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Posted: Jun 21, 2017
Comments: 0
Author: Lou Grilli

Virtual cards provide members with a temporary card number for secure online shopping.

[Editor's Note: This article was previously published on CUInsight.com and has been modified.] 

It’s well known that as chip cards and chip card readers are putting a big dent in fraud conducted at the point-of-sale (counterfeit fraud), the bad guys are shifting their efforts to committing fraud online. E-commerce fraud (52%) clearly outweighs swiped fraud (28%) on credit cards, with debit card fraud still experiencing swiped fraud since not as many debit cards have been reissued with chips – that will change by the end of this year. Meanwhile, ecommerce breaches are popping up in the news with increasing frequency.

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Posted: Jun 15, 2017
Categories: Emerging Payments
Comments: 0
Author: Lou Grilli

The Growth of ACH and the Decline of the Personal Check

[Editor's Note: This article was previously published in CU Management magazine on Cues.org and has been modified]

Two sets of numbers were recently released by NACHA and the FED, respectively: ACH transactions are up over 5%, and checks are declining by 2%. Neither of which are eye-popping numbers, but when taken together, raises the question: what does this mean for credit unions?

First a deeper dive into the growth of ACH. NACHA is a not-for-profit responsible for managing, governing and administering the ACH network. The most recent numbers from NACHA’s president, Janet Estep, claimed that ACH transaction volume rose 5.3 percent to 25.5 billion, representing a transfer of $43.7 trillion. While 5.4% growth sounds slightly anemic, a denominator in the billions takes a big numerator just to move a few percentage points. And to complete the math, that’s an average transaction of $1,748.

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Posted: Jun 8, 2017
Comments: 0
Author: Paul Castner

Google's Loren Hudziak says look at what's possible and then go beyond that.

“To make technological break-throughs, we need to reconstruct the mental model we have about technology. We can’t look at technology based on how it affects what we do, in our daily lives or in the credit union industry. There are concepts people have heard of, understand somewhat, but still view them through today’s lenses, instead of a view to the future.” Google Solutions Architect Loren Hudziak gave a historic example of this concept to the 350+ credit union attendees during the 2017 CSCU annual conference.
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Posted: May 31, 2017
Comments: 0
Author: Paul Castner

Bob Legters, FIS Chief Product Officer, presents his ideas at CSCU’s 2017 Annual Conference.

“When people think about types of payments, they generally view their money in two buckets – the money they have, including dollars in debit accounts, savings, investments, even rewards points, and the money they don’t have, including the money they can borrow or leverage plus access to other people’s money.” That is one of the thought-provoking concepts proffered by FIS Chief Product Officer, Bob Legters, at CSCU’s 2017 Annual Conference.
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Posted: May 30, 2017
Comments: 0

Declining authorizations may have unintended negative consequences on your members.

Some credit unions are declining authorization for Facebook payments due to the relatively high number of fraud cases being reported for that merchant category code. But declining these authorizations may have unintended negative consequences on your members. Here’s why.

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