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Posted: Aug 10, 2017
Comments: 3

An update on credit or debit EMV chip cards

Fallback occurs when a credit or debit EMV chip card cannot be read at a chip terminal when inserted and is processed by swiping the mag stripe. Fallback is typically seen in a market where EMV is first being introduced. An incorrectly configured terminal, terminals that are not set up to process “chip and PIN”, terminals that have not been programmed to route transactions over some networks, and in rare cases, defective chips within the card, are all potential or legitimate reasons for a chip card to not be capable of being read properly at the terminal. In these cases permitting the cardholder to complete the transaction by swiping the mag stripe card at the terminal seems like the proper way to minimize customer inconvenience.
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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: Apr 19, 2017
Comments: 0
Author: Lou Grilli

The breach involved malware placed on payment systems inside Arby’s stores

Very recently another major breach of payment card data was made public, this time by Arby’s. The breach compromised more than 355,000 credit and debit cards at Arby’s 1100 corporate-owned stores nationwide.  The breach, which is estimated to have occurred between Oct. 25, 2016 and January 19, 2017, involved malware placed on payment systems inside Arby’s stores. And this comes at a time when many credit unions are still recovering from the losses and costs associated with the recent Wendy’s breach, which was also large-scale, as well as massive breaches at Target and Home Depot and several others over the last two years.
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Posted: Apr 13, 2017
Comments: 0
Author: Lou Grilli

As it turns out, a lot less than your username and password.

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?

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Posted: Mar 7, 2017
Comments: 0

A significant 16% year-over-year increase in interest income on balances.

As competition increases in the financial industry, more credit unions are embracing new marketing strategies to drive revenue and grow their business portfolios. Marketing support has become one of the most sought after business resource among credit unions who wouldn’t normally employ special marketing campaigns. Some have found it more beneficial and cost-effective to outsource this function or seek assistance from external providers to execute campaigns. President of PeoplesChoice Credit Union, Luke Labbe shares his experience in using CSCU’s 12 month marketing program, Optimize Portfolio Growth Solutions, to re-energize their 25 year old card program.
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