It is estimated that one quarter of all credit cards are owned in the US. It is also estimated that one half of credit card fraud and theft is from US cards. This is because the US has been slow to adopt chips in their credit cards which are certainly more secure.
In October 2015, credit card companies like Visa, Master Card, American Express Discover, etc. will be issuing new cards with the smart-chip technology, thus passing on the liability for fraud and theft to businesses who do not have the technology in place to accept smart-chip cards. Keep in mind, it is not mandatory to have smart-chip credit card readers, but again the business will have the liability if they don't use them. If you have the technology in place and a customer swipes a card that uses the old magnetic strip technology and it is stolen, you will not be liable.
There is a cost for using this technology. See below for links.
http://www.usatoday.com/story/tech/2015/01/06/chip-and-pin-credit-cards-computer-security/21008389/
https://www.chasepaymentech.com/faq_emv_chip_card_technology.html
Gavin Newsom announced today that he will not be entering his name for retiring Senator Barbara Boxer’s seat. Clearly this makes Kamala Harris the front runner if she decided to run.
Scott Hauge
President
Small Business California
2311 Taraval Street
San Francisco, CA 94116
shauge@cal-insure.com
415-680-2188
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