Soon, credit unions will be liable for POS purchases made with counterfeit cards created by tampering with non EMV compliant ATM machines - a tab that, according to industry estimates, averages $650 per card, and up to $100,000 per incident.
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Helping members understand the pending ATM transition is a valuable move for credit unions.
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Forter and PYMNTS.com report 27 attacks for every 1,000 online transactions following the EMV shift.
Credit unions must prepare for the upcoming ATM deadline, educate members and emphasize chip card benefits.
Card not present fraud is a growing concern that's leading to revenue losses for card issuers.
For many merchants, while their terminals are capable of supporting EMV, they are still opting to wait on activating the technology.