ABA Banker Briefs Congressional Staff on EMV

ABA banker Jim Reuter, EVP and COO of FirstBank in Lakewood, Colo., today briefed the Congressional Payments Technology Caucus on the rollout of EMV chip card technology.

Reuter, whose bank is both a card issuer and an acquiring bank, explained that because fraud is ever-changing, EMV is just one of many technologies banks and retailers need to invest in to stay ahead and protect customers. Others include real-time fraud detection software, tokenization of online purchase transactions, real-time text alerts and mobile banking card-locking capabilities.

Reuter also emphasized that it’s the chip in EMV cards that is driving security benefits, not the PIN, as retailers are suggesting. ABA’s participation in the briefing is the latest in a series of actions the association has taken over the past month to educate both the public and policymakers on the EMV liability shift, which took effect Oct. 1.