Protective Chip Changes to Credit and Debit Cards | Burns & Wilcox

News

Home / Newsroom / Protective Chip Changes to Credit and Debit Cards

Protective Chip Changes to Credit and Debit Cards

(WJBK) – A big change is coming one week from Thursday (Oct. 1st) regarding who will bear responsibility for credit card fraud that businesses and consumers may not be aware of. Today, if an in-store transaction is conducted using a counterfeit, stolen or otherwise compromised card, consumer losses from that transaction fall back on the payment processor or issuing bank, depending on the card’s terms and conditions.