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Posted: Oct 12, 2016
Categories: EMV, Bitcoin/Blockchain
Comments: 0
Author: Paul Castner

Recent articles update CU’s on EMV and the future of blockchain

With the future of blockchain of extreme interest to the CU industry, CSCU president, Bob Hackney, took time out to talk to CoinDesk fintech writer, Bailey Reutzel. The article points out that the advent of distributed ledger technology has brought several CUSOs together with more than 50 credit unions on the CULedger initiative. Hackney notes that these steps represent a “first” for CSCU and many of its peers.  Please click on the following link to read about the impact that blockchain will have on the CU industry:

http://www.coindesk.com/credit-unions-blockchain-competition/ 

Also, it is now the one-year anniversary of the EMV Chip Card liability shift which also makes it a good time to step back and take an objective look at what has gone well with EMV implementation and what has not.  CSCU’s Director of Payments Strategy, Lou Grilli, provides his take in recent interviews with CUToday.info editor, Ray Birch.  You will want to take a few minutes to read the following articles:

http://www.cutoday.info/THE-feature/In-EMV-Migration-Who-Gets-An-A

http://www.cutoday.info/THE-boost/Why-Fraud-Is-Increasing-On-This-Payments-Form
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Posted: Oct 5, 2016
Comments: 0
Author: Lou Grilli

The Facts and Myths That Every Credit Union Should Know

Another liability shift related to the U.S. adoption of EMV is facing banks and credit unions. As of October 21, 2016, ATM acquirers, whether they are banks, credit unions, third-party or ISO-owned, will bear the liability for fraud committed at ATMs that have not been EMV-upgraded (that is, ATMs not capable of reading and processing chip cards) and a MasterCard-branded card is used. The same concept of shifting liability to brick and mortar merchants who have not upgraded their point of sale terminals took place last October.
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Posted: Aug 16, 2016
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Author: Lou Grilli

Not true! Chip cards are solving the problem they were intended to solve.

A number of leading news organizations recently reported that a security flaw in chip cards has been discovered, questioning the security benefits offered by EMV technology. One article suggests there are ways to completely undo the security the chip-enabled cards provide. The articles pointed to research presented by two people from NCR, a payments technology leader. Their research was presented at Black Hat, a widely attended hackers convention where research, security flaws, and hacks are presented to the public and to fellow security experts with the goal of closing security gaps before they can be exploited.

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Posted: Jul 12, 2016
Comments: 0
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
Comments: 0
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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