Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Atlanta Fed discusses chip-based payment cards
ATLANTA (7/23/14)--Chip-embedded credit and debit cards are gaining steam for financial institutions card issuers, merchants, acquirers and others, according to a post in the Federal Reserve Bank of Atlanta's Portals and Rails blog.

In October 2015, parties that make investment in deploying Europay-MasterCard-Visa (EMV) cards with embedded chips will be protected from financial liability from card-present counterfeit fraud losses.

The EMV standard would replace the previous cards with magnetic strips, which can leave financial institutions, particularly small ones, more vulnerable to fraud.

The EMV Migration Forum estimates that approximately 100 million EMV cards--9% of the card base--will be issued by the end of 2014. Javelin Strategy and Research estimates that 52% of point-of-sale terminals will be EMV-enabled by the end of 2015.

The Credit Union National Association continues to monitor developments and advocate for credit unions on payments and security issues.


RSS





print
News Now LiveWire
Maine credit unions put Food Mobile on the road to relieving hunger in rural areas http://t.co/R0xpt6BAZE
6 hours ago
.@TheNCUA's Matz: PALS should be exempt from Military Lending Act proposal #NewsNow http://t.co/Vy9uNhOIEr
7 hours ago
#NewsNow Iowa loan growth 3 times national bank rate http://t.co/fUvudPLg5d
9 hours ago
.@ICBA tallies its Home Depot data breach costs: $90M, 7.5M cards http://t.co/iJgRDC2AKZ
11 hours ago
.@icul's Jury elected treasurer of @WOCCU exec committee http://t.co/HEF1UChN8f
12 hours ago