Beginning Oct.1, Utah consumers began noticing changes during checkout at local retailers. Retailers all over Utah and across the country have swapped out old payment terminals in favor of machines that accept new chip credit cards. Unlike their predecessors, these cards contain a microchip that will make it more difficult for hackers and thieves to counterfeit.
Retailers understand the importance of payment security and have invested about $8 billion to upgrade their terminals to accept these new cards. However, despite retailers efforts to improve credit card security, consumers may not receive the full benefits of the enhanced security chip card because issuing banks and credit unions continue to drag their corporate feet.
Beginning today, retailers (not the banks) will start shouldering the burden for fraudulent charges on bogus credit cards. That means more shoppers may be told to insert, not swipe.
Minnesota Public Radio has a report on the Oct. 1 deadline for chip-enabled payment cards, which are intended to combat the sort of widespread fraud schemes like the one that Target Corp. suffered in 2013. A consortium of credit-card companies, which absorbed big losses as a result of that and other data breaches, gave retailers until now to upgrade their systems.
The credit card industrys self-imposed deadline to replace old magnetic-strip cards with new, chip-enabled cards is October 1. The chip cards have new technology that makes it harder for criminals to steal your personal information.
Youll actually put your card into a little cover. People complain that it takes a little bit longer, but that little bit of log time is worth it in the long run so that your data is protected, said Ross Kenneth Urken, editor, Main Street.
But the rollout has been sluggish. About 60 percent of American cardholders dont have the chip cards in their wallets and consumers will need to change their habit of swiping their credit cards to pay.
(SEYMOUR) - Two Louisville men who were arrested in February after police discovered more than 170 credit cards containing stolen numbers in their vehicle near Seymour.
Both 29-year-old Rene Perez and 25-year-old Brian Diaz, received three-year prison terms.
Jackson Circuit Judge Richard W. Poynter sentenced each man after they both plead guilty to one Level 5 felony count of fraud on a financial institution.
In a plea deal the state agreed to dismiss 32 other counts of the same charge against the pair in exchange for a guilty plea.
The pair were arrested after an Indiana State trooper Indiana State Police Trooper James Wells reported stopping a blue 2005 Mercedes for making an unsafe lane change while following another vehicle too closely in the southbound lanes of Interstate 65 near the 49-mile marker.