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.

Recent studies suggest the annual cost of card fraud in the United States is between $8 billion and $9 billion. While that figure encompasses a broad range of card-related fraud, NCR, one of the largest U.S.-based ATM manufacturers, reported in July that it has seen an increase in ATM-specific skimming attacks. Financial experts estimate the average loss per incident is close to $50,000.

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