As a result of such claims, it's almost inevitable that CUNA Mutual's recommendations will eventually become a requirement for insurance coverage, Swofford said.

Corinne Sherman, vice president of card services at the Pennsylvania Credit Union Association in Harrisburg, said she thinks the new security initiative will go a long way toward reducing fraud losses within the industry.

However, the changes could cost credit unions money in the near term, Sherman added. "I think the immediate impact is going to be a bit overwhelming for credit unions to get everything in place," she said.

Ryan acknowledged that CUNA Mutual's Plastic Card Security Best Practices include a mix of "common sense" measures and more involved steps that could result in increased costs for credit unions.

CUNA Mutual's recommendations appear to be an effort to raise the bar above the levels set by the Payment Card Industry security mandates that were imposed last year by the major credit card associations, said John Pescatore, an analyst at Gartner Inc.