The Target breach impacted approximately 40 million credit anddebit cards during the 2013 holiday shopping season (as selfreported on their corporate website). The massive breach andsubsequent media coverage raised consumer awareness and interest inEMV^® as a necessary step to ensure the privacy ofconsumer information. And although EMV would not have completelyprevented the issue, it may have stopped counterfeit cards frombeing created.

What exactly is EMV?

EMV (aka Europay^®, MasterCard^®, andVisa^® or “chip”) is a standard for smart devices andterminals to effectively utilize a communication chip in paymentcards. EMV provides enhanced security for your members by reducingfraud on their credit and debit cards.

Why Should You Care About EMV?

MasterCard and Visa are enacting liability shifts. When a fraudoccurs and an organization did not have EMV capability, thatorganization will be liable for the fraud and loss. There is noneed to panic, however! EMV rollout, especially on the merchantside, is expected to take many years and is not yet a U.S. Federalmandate or a regulator hint. Yet, it is a decision that manyinstitutions will face in the coming months as members demandincreased security and many large card payment service providersbegin issuing EMV enabled technology.

Is EMV Right – Right Now?

Do you stay ahead of the curve with technology and innovation?Are fraud losses on cards at an all-time high? Is securityincreasingly important to you and your membership? If so, EMVshould be considered for your credit union.

As another consideration, take a look at your membership. Isyour membership tech savvy when it comes to payments? Also, if ahigh percentage of your members are travelling or living overseas,they most likely have an existing demand. According to EMVCo, over2 billion payment cards are chipped around the globe, most of whichreside in Western Europe. By 2016, it is estimated that 500 millioncards will be used in the U.S.

If you recognize the importance of EMV, but are not quite readyfor full migration, there are alternatives. We share a few specificoptions currently being used by credit unions in our EMV guide.

Are You Ready? Now What?

From creating a business plan to evaluate the significant timeand money cost of EMV implementation, through a successful rollout,we provide you with a step-by-step process in our complimentarypocket guide. Download “EMV FOR CREDIT UNIONS: What to Know, When to Act,& How to Decide” for more information and resource links.