MADISON, Wis.—Credit unions that have yet to get moving on conversion to the EMV card standard and still hope to make the October 2015 liability shift deadline need to be moving now—and that may be too late.
Some credit unions are reporting that CUs may soon face a long wait with payments processors.
“I have heard from discussions with credit unions there are long lines now if you want to convert to EMV,” said Robert Jarosinski, risk management senior consultant at CUNA Mutual Group, during a CUNA Mutual Group webinar Wednesday on “Managing Risks For Emerging Payments.”
Jarosinski said that if the CU wants to meet the liability shift deadline, if it begins the enrollment process now, “you might be cutting it close or even be a little late.”
Following the October Visa and MasterCard liability shift deadline, the cost for the fraud shifts to the weakest link in transaction. That means if the POS terminal is EMV enabled and the issuer’s card is not, the issuer foots the fraud bill.