Across the payments industry, there has been much discussion about the approaching October 1 deadline for EMV compliance. Set by MasterCard, Visa, Discover and American Express, this is the date when the least EMV-compliant entity – either the merchant or card issuer – will assume liability for counterfeit card fraud during U.S. card-present transactions.

While this liability shift will ultimately alter the way counterfeit card fraud is addressed, the question remains: What changes can we expect to see out in the marketplace on October 1, and what do these changes mean for credit unions?

Expect Business As Usual

“For the most part, October 1 will come and go with very little impact on the way credit unions do business,” said Michelle Thornton, director of product development for CO-OP Financial Services. “Even though the vast majority of merchants are not ready for EMV, credit card issuers are, and many of the nation’s largest merchants will be in compliance as well. Where EMV becomes a near-term issue for credit unions is with smaller merchants that see migrating to the technology as either unrealistic or cost prohibitive within this time frame.”