Heads up, retailers. As of Oct. 1, if you haven’t updated your charge card terminals to ones that are compatible with fraud-prevention chips, you could be on the hook for any fraudulent charges made in your establishments. . .
Federal law limits consumer liability for fraudulent purchases made with their cards. But for retailers, the liability shift is a much bigger deal.
North Carolina Retail Merchants Association spokeswoman Christie Burris says the surge in demand for the new terminals has made it difficult for some retailers to get the systems installed and operating. That is especially true for smaller retailers, many of whom weren’t even aware of the Oct. 1 deadline. “There’s a lot of confusion right now,” Burris says.
Article written by: Jeff Jeffrey, Triangle Business Journal
Excerpt from the article found here.