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Posted: Jul 12, 2016
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Author: Barney Moore

Chargebacks to merchants have become a hot topic of late. And for good reason. According to a recent report by First Annapolis Consulting, chargebacks for card-present transactions increased 50% following the October 1 EMV liability shift.  While this took merchants by surprise, it did not surprise issuers who, until the October 2015 liability shift for chip cards processed at card-present non-chip terminals, were absorbing the cost of fraud for counterfeit cards. Now issuers are allowed to chargeback, or pass back the fraud to the merchants who were not processing chip cards.

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Posted: Jul 5, 2016
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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: May 31, 2016
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Author: Bill Lehman

There was a time when a bank or credit union did not talk about fraud to their cardholders. They did not want to give the impression that their financial institution might be susceptible. The only mention was when describing the benefits of using the Visa or MasterCard brand which carries zero liability to the cardholder in case of fraud. But those days of silence on the subject are long in the past. Consumers are leery of identity theft, have started to look closely at their statements and, have learned the need to keep their social security numbers private.

 


 

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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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