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Posted: Aug 16, 2016
Comments: 0
Author: Lou Grilli

Not true! Chip cards are solving the problem they were intended to solve.

A number of leading news organizations recently reported that a security flaw in chip cards has been discovered, questioning the security benefits offered by EMV technology. One article suggests there are ways to completely undo the security the chip-enabled cards provide. The articles pointed to research presented by two people from NCR, a payments technology leader. Their research was presented at Black Hat, a widely attended hackers convention where research, security flaws, and hacks are presented to the public and to fellow security experts with the goal of closing security gaps before they can be exploited.

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Posted: Jul 5, 2016
Comments: 0
Author: Lou Grilli

Following the switch to EMV chip cards last October, merchants that implemented chip card readers at the check-out lanes noticed something besides the initial confusion – that the time to process a transaction was taking much longer versus a simple card swipe. The time varied greatly by terminal type, but a study carried out by JDA Software Group claimed that it took an extra 8 – 12 seconds per checkout. In the retail world, those are precious seconds that can drive cost for extra labor to open additional check-out lanes.

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Posted: Jun 7, 2016
Categories: Rates, Regulations
Comments: 0
Author: Lou Grilli

Payday lending was once looked at by credit unions as both a threat and an opportunity. Multiple non-mainstream lenders, including Amscot, the EzMoney loan stores, and Cash America were attracting potential banking customers and credit unions members with brightly lit stores open 24 hours a day, with very few questions asked.

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Posted: May 25, 2016
Comments: 0
Author: Lou Grilli

Effective October 1, 2016 for Visa issuers and acquirers, and October 14, 2016 for MasterCard issuers and acquirers, a new capability must be supported for maintaining merchants’ cards-on-file. The problem it addresses will help merchants, issuers, and most importantly, the cardholders. When a cardholder enters payment credentials into an airline’s website, for example, and then clicks the “save this card for later use”, but the card expires and reissues in between vacations, the cardholder is inconvenienced and has to rekey all of the data, possibly choosing a different card. But when the cardholder enters payment credentials into an important recurring biller, such as the power company, and expects the bill to be paid automatically on time each month, but the card is reissued and the next monthly authorization fails, then it can be much more than an inconvenience. It could mean having late fees assessed, or worse, having service turned off.

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Posted: May 11, 2016
Categories: Credit Cards, EMV, Fraud
Comments: 0
Author: Lou Grilli

Several changes have been put in place at the beginning of this year for the Account Data Compromise (ADC) program for MasterCard issuers seeking recovery in the case of breach. And one big new change is coming on June 1st of this year.

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