Does your business revolve around point-of-sale machines? If so, then you may be aware that as of October 2015 the traditional method of using a magnetic strip swiping process became outdated and in entered the more secure chip card reader. If you are still not able to accept chip cards, be advised that any fraudulent activity occurring from your business places risk on you, the merchant, and not the banks.
The new security of a chip card for consumers becomes a new liability for merchants. While the advanced chip cards greatly reduce the chance that consumers may fall victim to credit card fraud, the additional liability is now being placed on your retail business.
Ensure that your business is covered and has the appropriate liability insurance in place. Meet with your Allegheny Insurance agent to discuss the chip card changes, and make sure you are adequately protected for all of your cyber liabilities.