Starting this October all merchants will be required to switch over their credit card readers to a new technology or risk being on the hook for credit card fraud.
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But a new survey from Wells Fargo finds 49% of small business owners do not know they will be liable under the new shift to EMV technology, and less than a third plan to update their card readers before October.
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Banks and credit card companies are issuing cards enabled with the chips in the run up to the October 1st deadline.
Wells Fargo says they are sending the new cards to customers as old cards become lost or expired.
