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Starting today, businesses that accept credit cards must be prepared to handle transactions with new chip-embedded cards or find themselves paying the bill in the event of fraud.

The credit card industry set Oct. 1 as the day when liability for fraud committed with the new cards will shift to retailers and other businesses if they don't have equipment to process chip card transactions.

The chips in the cards are harder to counterfeit than the magnetic stripes on millions of cards, but they require new card readers and software to process transactions. If a counterfeit card is used in a transaction and a business doesn't have the new equipment, the company will be liable for the financial losses it suffers.

Although many national retailers have upgraded their equipment, many small businesses haven't.

A Wells Fargo & Co. survey taken during the summer showed that only about half of small business owners were aware of Oct. 1 deadline.

However, little is expected to change today at many small businesses.

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's expected 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 that thieves will have figured out how to copy the information on the chips.

Does this new technology make you feel safer when you use your credit card?

Leave your comments below, or on Facebook or Twitter using #WBZTalker.

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