U.S. #retailers are contemplating lawsuits against #banks and credit card companies over the slow #rollout of chip-based card technology and the possible financial #liability 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 #liability shift 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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