As you know, to combat payment card fraud and encourage the timely implementation of EMV chip cards, card brands set Oct. 1, 2015, as the fraud liability shift date for all magnetic-stripe point-of-sale transactions. While EMV has already been adopted by Europe and much of the world, the United States payment market is larger than all of Europe’s combined. The U.S. is also the most complex card issuing region in the world, with over 16 networks as well as various regulations that govern debit cards.As a result, it should be no surprise to learn there have been challenges.The necessary changes ATM and POS vendors and merchants needed to make took time and considerable expense to complete. Once developed, EMV technology needed to be rolled out to thousands of devices – another time consuming undertaking. Overall the credit card transition has gone well.On the other hand, during the testing phases for debit card processing, there were reports of transaction routing issues, transactions timing out and terminal messaging inconsistencies, causing confusion and frustration among card users.Put a plan in placeWith these issues in mind, understandably some credit unions waited for such challenges to be worked out prior to rolling out their own EMV card program. However as we prepare to enter a new year, it is important for credit unions to have some kind of plan in place for EMV chip-enabled cards.Credit union service provider LSC® offers some things to consider prior to initiating an EMV strategy for your credit union:Will your issuance strategy be a selective, natural reissue or a mass reissue?Have you considered extending your reissue term to help save on costs?Will you choose a generic card or custom card?Falling BackOne big thing every credit union should be aware as they implement an EMV strategy is the concept of fallback transactions. A fallback takes place when a chip card can’t be read by a chip enabled terminal (after three attempts) and “falls back” to a magnetic strip transaction. Although credit unions are still liable for fraudulent fallback transactions, most payment networks do not recommend declining them. The reason being you would probably be declining more valid transactions than fraudulent ones.Keep in mind, in some instances EMV capable terminals were installed but the merchant chose not to enforce inserting chipped cards and the terminal coding was reverted back to a magnetic-strip transaction. In such instances, any fraud liability falls on the merchant, not the card issuer.It’s important to note, not all types of merchants are currently chip enabled. Javelin Research is reporting only approximately 25% of merchants are ready for EMV. Some are not required to be. For instance, when it comes to paying at the pump, the liability shift date for Automatic Fuel Dispensers (AFD) chip card terminals is not until October 2017. That means AFD chip card terminals may not be available at gas stations for a while.Education is still keyPerhaps the most important component when preparing your credit union for EMV, as with most things, is simply education. Making certain not only your staff, but your cardholders have an understanding of how EMV works and what to expect is key to a smooth transition.Alert your members that EMV chip cards are coming through your newsletter, email blasts, mailings and notices on your website. Include an FAQ sheet of everything the member needs to know about their new card. Utilize and share information offered for by both Visa and MasterCard that give simple, step-by-step instructions. Some card providers like LSC provide free in-branch materials such as table tents and handouts to their credit unions.Most importantly, make sure your staff can comfortably answer any questions and explain how the cards work and the additional security they offer. 25SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Bart Scott Bart is the Marketing Communication Coordinator for LSC in Naperville, IL. He has worked for the Illinois Credit Union System in various roles for nearly five years. Prior to his … Web: www.lsc.net Details
By Elroy StephneyTHE third round of the Essequibo T20 Big Bash League was played on Sunday at various venues along the Essequibo Coast. There were victories for Rising Star, Reliance Hustlers, Reliance SC, Lima United, Devonshire Castle, Spartan, Cotton Field Strikers, NOC, Affiance #1, Charity SC, Queenstown SC and United Warriors.At the Reliance ground, the hosts hammered Sparwin by 91 runs. After winning the toss and batting, Reliance Hustlers enjoyed a run-fest with savage half-centuries from Mark Austin 95 (11×4, 5×6) and Narendra Mandolall 64 not-out (5×4, 6×6).Kemol Savory hit an unbeaten 108 for Rising Star. Anthony Ifill was also among the runs with 45 (4×6, 2×6) to charge the Hustlers to 236-5 from their 20 overs. Sparwin, in reply, crumbled and reached 145-8 when the overs expired. Only Eshwar Lall 33 (5×4) entertained briefly. Mandolall returned with the ball to capture 3-18 from 4 miserly overs. In the second game at the same venue, Reliance SC thumped Scheme Gunners by a massive 197 runs. Reliance SC were led by half-centuries from Satish Persaud 65 (11×4) and Rondell Boyal 59 (7×4, 3×6) along with 43 (6×4, 2×6) from Rovin Doodnauth to reach 262-5 from their 20 overs.Gunners never got firing and were eventually all-out for 65 in 14 overs. Basil Persaud 4-9 (4) and Dillon Blackman 4-14 (3) were the main destroyers.At Imam Bacchus ground in Affiance, Bacchus Bulls galloped to 257-6 from their 20 overs against Rebels XI. This was due mainly to a superb century from former national Under-19 batsman Nathan Persaud whose 105 contained 15 fours and 3 sixes..Rebels were never a threat as they collapsed to 93 all-out in 17 overs. Another century, this time by national wicketkeeper-batsman Kemol Savory, who steered Rising Star to victory against Devonshire Castle at the Pomona ground.Savory’s unbeaten 108 (16×4, 4×6) helped the Stars to reach 192-6 from their 20 overs. In reply, Devonshire Castle were restricted to 160-8 from their allotted overs to lose by 32 runs.Yet another century was recorded as Affiance #1 played against Gunners at home and posted 174-4 with Yogesh Singh smashing 103 (14×4, 4×4).They then reduced Gunners to 125-7 despite a fluent half-century from Grayson Paul to win by 71 runs. At the Charity ground, the hosts gained a fighting 2-wicket victory against Golden Fleece, who recorded 114 all-out to which Charity SC reached 116-8 in 19 overs.Nathan Persaud’s 105 contained 15 fours and 3 sixes.At Walton Hall, the hosts were shot out for a paltry 81 in 13 overs against Cotton Field Strikers, who then raced to 83-2 in just 10 overs for an 8-wicket win. In another low-scoring match, Spartan tamed the Jaguars who could score only 115 all-out.Spartan replied with 117-7 in 19 overs for a 3-wicket win. Meanwhile NOC also recorded victory against Jaguar Over-40 who made 115 all-out to which NOC replied with 116-2 in 13 overs. United Warriors fought gallantly to defeat Aurora Knight Riders who made 141-6 from their 20 overs.The Warriors then reached 144-8 in 19 overs for a 2-wicket victory. Queenstown SC gained a 2-wicket win against Young Achievers who made 146 all-out. Queenstown responded with 145-8 from 18 overs. Lima United were also in winners’ row but the scores were not available. The round-robin League continues on Sunday with various matches across the Region.