The Target breach impacted approximately 40 million credit and debit cards during the 2013 holiday shopping season (as self reported on their corporate website). The massive breach and subsequent media coverage raised consumer awareness and interest in EMV® as a necessary step to ensure the privacy of consumer information. And although EMV would not have completely prevented the issue, it may have stopped counterfeit cards from being created.

What exactly is EMV?

EMV (aka Europay®, MasterCard®, and Visa® or “chip”) is a standard for smart devices and terminals to effectively utilize a communication chip in payment cards. EMV provides enhanced security for your members by reducing fraud on their credit and debit cards.

Why Should You Care About EMV?

MasterCard and Visa are enacting liability shifts. When a fraud occurs and an organization did not have EMV capability, that organization will be liable for the fraud and loss. There is no need to panic, however! EMV rollout, especially on the merchant side, is expected to take many years and is not yet a U.S. Federal mandate or a regulator hint. Yet, it is a decision that many institutions will face in the coming months as members demand increased security and many large card payment service providers begin issuing EMV enabled technology.

Is EMV Right – Right Now?

Do you stay ahead of the curve with technology and innovation? Are fraud losses on cards at an all-time high? Is security increasingly important to you and your membership? If so, EMV should be considered for your credit union.

As another consideration, take a look at your membership. Is your membership tech savvy when it comes to payments? Also, if a high percentage of your members are travelling or living overseas, they most likely have an existing demand. According to EMVCo, over 2 billion payment cards are chipped around the globe, most of which reside in Western Europe. By 2016, it is estimated that 500 million cards will be used in the U.S.

If you recognize the importance of EMV, but are not quite ready for full migration, there are alternatives. We share a few specific options currently being used by credit unions in our EMV guide.

Are You Ready? Now What?

From creating a business plan to evaluate the significant time and money cost of EMV implementation, through a successful rollout, we provide you with a step-by-step process in our complimentary pocket guide. Download “EMV FOR CREDIT UNIONS: What to Know, When to Act, & How to Decide” for more information and resource links.

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.