Chip cards? Most small business owners unaware of upcoming credit card transaction changes

IndustriesAssociated Press

A majority of small-businesses owners are unaware of an impending shift that could leave them liable for fraud committed with a new generation of chip-imbedded credit cards.

That's the finding of a survey by Wells Fargo & Co., which asked 600 small-business owners about the Oct. 1 deadline to get card readers and software to handle the new credit cards. Retailers and other businesses without equipment to handle the cards could be liable starting Oct. 1 if a customer commits fraud with a chip card.

Continue Reading Below

But in the Wells Fargo survey, only 49 percent of owners of businesses that use card readers for transactions said they were aware of the deadline.