Survey: Many Small Biz Owners Unaware of Looming Credit Card Mandate

FRESNO, Calif. (KMJ) — Small businesses will be liable for fraud and security breaches, unless they upgrade to new machines, which can interface with chip-enabled credit cards.

The Europay, MasterCard, and Visa rules will take effect this October.

However, according to a new Wells Fargo/Gallup Small Business Index survey, only about half of owners are aware of the looming mandate.

Additionally, those surveyed were divided in their opinions, on whether the new chip readers will reduce fraudulent activity.