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Posted: Oct 23, 2018
Comments: 0
Author: Lou Grilli

Security For Your PCI Reports

A typical credit union downloads its report bundles daily from its processors. Usually, the only option is to store those highly sensitive Payment Card Industry (PCI) report bundles on a network drive, with some level of appropriate user access controls. The reports contain 16-digit card numbers, transaction-level details, and Personally Identifiable Information (PII) of credit union members. However, the network drive is not in a PCI compliant environment. Does this sound familiar? More importantly, do you know where your processor reports are being stored?

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Posted: Oct 15, 2018
Categories: Consulting
Comments: 0
Author: Lou Grilli

Simple Steps To Make More Informed Decisions And Enhance Member Experience

There is lots of buzz about big data and data analytics, but all the data in the world does no good unless it’s being used. Credit unions are behind retail and online companies in using data to make informed decisions. For example, if your forms, such as a HELOC application, do not have the fields for name, address, etc. already filled in for your members, that indicates that you are probably not using your data. You should already know this information about your members. Save them the hassle and give them the option of updating if necessary.

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Posted: Sep 26, 2018
Categories: Consulting
Comments: 0
Author: Randy Daigle

[Editor’s Note: This article was previously published on CUInsight, and has been modified.]

As the web of vendors to credit unions becomes more complex – core vendors, digital banking vendors, credit/debit card processors, Loan Origination System (LOS) providers, IT vendors, consultants, loyalty programs, legal services, and the list goes on – vendor management has become a necessary core competency. However, most credit unions don’t have the time, resources and/or expertise to manage their vendors properly. At many credit unions, the problem goes much deeper. With no contract life-cycle management in place, auto-renew contracts continue, sometimes in perpetuity. There is a lack of awareness of the risks of not managing vendor contracts. 

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Posted: Sep 4, 2018
Comments: 0
Author: Lou Grilli

Understanding and managing the risks associated with the changing world of data security, and being prepared for breaches and how to respond, have become business necessities. This three-part series, based in part on a presentation given by Michele L. Cohen, a principal with the law firm Miles & Stockbridge P.C. at Trellance’s immersion 2018 conference, outlines the balancing act between convenience and data, and provides a framework for preparing for breaches and what actions to take in response. Part 1 focused on what is at risk; what causes breaches, and the fact that breaches are inevitable. Part 2 focused on planning and documentation for the inevitable. This Part 3, will explore three areas that require special attention: the legal considerations regarding breach notification; the contracts an organization has with vendors who have access to data; and having the right insurance coverage.

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Posted: Aug 28, 2018
Comments: 0

[Editor’s Note: Content from this article was previously published on CUToday, and has been modified]

For as long as payments have been around, there has been constant opportunities to invest in card programs to remain relevant by increasing member engagement and attracting new members. Given the continuous rise in the costs of running a successful card program, it is essential to make the time to complete an in-depth review periodically to ensure a smooth running and profitable program.

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