According to a survey conducted by Fattmerchant, of these companies 93% of participants are small business owners (with less than 25 employees). With fraud rates reaching 200% of the average rate on Christmas Eve and Christmas Day alone, all businesses without EMV technology are held financially responsible for fraudulent transactions.
Findings show 36% of business owners do not know anything about what the switch means, demonstrating that merchants do not have a strong understanding of its importance for security. If a merchant has not made the switch to EMV and a fraudulent card is used, they will be the one held financially liable – not the bank.
As retail transactions increase during the holiday season, the probability of fraudulent charges increases accordingly. It is important for business owners, especially small to medium size business owners, to prepare for the higher volume and higher risk of fraud during holiday sales by having the proper EMV-compliant technology.
Small businesses made up 93% of the survey participants, showing that they are particularly unprepared for the damages of this liability shift.
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