CO-OP’s Tonya Sieracki Tackles Chip Card Technology and the Challenges that Come with it

ATLANTIC CITY, N.J. – CO-OP Financial Services’s Tonya Sieracki joined attendees as they discussed EMV Card roadblocks and what could be done about it as the landscape of payments continues to get more complicated day-by-day.

Chip card technology has provided consumers with convenience and many benefits, but along with it comes the negative challenges consumers, card companies, and financial institutions face, mainly fraud. The chip card technology was essentially created to offer more protection to consumers. Companies are still shifting their business to accommodate chip card holders, but will it live up to its potential and help protect members. Sieracki explained that some of the roadblocks that will face credit unions will be the cost of the cards, upgrading the card machines, conversion costs, and major breach reissuance.

In addition, Sieracki discussed how various card companies like Visa, Mastercard, Discover, and American Express have shifted their fraud liability terms over the years because of the fraud that consumers experience with their cards, even with chip technology. With the chip technology, the length of expiration has increased to where next generation chip cards can last up to 10-12 years.

Sieracki discussed whether or not EMV cards are really as safe as they are said to be and how credit unions should respond. The breakout session sparked a large conversation on how technology is changing, how it is effecting members, and how to be aware of what is going on, especially with the latest Equifax data breach, to ensure personal information is protected.