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EMV, Apple Pay and Mobile Wallet were hot topics this week during one of the highest attended webinars sponsored by Synergent Payment Services. More than 70 credit union staff connected to hear of the upcoming EMV liability shift set for October 2015.
The webinar was led by Julie Conroy, Retail Banking & Payments research director at Aite Group, who specializes in fraud, data security, anti-money laundering, and compliance issues. Conroy discussed the myriad of changes 2015 will bring, and the impact it will bring to credit unions. She says to expect nearly 70% of cards to be chip-enabled by the end of 2015, compared to the 25% of chip-enabled cards reported at the end of 2014.
Chip technology will combat fraud to card present transactions by offering a secured advantage with more complex data than our current magstripe system. After October 2015 the liability shift will mean that the least secure party will take on liability for fraudulent transactions. This means that when an EMV cardholder uses a terminal that is not EMV capable, the vendor is liable. On the other hand, if the card holder is not issued an EMV chip card and uses a chip capable terminal, the liability will remain with the card issuer.
Synergent Payment Services and Direct Marketing Services both want to offer you help when it comes to the upcoming chip technology changes. Payment Services can help you through the process and find a solution that meet your needs. As a more defined timeline comes together in the upcoming weeks, Synergent wants to keep credit unions informed and ahead of the game. Sherry Cavallaro, Card Services Manager, explained credit unions want to know the latest changes in payment systems. "The first step in planning for the liability shift is to obtain pricing and work the costs into your budgeting process. Secondly, work with Payment Services to submit a project request to Fiserv to get in the EMV queue. Additionally it's important to create a plan to train staff and educate members on the upcoming changes," she said.
To find out more about the upcoming liability shift date and getting in the EMV queue, contact Sherry Cavallaro, or call Payment Services at 800.442.6715.
Additionally, Direct Marketing Services can help you educate staff and members with streamlined communication. Don't leave your members or staff in the dark about upcoming changes—even if your credit union has not migrated to chip-enabled cards. To find out more about chip technology marketing materials, email marketingservice@synergentcorp.com, or call 800.442.6715.