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Posted: May 31, 2017
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Author: Paul Castner

Bob Legters, FIS Chief Product Officer, presents his ideas at CSCU’s 2017 Annual Conference.

“When people think about types of payments, they generally view their money in two buckets – the money they have, including dollars in debit accounts, savings, investments, even rewards points, and the money they don’t have, including the money they can borrow or leverage plus access to other people’s money.” That is one of the thought-provoking concepts proffered by FIS Chief Product Officer, Bob Legters, at CSCU’s 2017 Annual Conference.
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Posted: May 25, 2017
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Author: Lou Grilli

Data thieves turn to Bluetooth technology at the gas pump.

Going old school for a moment to copy an expression used by Maxwell Smart, Agent 86 for Control, who ended most shows by lamenting about the bad guys: “If only they had used their powers for good instead of evil”. And so it goes in the case of the internet of things.

Skimmers have been a source of breached credit and debit cards since before 2010. Primitive skimmers were bulky and unreliable. Later skimmers that were inserted behind the cover of the gas pump or the ATM were not easily detected. Having security tape with a warning “Please report any broken seals to the cashier“ puts the burden on the customer to be wary of, and alert for skimmers, and put a damper on the rapid growth of skimmers at the pump – that is, until the internet of things came into popularity.

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Posted: Apr 19, 2017
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Author: Lou Grilli

The breach involved malware placed on payment systems inside Arby’s stores

Very recently another major breach of payment card data was made public, this time by Arby’s. The breach compromised more than 355,000 credit and debit cards at Arby’s 1100 corporate-owned stores nationwide.  The breach, which is estimated to have occurred between Oct. 25, 2016 and January 19, 2017, involved malware placed on payment systems inside Arby’s stores. And this comes at a time when many credit unions are still recovering from the losses and costs associated with the recent Wendy’s breach, which was also large-scale, as well as massive breaches at Target and Home Depot and several others over the last two years.
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Posted: Apr 13, 2017
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Author: Lou Grilli

As it turns out, a lot less than your username and password.

Credit and debit card numbers obtained by fraudsters through breaches at the POS used to fetch $5 and up on the dark web, to be used as counterfeit cards or used for fraudulent online purchases. But a recent webinar presented by the Aite Group, using data from Trend Micro, showed some eye-opening data, that a PAN with expiry and CVV is worth less than a quarter. Meanwhile a valid PayPal username and password is worth over $6, with Uber and Facebook username/password combinations going for around $3. What has changed?

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Posted: Mar 28, 2017
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Increase in Year-over-Year Outstandings from $115m to $133m

There is no doubt that the consensus across the financial industry is that we are all operating in a competitive market place. However, those in the know understand that competition brings opportunity to grow to levels beyond what we thought possible.  This was the sentiment expressed by Chris Slane, Director of Payments at Chartway Federal Credit Union, one of the country’s leading credit unions. “Credit unions are conservative,” Slane noted.  “There is a lot of risk aversion in the industry particularly regarding credit limit increases and members defaulting … but in order for us to elevate the industry we have to be prepared to take the risks; we have to get beyond the narrative of evading any option which might impose a loss and start getting into psychology of growth through strategic risk.  We need to be willing to step out of our comfort zone and meet the members where they are.” Slane, along with Denise Bennett, Chartway’s VISA Consultant, shared the process that lead to a successful Credit Line Increase Program (CLIP) with their strategic partner, CSCU.

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