Micro-chipped credit card deadline nears - KWWL - Eastern Iowa Breaking News, Weather, Closings

Micro-chipped credit card deadline nears

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CEDAR FALLS (KWWL) -

The deadline is the beginning of October for some drastic changes in the way you pay.

It turns out, very few consumers and business owners are ready for the change.

Micro-chipped credit and debit cards are rolling out throughout the United States to help reduce identity fraud.

Starting October 1, business owners not card issuers, will be be responsible for fraudulent transactions if they don't upgrade their card readers.

United States credit card fraud has doubled in the last seven years due to old magnetic strip technology,while many other countries have been reducing fraud with microchips.

"This will make it a little bit harder for thieves to create fraud," Cedar Falls Community Credit Union Chief Executive Officer, Helen Pearce said.

According to business owners, the new machine takes a little bit longer.

It does take a little bit longer, but other than that, it's pretty easy.

Local business manager, Bre Stone, said they recently updated their credit card machine.

The Scratch Cupcake Manager said it protects their business and customers.

"It's definitely a relief that we won't have a problem with people getting their identities stolen, because we just want to make people smile," Stone said.

According to a recent survey, the majority of all retailers still don't have the chip reader, and more than half of of all consumers still don't have their new card.

If you haven't received your card yet, don't worry.

Several card companies are now working to send new micro-chipped cards to consumers.

The goal is to have the updated cards in nearly 600-million consumers' hands by the end of the year.

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