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Posted: Mar 15, 2017
Comments: 2
Author: Lou Grilli

20% of U.S. households still take pen to paper to pay their bills.

Check usage still remains a favorite way to pay by many credit union members, and not necessarily just older members. While online bill pay has been taken up by 4 out of 5 households that still leaves 20% of the population writing checks to pay bills. And we’ve all been behind the person in the grocery store line waiting for the final item to be scanned before pulling out the check book, register and a pen.

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Posted: Jan 19, 2017
Categories: Debit Cards, Fraud
Comments: 0
Author: Lou Grilli

Bold move by Oregon-based credit union stems the rapid rise in fraudulent card activities.

Due to high fraud one weekend at Walmart locations in California and Arizona, Trailhead Credit Union, a $110 million in asset credit union based in Portland, Oregon made the bold decision to stem the fraud by blocking their debit cards from being used at Walmart in those two states.

This decision was not made lightly; even though stores in their home state of Oregon were not blocked, Trailhead members vacationing or retired in those two states could be impacted.

ThePaymentsReview spoke with Jim McCarthy, CEO and Gail James, EVP about the decision process and its impact on their members.

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Posted: Jan 18, 2017
Comments: 2
Author: Lou Grilli

Imagine a day when data breaches yield no usable card numbers.

While many authors are making their predictions for 2017, predictions for battling payment fraud need to take a much broader view. Imagine a safer world of payments where credit and debit card fraud is mitigated through technologies. The mag stripe is gone forever, and mobile payments as well as terminal-free check-outs rely on tokens instead of an actual 16 digit Primary Account Number (PAN). And for those who still insist on holding a piece of plastic in their wallet, cards will have smart security measures – a biometric scan device on the card to prevent lost/stolen usage; geolocation capability built into the card to assist in POS authorization; and a dynamic PAN and CVV displayed on a screen on the card for use in ecommerce purchases to prevent fraudulent online use.
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Posted: Jan 12, 2017
Comments: 0
Author: Lou Grilli

Mobile P2P users in the U.S. will grow from 69 million to 126 million by 2020

Credit and debit cards have become the non-cash standard way to pay merchants, due to ubiquitous acceptance and worldwide standards. But when it comes to paying another person, there is no standard way to do so, and many hurdles stand in the way of completing a person-to-person (P2P, sometimes called peer-to-peer) transaction. It certainly is not due to lack of need. Roommates splitting the rent and the utilities, diners sharing the bill, friends sending monetary gifts for a birthday, and travelers splitting vacation costs are the top 5 use cases for P2P payments, which represents $50 - $80 billion in payments. This number is hard to pinpoint, since the vast majority of these P2P payments are still being made using cash and to a decreasing extent, personal checks.
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Posted: Oct 5, 2016
Comments: 0
Author: Lou Grilli

The Facts and Myths That Every Credit Union Should Know

Another liability shift related to the U.S. adoption of EMV is facing banks and credit unions. As of October 21, 2016, ATM acquirers, whether they are banks, credit unions, third-party or ISO-owned, will bear the liability for fraud committed at ATMs that have not been EMV-upgraded (that is, ATMs not capable of reading and processing chip cards) and a MasterCard-branded card is used. The same concept of shifting liability to brick and mortar merchants who have not upgraded their point of sale terminals took place last October.
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