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WGME CBS 13 recently contacted your League for an update on the implementation of EMV, and to refresh consumers on what it all means. Rebekah Higgins, VP of Payment Systems for Synergent, was the only financial services professional featured in the story, and provided the majority of the story's content and information. The story aired multiple times on both WGME CBS 13 and FOX 23, including a prominent placement during the coveted 6 p.m. News slot.
With the first deadline for EMV compliance happening this October, the story highlighted the process and the progress of how things are going. Higgins spoke at length about what EMV is, how it works and what it all means to consumers. "Instead of swiping your card, you insert it. The cards are more secure because every time the chip card is used, it creates a one time code that can't be used again. We're going to spend a lot of time educating people on how to use it; it is a different experience than what they're used to."
The story also noted the purpose of the move by both merchants and credit unions and other financial institutions to adopting EMV technology. Higgins explained, "Starting October 1, 2015, any fraudulent charges will be the liability of whichever party - financial institution or merchant - that hasn't updated to chip technology. This is a major switch in liability and responsibility, and something that merchants haven't been used to."
WGME CBS 13 found that, while financial institutions are progressing in rolling out the chip cards and preparing for the October deadline, many major retailers are not prepared to read them. Of the stores examined in the story, only Target and Walmart had their new terminals activated.
"The story provided us with an opportunity to serve as a resource and share our expertise on a subject that is receiving a lot of publicity these days. It also reinforced the issue of fraud, and that Maine credit unions are taking all available steps to fight fraud and protect members," stated your League's President John Murphy.