"EMV (Europay, MasterCard, and Visa) will be the new norm," said Michelle Thornton, manager of core products for CO-OP Financial Services.
During a session on mastering operational challenges, Thornton emphasized that credit unions shouldn't ignore EMV because it's not a passing fad, but rather the new industry standard.
The EMV chip cards will prevent some types of fraud, but won't prevent data breaches like what happened at Target, Thornton said. But, she noted, in the future if fraud happens at a store that doesn't have an EMV-enabled payment system, the liability will be on the store rather than the CU.
"EMV is really not a project; it’s a new way of doing business," Thornton said.
WASHINGTON (5/4/15, UPDATED 1:45 p.m. ET)--Building on the success credit union advocates are having in getting data breach legislation introduced in the U.S. Congress, today CUNA launches a new call to action to garner support for the recently introduced House Data Security Act of 2015 (H.R. 2205).
CUNA announces a new way to keep credit union readers up-to-date and well-informed. Today, CUNA unveils news.cuna.org.