As the banking sector continues to grapple with the downstream effects of recent data breaches – from the massive exposure at Target to a host of smaller incidents affecting other companies – discussions continue to swirl around the advantages of chip-and-PIN technologies.
But though the transition to more secure cards is currently slated to occur sometime in late 2015, it promises to be an expensive and time-consuming endeavor, and merchants are unlikely to tackle it sooner than necessary. That leaves financial institutions with the task of implementing other risk-reduction strategies in the interim.
Credit unions may not wield as much control over merchants as card issuers do, but that doesn't mean there aren't ways they may be able to influence merchant behavior when it comes to security measures.
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