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Posted: Sep 6, 2017
Comments: 1
Author: Lou Grilli

An update on where we are with Bitcoin and other cryptocurrencies

Bitcoin was once viewed as a promising alternative to the US dollar and other fiat currencies that are controlled by federal governments or national banks. Bitcoin was appealing and newsworthy because it offers near real-time transfer of value (compared to 1-3 days for a bank settlement), anonymity, and virtually free transactions versus credit card merchant charges of 1-3%.

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Posted: Aug 24, 2017
Comments: 0
Author: Lou Grilli

But, that’s all about to change to the delight of smartphone users.

Entering a PIN on a physical pad of numbered buttons has just surpassed being a 50-year old technology, created with the first ATMs. The current security requirements around PIN management and transmission, ISO 9564, dates to 1991.

Today’s smartphone users are accustomed to tapping PINs on their screens, to unlock the phone and access mobile banking. But to make a debit transaction, the consumer still needs to press the buttons on the PIN pad. Security certification of dedicated hardware-based PIN pads assured that the PIN could not be compromised, and could be transmitted securely. “PIN on glass” implies entering PINs on many different phones, tablets, built-in screens on gas pumps, kiosks, etc. This represents a new challenge, because these screens are inherently software devices that potentially can be modified remotely, infiltrated by malware, or hijacked by fraudsters.

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Posted: Aug 17, 2017
Comments: 1
Author: Lou Grilli

How credit unions can make their members data less valuable on the dark web.

The dark web has been in existence since the 1990’s but has become a household word lately through ads from identity protection companies that offer to monitor the dark web. The ads warn a subscription-paying customer if their data may have been compromised and put up for sale.

The dark web is where fraudsters conveniently sell breached data such as usernames and passwords, credit and debit card data, alongside complete identities, passports, drugs, guns, and worse. The dark web, and the crimes associated with it, is a big and sophisticated business. There are fraudsters that

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Posted: Aug 2, 2017
Comments: 0
Author: Lou Grilli

It could happen.

There’s been lots of hype claiming that Zelle, the recently launched P2P service by several major banks and credit unions, is the “Venmo killer”, alluding to the fact that financial institutions are staving off the onslaught of tech companies looking to make inroads into the banking industry.

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Posted: Jul 13, 2017
Categories: Regulations, Consulting
Comments: 0
Author: Lou Grilli

Thanks to recent NCUA changes to open up and simplify member business lending.

In Callahan & Associates’ most recent credit union Trendwatch, record high loan originations was one of the highlights of the growth of credit unions’ portfolios, placing the total loan portfolio held by credit unions in the U.S. at close to $900 billion. While auto loans led the growth in percentage terms at 16.8%, a surprising category emerged in second place at 15.5% growth – Member Business Loans (MBL). The driver of this come-from-behind category of lending is the recent changes made by the NCUA to open up and simplify member business lending. While some credit unions have jumped on the opportunity created by the changes, many credit unions still have not dove back into granting the type of loans that first created credit unions – member business loans.
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