Smaller banks appear to have other priorities than issuing smart cards to customers.
After October 1, 2015, liability for fraudulent transactions at the point of sale will pass to the party that has not updated to the EMV (Europay-MasterCard-Visa) global standard. These are the so-called “smart cards” with embedded computer chips that allow tokenized transactions, and the POS technology to accept payments from them.
Some big banks, such as SunTrust, have started rolling out EMV cards comfortably ahead of the deadline. But for smaller banks and credit unions, it’s a different story. Credit Union Times reported this month that more than half of credit unions should be expected to miss the October 15 deadline.
It appears smaller banks are in the same boat.
Read the full article here.
