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Your members may not realize it yet, but starting October 1, all cardholders will have a new credit or debit card equipped with an embedded computer chip. This marks a sea change in the way U.S. credit unions and banks manage credit and debit card fraud. Stores, restaurants, bars and other merchants who historically completed transactions via the swipe-and-sign method are gearing up to accept chip cards, and risk-averse retailers may stop offering swipe-and-sign altogether – affecting your members’ way of paying for goods and services.
While most people who work in the financial services and retail sectors know chip cards are coming and that fraud liability is shifting, it’s likely that many of your members aren’t aware. Even if you provided an explanation to them via an enclosure in the new card mailing, it’s entirely possible that they didn’t read or understand it – they may have just assumed the new card was one of the periodic updates all credit unions and banks send to members and customers. This makes the implementation of EMV a golden opportunity to connect with members and build a closer relationship.
Here’s how to use the EMV transition to bring your members closer:
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