Missouri consumers and retailers should be aware of major changes that will occur this fall as credit and debit cards will be replaced in a national push for more secure transactions. Banks that issue credit cards will replace old cards with those that have embedded computer chips that store account data and provide additional security.
Retailers in Missouri and nationwide are expected to install new payment processing software by Oct. 1. After that date, retailers who continue to accept the old magnetic strip cards may have to pay for credit and debit card fraud, a shift of liability from the banks issuing the cards to the retail community. Recent credit card security breaches such as those at Target stores and Anthem BCBS have affected Missourians, and I endorse the move by MasterCard to protect our transactions.
Rep. Sandy Crawford, a Republican of Buffalo, Mo., which is north of Springfield on U.S. 65, is the chairwoman of the Missouri House Banking Committee in Jefferson City. She was elected to her first two-year term in November 2010. She received her B.S. in finance from Missouri State University in 1995.