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EMV: What's your next move?

By: Amy MacMullen, AVP, Card Products/Product Specialists

Amy MacmullenMarch 25, 2015 -- The Europay, MasterCard and Visa (EMV) liability shift for counterfeit Point of Sale (POS) fraud is right around the corner on October 1, 2015. What will this mean to your credit union? If fraud occurs and an organization does not have EMV technology, that organization is liable for the fraud loss. For example, if a merchant is EMV-enabled but your credit union’s credit card is not, your credit union is now liable for any losses.

Determining if you’re ready and what to do next

Is staying abreast of new technology important to you and your members? Is security and fraud loss increasingly important to you? If so, it might be time to consider migrating to EMV. The cost of moving to EMV can be significant in time and money, so it is important to budget accordingly. Corporate One can help you contain costs during the EMV move. Per our recommendation, some credit unions are issuing EMV cards to just their international travelers at first. Many credit unions are choosing to implement EMV cards on all new card issuances and then slowly transitioning the existing accounts as they expire, saving the credit union money on plastics.

Other considerations include:

  • Aligning with new Independent Sales Organization (ISO) specifications to conform to industry standards on the correct passing of EMV data throughout the payments system
  • New certification of your Bank Identification Number (BIN)
  • Changes with your core vendor
  • Changes to your plastic design that accommodate the chip
  • All networks the credit union utilizes, including those listed on the front and back of the cards

Although there will be initial costs to make the transition to EMV, the investment will be well worth it. The clear benefit of an EMV chip card is a reduction in fraud as the card is nearly impossible to counterfeit due to the encryption of the microchip. Recent data breaches have scared consumers, and the security an EMV card can offer will help to put your members’ minds at ease. Corporate One card solutions has the only debit and credit card program designed for small to mid-sized credit unions.

Let Corporate One help you make your EMV move.
 

Amy MacMullen,
AVP Card Products/Product Specialists
amacmullen@corporateone.coop
 

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