EMV in the U.S. will happen; it’s simply a question of when. To better understand if your financial institution is ready to migrate some or all of your cards to chip cards, consider the following:
1. Current and Future Fraud Losses – What does your financial institution stand to gain by decreasing fraud attempts? How will this become even more important as domestic fraud increases due to lower EMV penetration than most other developed nations?
2. Cardholder Convenience – Will EMV’s lower fraud risk expose your cardholders to fewer declines due to fraud prevention efforts, like card blocks?
3. Interchange – How will improving acceptance internationally and arming your cardholders with the most secure payment method available today increase your portfolio’s revenue?
4. Portfolio Segmentation – Which sections of your portfolio are positioned best for chip-and-PIN?
5. Education – What more does your team need to understand before pulling the trigger? Look to resources like TMG and EMVCo.com, the website operated by EMVCo – the organization co-owned by American Express, JCB, MasterCard, and Visa – to maintain and enhance EMV specifications.
