PSCU members report 20 percent drop in fraud post-EMV
PSCU, a Florida-based credit union service organization, is reporting a 20 percent reduction in payment card fraud among its member-owner organizations since the implementation of EMV technology in October 2015.
According to a press release, 85 percent of the credit unions served by PSCU have implemented or are in the process of implementing EMV support for their credit cards.
On the debit side, 60 percent of PSCU credit unions have deployed or are scheduled to deploy EMV cards.
PSCU said merchant EMV support continues to lag, which has resulted in $7 million in merchant chargebacks by PSCU member institutions.
According to the release, PSCU was one of the first players in the credit union industry to offer cards incorporating chip technology, beginning with deployments in 2011.
The CUSO is taking a similarly proactive approach with respect to EMV upgrades at member-owner ATMs. Upgrades are being implemented in waves, which allows greater speed and agility within the deployment process, the release said.
"PSCU will always be committed to providing leadership in the fraud prevention space, and EMV is one of the most powerful tools in our arsenal today when it comes to protecting credit union members against the unauthorized use of their accounts," PSCU President and CEO Chuck Fagan said in the release.