Tip #1: Don't get lazy. EMV may have stymied card-present fraud, but card-not-present fraud is rising and it may get worse before it gets better, Simmons warned.

"Occasionally, we talk to issuers who feel they don't need to continue to invest in fraud solutions because they're confident that rolling out chip cards will solve a lot of their problems," she said. "My advice would be to not let your guard down. We're talking to multiple Canadian banks who are clamoring for fraud solutions, and they've been EMV compliant for over a decade."

Tip #2: Keep an eye on your business members. Merchants are facing the reality of the EMV liability shift — including being on the hook for fraud at non-EMV point-of-sale systems. A lot of U.S. merchants are still not EMV compliant, noted Monica Eaton-Cardone, who is COO and co-founder of Clearwater, Fla.-based Chargebacks 911. Many need more support, especially financially, to get compliant, she said.

"You cannot come down with a hammer to solve this problem. We really need to collaborate and find out what solution needs to be put in place, because the costs are prohibitive for many of these merchants," she said.

Tip #3: Plan for the effects of meeting higher member expectations. Members, like most people, do at least some shopping online, and they expect that experience to be quick and easy — even when they have returns. But the rush to please customers with instant, no-questions-asked returns policies may be fueling a growing problem of "friendly fraud" — bad chargebacks caused by the cardholders themselves, Eaton-Cardone said.

"In order to increase card use and cardholder adoption to use their cards online and do more and more transactions, we're paying the price by creating more loopholes for fraud, reducing the responsibility, getting rid of the accountability, creating an age of entitlement in terms of consumers," she warned.

Over the next two years or so, credit unions and other card issuers need to focus on retaining cardholders but also managing for the risks associated with that, Eaton-Cardone said.

"We're also going to see merchants follow in that chain of innovation, which means more loopholes, more opportunities for fraud and the introduction of new breeds of fraud, like friendly fraud that is being prompted by this evolutionary consumer behavior of no responsibility at the end of the day," she said.

Tip #4: Amp up your dispute-resolution program. One of the biggest ways to build cardholder loyalty is to resolve their transaction disputes quickly and with up-to-date technology, Eaton-Cardone said.

"This is one survey point that cardholders will consistently give a high score with," she noted.

However, resolving disputes quickly without the right due diligence isn't a permanent resolution — it's a temporary one, she warned.

"Creating disputes that are frivolous are really only prolonging a situation with worse consequences. So I would say yes, focus on cardholder loyalty, definitely, and create a mobile app if you don't have one. Mobile apps absolutely, 100% are changing the way that banking is done. Create efficiency, but also start to strategize ways that you can inject more efficient methods for greater due diligence on any type of transaction dispute," she said.

Tip #5: Don't fear big data. In the age of CNP fraud, credit unions and other card issuers have to get used to analyzing and sharing more cardholder data in order to predict and detect fraud. They'll also need to keep looking for workable methods of doing that, Simmons noted.

"A lot of existing solutions today either attack it from one side or the other — we're going to help banks and credit unions, or we're going to help the merchants," Simmons explained. "We really do think that there's value in those two parties sharing their respective data and really attacking this in a joint effort."

"We've got the data from one end. We're working on getting data from the other end, and we think if the right person can sit in the middle between those two parties and create a solution that both can use, it'll be really successful. We haven't seen anything that can tackle it yet, so you've got to think outside the box," she said.

"If we know merchants that are compromised and the cards that are at risk of being fraudulent because of those compromises, that's obviously valuable for the issuing side of the business — but it's equally as valuable to a merchant who's about to accept that card and get smacked with a chargeback."

Tip #6: Expect more change. Card issuers should expect to remain outside their comfort zones for the indefinite future when it comes to card fraud, Eaton-Cardone said.

"You can plug tons of different holes and think you have the solution that is solving everything, and then those criminal masterminds just continue to exploit more. They keep us all on our toes," she said.

Expect the mushrooming number of payment options on the market to continue to complicate things as well.

"There has been a lot of additional collaboration with the bigger merchants — we can think of the top 10: Facebook, Amazon, Twitter, Microsoft, et cetera — and now there's more involvement with Visa and Mastercard, frankly, engaging in direct conversations with these merchants to figure out how to resolve some of the chargeback problems," she noted.

The concern in some parts of the payments industry is that many tech-savvy firms have only a short bridge to cross to go from being a payments customer to being a payments competitor. "We've already seen this take hold with Apple; Amazon is already exploring opportunities, Alipay is starting to consider even more expansion," she said. "So, I can see there is a little bit of apprehension among the acquiring banks in terms of what value are they adding and how can they control their destiny when they're competing with these traditional retailers that are now saying, 'Well geez, we're a tech giant — it's not a very far cry for us also to be a payment industry expert."