JAMESTOWN, N.D. (NewsDakota.com) – A federal law proposed in 2015 requires businesses to install new chip readers for cards that increase security and prevents fraud.
According to reports, annual costs of card fraud in the U.S. alone are estimated to be around $8.6 billion per year. Jamestown Area Chamber of Commerce Executive Director Becky Thatcher-Keller reports that some businesses in Jamestown have not yet purchased the newest technology.
The chip in credit cards was created in order to crack down on in-store counterfeit fraud. The increased benefits of security were a main reason for the law, which became effective in October 2015.
Thatcher-Keller says the chamber has partnered up with a company to provide the chip readers to a lower cost for businesses.
The chamber and Elavon partnership allows businesses to get chip readers at a discounted rate. She says the company does not use a third-party in the process, so they provide the security and installation directly.
Thatcher-Keller says interested individuals can contact her for more information. The chamber’s number is 701-252-4830 or e-mail firstname.lastname@example.org.
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