Don't delay Oct. 1 date for EMV security: EMV forum director
April 7, 2015
PRINCETON JUNCTION, N.J. (4/8/15)--The executive director of the EMV Migration Forum says there is no reason to move the liability shift date for EMV usage past Oct. 1.
Randy Vanderhoof, executive director of the cross-industry body that addresses issues that come with introducing the new technology, toldCU Info Security there is no reason to delay, despite merchants' request to do so.
EMV, which stands for Europay, MasterCard, Visa, after the companies that developed the technologies, are chip-enabled debit and credit cards with safeguards to prevent fraud and data theft. Starting Oct. 1, liability for card-present counterfeit card losses will be shifted away from those entities using the technologies.
A group of merchants said in a letter last month that the system would not be ready, and requested the date be pushed back--past the holiday shopping season--to sometime in 2016.
CUNA President/CEO Jim Nussle objected to the merchant request and said "there seems to be no limit to the merchants' attempts to avoid responsibilities" related to data breaches, and that credit unions are "working tirelessly on all fronts on the data security issue."
Vanderhoof said that because Oct. 1 is not a mandate, and therefore will not result in fines or an inability to conduct transactions, there is room for work to be done.
"We still have six months," he told CU Info Security. "A tremendous amount of work can be done in that time frame. I think we are still on track."