7 things to tell your members about why they should persevere with their EMV chip cards. By Michelle Thornton
7 things to tell your members about why they should persevere with their EMV chip cards.
By Michelle Thornton
Sponsored by CO-OP Financial Services 
EMV technology is making inroads across the U.S. consumer landscape, benefitting credit unions and their members everywhere as an important weapon in the fight against card fraud. However, member experience with EMV may be less than ideal as checkout has suddenly become a lengthier and more cumbersome process. Educating your members about EMV—and setting their expectations as consumers—can help them understand why this technology is so essential to their well-being going forward:
- EMV transactions are well worth the wait. Members certainly may not like the additional steps it takes to check out. Remind them that security breaches can be very damaging to consumers—and much more inconvenient than the extra seconds involved in EMV transactions.
- EMV payment terminals are not all the same. Magnetic stripe transactions tend to be consistent regardless of the merchant, however new EMV payment terminals come from a range of manufacturers, each offering different models. Your members should expect the point-of-sale experience to vary from merchant to merchant.
- Full U.S. migration to EMV will likely take years. Explain to your members that updating the millions of payment terminals nationwide is a highly complicated undertaking—but we will get there eventually.
- EMV is the global security standard today. Eventually there will be no other way to pay with a physical card internationally. Make sure your members know to carry EMV-enabled cards when traveling abroad.
- ATMs are converting to EMV. Most networks have announced liability shifts on ATMs, with MasterCard’s the earliest in October 2016. This new mandate is contributing to financial institutions bringing their ATM fleets into EMV compliance.
- EMV prevents card fraud—but not all fraud. Because EMV technology makes it so difficult to commit card-present fraud, many fraudsters are focusing their efforts elsewhere. Remind your members to be vigilant with online transactions and to monitor their accounts closely.
- Members can—and should—play an active role in card security. Let your members know that the best way for them to prevent fraudulent transactions is with a tool for card controls and alerts.
EMV education is a valuable service you can provide to members to help them understand the technology and embrace its many changes. EMV is here to stay and that is a good thing for all.
Michelle Thornton is director/product development, for CUES Supplier member CO-OP Financial Services, a financial technology provider to credit unions based in Rancho Cucamonga, Calif. Reach Thornton at 800.782.9042, ext. 6162. In the coming year, CUES and CO-OP Financial Services will bring the new Payments University to the CU industry, featuring live-taught online courses with classroom sessions led by world-class instructors. The unique format and robust agenda will provide students the knowledge they need to develop a comprehensive payments strategy and prepare for an uncertain and rapidly changing competitive landscape.
