New credit card security standards will be effective October 1, 2015, and will affect all organizations that accept credit card payments using a processing terminal (including Square and similar mobile readers). Currently, if your organization processes a fraudulent card transaction, the bank assumes the loss. After October 1, if your organization doesn’t upgrade to the new EMV credit card readers, your organization may be liable for the fraudulent charge. If you only accept credit card payments online or via telephone, no security changes are necessary since the card is never presented for processing.
August 4, 2015