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Posted: Oct 19, 2017
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What credit unions need to be on the look out for

The recent breach of Equifax accounts represented something far worse than breaches of card data (such as name, card number, expiry, and in some cases addresses) as has happened at Home Depot, Target, Chipotle, Arby’s, Michael’s and several other brick and mortar and online locations. In this case, much more than card data was compromised.  The data stored at Equifax includes social security numbers, account history, drivers’ license numbers, phone numbers, email addresses, birthdates, history of previous addresses and employers – all the information that is used to verify new banking customers or to reset lost passwords.

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Posted: Oct 11, 2017
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Author: Lou Grilli

Should Credit Unions Renew?

[Editor's Note: This article was previously published on CU Insight and has been modified.]

It’s hard to believe that three years has passed since Apple surprised the mobile payments world by stating that iPhone 6 users can make payments with the touch of a finger, beginning on October 20, 2014. About 500 credit unions and banks were among the initial issuers who agreed to a three-year term to participate, meaning their contracts are coming up for renewal. Many financial institutions signed on shortly thereafter. According to PYMNTS.com, the terms of the contract required the issuers to give up to Apple a half penny for every debit transaction or 0.15 percent of every credit transaction conducted through Apple Pay. These fees were over and above charges already assessed by the card networks and the processors. But those financial institutions, mostly larger or forward thinking credit unions and banks, wanted to be on the forefront of what was highly touted to be the evolution to the long-awaited “year of the mobile payments.”

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Posted: Sep 28, 2017
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Is your credit union prepared to capitalize on increases in member spending?

Back to School is over, Fall and pumpkin spice are in the air, and your members are already thinking about holiday purchases, and it’s only the end of September.  If you have a co-worker who has marked the employee break room calendar with a countdown of the number of paychecks left before the holidays, now is the time for your credit union to create holiday credit and debit usage campaigns to compete for transactions, and capture the projected increase in holiday spending this year.
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Posted: Sep 14, 2017
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Author: Tom Davis

No, really, we have!

The dream of leaving your leather wallet at home and using other form factors for payments, primarily smartphones, has been the dream of analysts and prognosticators for many years. Every year, at least one publication stakes the claim that the next year will finally be that year.
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Posted: Aug 24, 2017
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Author: Lou Grilli

But, that’s all about to change to the delight of smartphone users.

Entering a PIN on a physical pad of numbered buttons has just surpassed being a 50-year old technology, created with the first ATMs. The current security requirements around PIN management and transmission, ISO 9564, dates to 1991.

Today’s smartphone users are accustomed to tapping PINs on their screens, to unlock the phone and access mobile banking. But to make a debit transaction, the consumer still needs to press the buttons on the PIN pad. Security certification of dedicated hardware-based PIN pads assured that the PIN could not be compromised, and could be transmitted securely. “PIN on glass” implies entering PINs on many different phones, tablets, built-in screens on gas pumps, kiosks, etc. This represents a new challenge, because these screens are inherently software devices that potentially can be modified remotely, infiltrated by malware, or hijacked by fraudsters.

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