Have you received a new credit or debit card from the bank with a small metallic square on the front? This square is a computer chip which is designed to keep your banking information safe. Thieves have figured out how to steal banking information from credit cards using the magnetic strip on the back of the card. The new chip cards provide a unique transaction code for each purchase.
Retailers have to invest in new technology and processes in order to accommodate the new chip cards by October 1, 2015. Bigger organizations will likely transition sooner than small businesses. Target and Wal-Mart have already updated their systems. Currently credit card companies are responsible for credit card fraud but after October 1st, the payment processor or credit card company with the least amount of protection will be liable. The idea is to ensure credit safety on all levels.
Credit card holders with chips will no longer swipe their credit cards at the checkout register. Once the transaction is ready for payment, the card holder will be prompted to “dip” or insert the card into the terminal slot. The process takes a little longer than swiping and a little patience is needed. In the future many retailers will offer a contactless card reading option. The consumer will simply “tap” the card against the terminal scanner.
While these changes are steps in preventing fraud, consumers still need to protect themselves by reviewing credit reports, fraud alerts, etc. Negative changes on credit reports can affect buying power, and deposit amounts on utilities and insurance. We know that Life happens and personal and financial situations change; whether due to unemployment, divorce, death and other emotional and unexpected events. Know that assistance is available to determine the most effective path to debt relief and to protect your assets.
Ronald A. Luzim learns and understands the unique needs of each client and offers personal service for each case. He is a former estate and tax attorney with the IRS has been practicing law since 1974 and specializes not only in estate planning and real estate but also is a Coral Springs probate lawyer, Coral Springs bankruptcy lawyer and Coral Springs family lawyer. In addition as a practicing state certified mediator, Ronald brings experience, expertise and empathy to your legal matter. Please contact his Coral Springs office at 954-755-1500 for assistance in protecting yourself, family and property.
There is no substitute for experience.