Affinity Plus Federal Credit Union has completed its transition to EMV chip-enabled debit and credit cards to comply with the global point-of-sale counterfeit liability shift that will be effective from 1 October 2015.
The organization has till now issued over 49,000 new EMV credit cards for its members, with about 110,000 EMV debit cards issued in August and September. It is also expected to roll out instant-issue EMV debit cards before end of this year.
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At present, cardholders are protected by Visa’s Zero Liability Policy and will not be held liable for unauthorized charges that occur following a breach. In case of breaches occuring at a merchant level, financial organizations have to take the financial burden of reissuing cards as well as notify members. This responsibility will shift to all merchants and card-issuers that have not adopted EMV chip technology following the October deadline.
Affinity Plus card services director Nic Peterson said: "When we adopt new payment technology, our intent is that it helps our members feel safe and secure using their cards. With this new technology, they will.
"From an organizational viewpoint, EMV will help minimize the impact of merchant data breaches for our card-holding members, which ultimately will reduce the loss our membership absorbs."
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