ABA Banking Journal - April 2013 - (Page 20)

tech topics CHIP-CARD CASE STUDY Why U.S. Bank moved early on EMV Fraud and customer service were two factors. Is it time to follow suit? By LIsa VaLentIne, contrIButIng edItor 20 | ABA BANKING JOURNAL | April 2013 smartcards, include an embedded microprocessor chip that utilizes dynamic data, rather than the static data available in mag-stripe cards, to protect consumers against counterfeit fraud. A “dual interface” card U.S. Bancorp, with $354 billion in assets, is an early EMV adopter. It first issued its Travel Rewards Signature Visa EMV credit card in June 2011 to 20,000 consumer cardholders, says Julie Schmidt, vice-president, FlexPerks Visa Portfolio Management. FlexPerks is a dual-interface card that combines EMVchip and mag-stripe technologies, so it can be used at chip-card readers, contactless payment Photo: Pressmaster/shutterstock.com A s of second-quarter 2012, 1.55 billion EMVcompliant cards were in use worldwide, according to EMVCo, a joint venture that manages, maintains, and enhances EMV specifications and is currently owned by American Express, JCB, MasterCard, and Visa. EMV (Europay MasterCard Visa) chip-based card adoption has been swift in most nations (see table, p. 22), but the United States lags far behind. Only a handful of U.S. banks offer EMVenabled credit cards, including Bank of America, JPMorgan Chase, Citibank, Fifth Third Bank, U.S. Bank, Wells Fargo, and Silicon Valley Bank. Unlike magnetic-stripe cards that are susceptible to skimming, EMV cards, also called

Table of Contents for the Digital Edition of ABA Banking Journal - April 2013

ABA Banking Journal - April 2013
Contents
Chairman’s View
Editor’s Column
The Economy
Bank Notes
Picture This
ABA COMMUNITY BANKING Negotiating better contracts
Pass the Aspirin
Tech Topics
COVER STORY: Focus on risk Regulators raise the bar—big time!
RAROC architect’s views on risk
Top-performing big banks
Compliance Inbox
ABA At Your Service
Legal Issues
First Person

ABA Banking Journal - April 2013

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