Jewelers’ Security Alliance Credit Card Alert!
Beginning in October 2015 the rules of liability for fraudulent credit card transactions will change and jewelers need to be aware of possible new chargeback risks. Credit cards with small metallic square computer chips, so-called EMV technology, are being issued by the financial institutions. The purpose is to make credit cards harder to counterfeit than the current cards with magnetic strips on the back. It is estimated that by the end of 2015, 70% of credit cards will support EMV. These cards currently being issued will be able to utilize either the EMV chip or the magnetic strip on the back.