New E.M.V. microchips helping to keep your financial information secure.
In the past couple of years, online criminals have been targeting major retailers to gain access to customers’ financial information. With major hacks like those that occurred at Target and Home Depot, you may be wondering exactly what these retailers are doing to keep you safe. New laws have been announced when it comes to credit and debit card security that are working to keep your personal information much safer.
Retailers are now required to upgrade their credit machines to read new chip-enabled cards that are helping to keep customers safer. Any retailers that have not upgraded their readers will be liable for any counterfeit charges, which could mean big claims meant to their business insurance policies.
The new law is essentially putting the responsibility of any counterfeit charges on whoever has lower security, whether it is the customer or the retailer. If a customer’s card does not include the new E.M.V. microchip, they will be held responsible for the fraudulent charge. However, if it is due to the lack of security at the retailer, they will have to deal with the fallout of the charges and hacks.
For small businesses, these new rules and regulations can mean serious financial issues. If they do not have the financial means to upgrade their card readers, they run the risk of a much larger cost of a liability lawsuit. Investing in the right business insurance policies is the best way to make sure that your small business has the coverage that it deserves.