New credit cards could mean serious hassles at checkout (for 10/1 deadline on who pays for fraud)

CNN Money ^ | 9/30/2015 | Kathryn Vasel

[Vision Thing]

Banks have been sending out new chip-enabled credit cards, and stores have been installing new machines that require you to dip the new cards rather than swipe them.

It's all aimed at keeping you safe from hackers.

… new liability rules go into effect October 1 that shifts who pays for fraudulent charges. Banks used to cover any bogus transactions, but now the entity with less protection will have to cover the costs.

For instance, if a chip-enabled card is used in a store that hasn't upgraded its payment system, the retailer is on the hook for any fake swipes.

[Revel]

And I would also like to add that 99% of retailers never look at your credit card that needs no signature at point of purchase.

[loungitude]

Best reply. Thanks.

[Grams A]

Your welcome. We do what we can to protect our doctor clients and our patient’s information as well. I am simply amazed at the number of people who either ask if they can or simply go ahead and email their credit card number, name, address and three digit security code to us. And this is often right after the person has received a new card because their previous one was just used fraudulently. Often wonder what they use for brains.

[upchuck]

For those of us wise enough to pay in cash, Makes No Difference!