X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Most credit unions are doing a good job in transitioning their members to EMV-enabled cards. But while EMV card-equipped consumers are learning to make transactions in a new way, a number of credit unions are still dragging their feet when it comes to upgrading their ATMs to support industry EMV standards.

MasterCard’s Oct. 1, 2016, liability shift to the higher security specification is just 10 months away, followed by Visa in 2017. That means credit unions are in for a rude awakening if they’re not aligned with industry standards. After the liability shift, EMV card issuers will no longer bear the responsibility for ATM fraud associated with counterfeit cards. And as ATM skimming attacks continue to rise, credit unions could lose hundreds of thousands of dollars if their ATMs are limited to reading magnetic stripes.

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

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

  • Critical CUTimes.com 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 Law.com and GlobeSt.com.

Already have an account?

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 TreasuryandRisk.com and Law.com.

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

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.