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Posted: Jul 5, 2018
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Author: Lou Grilli

Two years ago, ThePaymentsReview published an article asking the question “Will contactless payment cards catch on in the United States?” So far, they have not. But if it is up to the major card brands, that will change very soon. 

Most Americans are not familiar with contactless cards, which allow the cardholder to “tap-to-pay”, just like tapping a phone to pay. These cards are also called dual-interface cards, since they can still be used like traditional cards, but also have an antenna that can communicate with a point-of-sale terminal without being inserted or swiped; tapping to pay is the second interface.

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Posted: Jun 27, 2018
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Author: Glen Sarvady

We’re now several weeks removed from Trellance’s excellent inaugural Immersion conference, yet I still find myself returning to the thought-provoking content delivered over three May days in Fort Lauderdale. It was a savvy touch to enlist the help of an on-site commercial artist, documenting the plenary sessions by creating real-time infographics that captured the key themes far better than I would have imagined. Although my own drawing skills would earn no better than a C minus from the most generous grader, allow me to paint with words the takeaways from two of my favorite of the conference’s breakout sessions.

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Posted: Apr 11, 2018
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ThePaymentsReview continues a new feature that occasionally highlights regulatory topics important to credit unions.

Back on July 11, 2016 the Financial Crimes Enforcement Network (FinCEN) issued a rule requiring covered financial institutions to identify and verify the identity of any beneficial owner. The new Customer Due Diligence (CDD) rule takes effect May 11, 2018 at which time the financial institution must be compliant. For purposes of the CDD Rule, covered financial institutions are federally regulated banks and federally insured credit unions, mutual funds, brokers or dealers in securities, futures commission merchants, and introducing brokers in commodities.

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Posted: Apr 2, 2018
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Author: Lou Grilli

Card-cracking, also called card-popping, is one of the fastest growing forms of card fraud that no one’s heard of, and its hitting credit unions. Card cracking takes on many forms, but the most common is college students allowing a fraudster to have their debit card number and login information in exchange for some payment, and then deposit bad checks or run up charges, and have the student claim the card was lost or stolen. It’s a form of friendly fraud that’s not very friendly, and the temptation cost 9 Florida Gators their football careers.

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Posted: Mar 21, 2018
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Old Habits are Hard to Break.

Spring Break 2018 is here, and travelling is the number one way to spend the week off. Travelling to international destinations is a popular spring break activity. And according to a recent Visa travel study, so is spending cash while on vacation. Why do most travelers prefer using cash when travelling internationally? What can credit unions do to change their members’ habits to get them to use cards instead?

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