LSC assists 650 CUs in EMV transition
NAPERVILLE, Ill. (9/8/15)--LSC, a corporate partner of the Illinois Credit Union League and a CUNA Strategic Services strategic alliance provider, has assisted 650 credit unions nationwide in transitioning to the EuroPay, Mastercard, and Visa (EMV) chip standard.
EMV is the global technical standard that uses a computer chip on credit, prepaid and debit cards in addition to the traditional magnetic stripe to process in-person transactions. Credit unions that have opted in to EMV with LSC will be able to issue these cards to their members by Sept. 30. This date is significant, as beginning Oct. 1, fraud liability will shift to whichever party is the least EMV-compliant (the financial institution or the merchant) if fraudulent card-present transactions occur.
Beginning in 2013, LSC invested resources to prepare hundreds of credit unions for the EMV migration. LSC staff attended trainings, worked to update backend systems, communicated with processors, conducted beta testing and completed necessary set up procedures for plastic card production.
For credit unions, LSC hosted educational opportunities, training sessions and webinars to update them about the steps involved in migrating their credit union to EMV. Participating credit unions also have access to free marketing materials to help educate their members about EMV benefits and how to use their EMV chip card.
“Members are looking to their credit unions for the best available card security and EMV technology is currently one of the most effective tools being used to prevent the spread of card present fraud,” said Karen Duffy, LSC executive vice president and chief operating officer.