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Posted: Feb 4, 2016
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Author: Lou Grilli
Financial institutions have always had their work cut out for them trying to make sure that when a member or cardholder reaches for a card to pay with, it’s their card; in other words, being top-of-wallet. But using mobile apps to pay adds a new twist. Now, the mobile phone user needs to actively choose which card to add to the mobile app and most apps allow more than one card.
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Posted: Feb 1, 2016
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Author: Lou Grilli

Part 1 of a 3-Part Series

Introduction

Many credit unions have asked us which is better, tokenization or encryption; or which is more secure EMV or NFC?  Focusing on these questions might not be the best approach. All of these technologies are different pieces of the puzzle intended to help fight fraud. Chip cards, tokenized mobile payments and fingerprint scans all play important roles in making data breaches less valuable to fraudsters, thereby reducing issuers’ costs when breaches occur. Since there is much ground to cover on this topic, we decided to divide the content into three parts.  First up, Tokenization.

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Posted: Jan 28, 2016
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Author: Lou Grilli

The increased use of mobile for banking and shopping should come as no surprise to anyone. A barrage of stats is released weekly showing predictions and expectations for continued growth in mobile banking and online shopping sites. But, there were two stats that really stood out, and one very important factor is being lost in the noise.

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Posted: Jan 19, 2016
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Author: Lou Grilli

The U.S. House Financial Services Committee recently passed the Data Security Act of 2015. The bill has some positive implications to credit unions and financial institutions, but does present some challenges for state privacy laws and small businesses. The act would establish consistent standards nationwide for data security requirements and data breach notification requirements.

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Posted: Jan 15, 2016
Categories: Debit Cards
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Author: Lou Grilli

PINless debit has been in use for many years. It allows certain merchant categories to bill debit cards for things like utility bills and internet charges, where entering a PIN created additional security concerns.  The use of PINless debit complies with the Durbin Amendment and cuts merchant interchange rates in half. 

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