Johannes LitzenIt seems as of late, no one is safe from getting hacked. From hospitals to retail giants, cybercrimes are becoming more sophisticated and more frequent. While financial institutions are one of the most advanced electronic industries today, the financial industry also controls some of the most valuable assets and therefore has the most to lose in an attack.

EMV is a global standard for credit and debit payment cards based on chip card technology. EMV seeks to make financial transactions more secure. In October 2015, so-called liability shift sets in. From this point forward, both merchants and issuers (including credit unions) alike will be liable for fraud incurred if they have not yet adopted EMV technology.

Unlike many financial industry mandates, EMV migration is not a government mandate; instead, the change is being driven by the major credit card players in the banking industry (American Express, Discover, JCB International, MasterCard and Visa). The United States is far behind in transitioning toward the safer payment method of chip and pin compared to Europe, which has been deploying EMV for almost 20 years.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.