EMV Won’t Affect Most U.S. Banks
In an interview with Bank Info Security, Don Rhodes, director of risk management for the American Bankers Association, discusses why chip and PIN doesn’t make sense for many U.S. banks. Rhodes says migrating to the EMV standard in the United States:
- Would at this time be too expensive for U.S. card issuers, retailers, banks and credit unions;
- Is not yet warranted by current card fraud levels;
- Only makes sense for niche financial players such as New York-based United Nations Federal Credit Union, which has a large percentage of its membership living and working overseas.
