years ago to prompt the use of more secure chip technology to help lower the cost of fraud.

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