first_img 7SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Jamie TopolskiReady or not, the migration to chip-based cards using the EMV™ specifications is underway. While there is growing urgency due to a looming liability shift and increasing market pressures, many financial institutions are overwhelmed by the number of decisions that must be made – and made quickly. A recent Fiserv survey found 28 percent of financial institutions are undecided about the comprehensive nature of their migration and more than a third are unsure about their timeline for card replacement, pointing to the need for guidance and direction.Financial institutions are looking for expertise and information regarding costs, timing and program components, according to the survey. When asked how much weight they would give to the recommendations of their EFT processor when making decisions about EMV-enabled debit cards, 68 percent of respondents said they would make decisions with some guidance from their processor and 26 percent said they would follow their processor’s recommendations. That means nearly all respondents – 94 percent – plan to make decisions with at least some guidance from their processors.All four major card associations have announced timelines for shifting liability for specific forms of card fraud to parties that are not EMV compliant. By October 2015, Visa and MasterCard will shift the POS transaction liability for certain types of card fraud, including fraud resulting from counterfeit, and lost or stolen cards, to parties that are not EMV-compliant. continue reading »last_img read more