Do Your Members “Get” New Features?

As credit unions roll out more and more new technology, bringingmembers up to speed is an escalating challenge. EMV is a case inpoint. With a liability shift scheduled for this October, manycredit union card issuers are rolling out chip-enabled cards.Security-conscious consumers are primed for this change: Last year,the number one consumer complaint received by the FTC was identitytheft. But just because your members want enhanced security doesn'tmean they'll know how to use a new chip-enabled card. Some may noteven realize their new EMV-ready card is different — or how.

No doubt you're aware that EMV is being implemented on a massivescale. In fact, over two billion payment cards are chipped aroundthe globe and by 2016, it is estimated that 500 million cards willbe EMV-ready in the U.S. according to EMVCo. While a traditionalmagnetic stripe card is easily counterfeited by criminals, EMVtechnology is effective in combating this type of fraud through itsdynamic authentication capabilities.