As you may have heard, major credit card companies are migrating from outdated magnetic stripe credit and debit to cards embedded with microchips. On October 1st, the liability for certain types of fraudulent transactions will shift from banks to businesses that do not have the technology to process chip credit cards. The liability shift means that if a customer pays a business using a fraudulent EMV/chip card and that business can only process cards with the magnetic stripe, then that business could be liable for the fraudulent charge.

Small Business Services is conducting outreach to the business community to ensure they know about this change.   For information, contact:

EMMA PFOHMAN | Policy Advisor

Office of the Commissioner

NYC Department of Small Business Services
110 William Street, 7th Floor | New York, NY 10038
T: 212.513.6368 | C: 347.986.0918 |  epfohman@sbs.nyc.gov