Credit and debit card numbers obtained by fraudsters through breaches at the POS used to fetch $5 and up on the dark web, to be used as counterfeit cards or used for fraudulent online purchases. But a recent webinar presented by the Aite Group, using data from Trend Micro, showed some eye-opening data, that a PAN with expiry and CVV is worth less than a quarter. Meanwhile a valid PayPal username and password is worth over $6, with Uber and Facebook username/password combinations going for around $3. What has changed?
There is no doubt that the consensus across the financial industry is that we are all operating in a competitive market place. However, those in the know understand that competition brings opportunity to grow to levels beyond what we thought possible. This was the sentiment expressed by Chris Slane, Director of Payments at Chartway Federal Credit Union, one of the country’s leading credit unions. “Credit unions are conservative,” Slane noted. “There is a lot of risk aversion in the industry particularly regarding credit limit increases and members defaulting … but in order for us to elevate the industry we have to be prepared to take the risks; we have to get beyond the narrative of evading any option which might impose a loss and start getting into psychology of growth through strategic risk. We need to be willing to step out of our comfort zone and meet the members where they are.” Slane, along with Denise Bennett, Chartway’s VISA Consultant, shared the process that lead to a successful Credit Line Increase Program (CLIP) with their strategic partner, CSCU.
The European Union (EU) is undergoing sweeping changes to open up banking services to fintech providers, by mandating access to account holders’ data and bypassing traditional payments rails. This potential game-changer, PSD2, will allow consumers to use Facebook or Google to pay their bills, and force credit unions and banks to change the way they do business.
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