Today is the deadline for retailers to install new technology in 10 million payment terminals nationwide. And today is also the deadline for banks to replace 1.2 billion credit and debit cards in the United States with new cards that contain fraud-thwarting computer chips.
The mandate from MasterCard, Visa, Discover and American Express says that any banks or retailers that haven't rolled out EMV chip technology with new cards and terminals will be liable for any fraud that occurs at a point-of-sale transaction.
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