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Posted: May 25, 2016
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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 24, 2016
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Author: Tom Davis

Not a day goes by where you don’t read or hear news about bitcoin and/or blockchain.  One expert in the payments world likens bitcoin to the Kardashians, the reality show stars who manage to keep themselves in the headlines even if there is nothing new to report.  Without question, bitcoin and blockchain are the darlings of the financial and business media. What follows in this article is background and insight on bitcoin, the cryptocurrency, its relationship to the blockchain, and reasons why credit unions won't need to spend too much time (if any) worrying about bitcoin.

In our second article, to be published on The Payments Review at a later date, we will take a much deeper look into the intriguing and complex world of the blockchain distributed ledger technology and why credit unions will want to keep an eye on it.

 


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Posted: May 18, 2016
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Author: Barney Moore

The migration to EMV, sparked by the liability shift instituted by Visa and MasterCard, was primarily about upgrading terminals at the point-of-sale (POS), as well as re-issuing credit and debit cards to combat counterfeit cards being used to make purchases at brick and mortar stores. It was widely expected that fraudsters would not go away and that fraud would materialize in other forms; primarily online or Card-Not-Present fraud.  But leave it up to the fraudsters to stay one step ahead of the good guys with an increase in fraud at ATMs.


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Posted: May 11, 2016
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Author: Paul Castner
7 in 10 Americans have at least one chip card in their wallet. Is it your credit union's? The transition is moving along about as expected but will quite possibly take years until all cards are EMV enabled according to some payment industry experts.  A major area of concern is with payment terminals, as many retailers, both large and small, have been slow to upgrade due to the cost of the hardware and software needed to make chip cards work in their stores.   Learn more from CSCU's director of consulting services, Barney Moore, in a CU Journal article: Six Months In, Are Card Issuers Seeing EMV's Effect on Fraud?

 

 

 

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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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