WASHINGTON (10/17/14)--Credit Union National Association Deputy General Counsel Mary Dunn said it is encouraging to see the collaborative efforts, as discussed during a steering committee call of the Payments Security Task Force (PST) this week, to address EMV implementation, testing and certification issues that merchants and acquirers have encountered.
She added, however, that it must be a very high priority for the PST to remain also focused on the longer-term roadmap for securing payments across all entities.
CUNA is a member of the steering committee and participates in its monthly calls.
EMV cards, which are already common in Canada, Europe and Asia, rely on microchip technology that is more secure than the magnetic strip technology that most of today's cards employ.
As security breaches--like the massive compromises through Home Depot and Target--make both consumers and financial institutions more wary of existing fraud prevention technology, credit unions have begun issuing more cards equipped with the EMV technology standard to their members.
CUNA strongly agrees that such innovations are an important step in boosting card security. However, CUNA has warned that credit unions will continue to be exposed to significant potential breach costs for quite some time until these new technologies are widely adopted.
The PST also discussed on the Wednesday call additional security solutions such as tokenization and encryption. While EMV addresses the physical point of sale, in tokenization the traditional account number would be replaced with a unique digital payment code, providing an additional layer of security.
Eric Richard, CUNA general counsel/executive vice president for regulatory affairs, represents CUNA on the PST steering committee, which includes senior staff from Visa, MasterCard, financial institutions and merchants.
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