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Oct. 1 was the deadline for businesses that accept credit cards to be prepared to handle transactions with new chip-embedded cards, or find themselves responsible for the bill in the event of fraud.The new card standard is called EMV. The acronym stands for Europay, MasterCard and Visa, the three companies that created the standard.

Instead of swiping your card, an EMV card is inserted into a card reader at checkout. The card reader uses the information on the card’s computer chip to authenticate it with the user’s bank, making sure it’s legitimate.

Each card’s chip has a unique code per transaction, making it tough for crooks to copy the card information. However, experts say it still doesn’t guarantee fraud protection. Only 40 percent of Americans currently have a chip card.Gas stations have until 2017 to replace their card readers at the pumps.The new technology costs merchants about $500.

A number of banks and other card issuers still haven’t sent the new cards to their customers, who will continue to use their magnetic stripe cards. It is anticipated that millions of the older cards will still be in use going into 2016, and at least for the time being, it’s not expected thieves will have figured out how to copy the information on the chips.

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