On October 1, 2015 swiping your credit card will be as outdated as a rotary phone. It will exist, but hard to find.
Credit card users will easily adapt to inserting there credit card in to a machine rather than swiping. Most consumers will not even realize that their credit card has both the swipe and the microchip already on the card.
Small businesses need to get prepared now. Typically, the credit card company has been liable for any fraudulent charges. If businesses do not invest in the new credit card readers, they will become liable for any fraud charges.
The new readers should help to prevent theft of personal data from credit card companies. The shifting of risk is a good time to remember how important a Cyber Liability coverage is for your company.
Karri Todd is our specialist in cyber coverage and will happily review your needs and coverage.
Thanks for reading. For more information please read this great article in the Wall Street Journal.