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TMG Survey Finds Fraud, Card Brand Requirements Prompting Move To EMV

Saturday, June 22, 2013 - 1:33 PM
From The Credit Union Times: 
Reducing fraud and meeting liability shift deadlines from the major card networks in 2015 are the big reasons for planning the move to EMV-enabled cards, according to credit unions surveyed by The Members Group.

The Des Moines, Iowa, card processor, an affiliate of the Iowa Credit Union League, said 59 of its 90 targeted clients, or 66%, responded to a recent survey and that 62% of them cited fraud and major card network requirements for the need to develop an EMV strategy.

“Nearly 14% of TMG’s clients cite travelers as the primary reason their financial institution is looking to issue EMV cards,” TMG added in a release this week about the survey.

... Visa and MasterCard have set October 2015 as the date at which they will shift fraud liability to the least secure entity, and the TMG survey found that only 37% of its respondents plan to have adopted EMV by then.

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This Wikipedia entry has more information about EMV.  The discussion becomes quite technical (although not less interesting) after the "Differences and benefits of EMV" section. 
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