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Posted: Oct 19, 2017
Comments: 0

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: 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 15, 2017
Categories: Fraud
Comments: 0

What Credit Unions Need to Tell Employees and Members

Another day, another breach – the Equifax Cyber Attack.  But wait, this is no ordinary breach that can be fixed by issuing a new card and blocking the card that was compromised. No, this is a whale of a tale of a breach.  The Mother of all breaches.  This was credit bureau data including consumer social security numbers, addresses, accounts, birth dates, and maybe driver’s license information, etc.  Are you one of the 143M consumers who may be affected by the cyber attack?

Don’t think you have an Equifax file? Think back to any time you have answered an “out of wallet” question online to self-identify yourself.  All those questions about “what street did you live on in 1985” or “what type of car did you have a loan on in 2004” are out of wallet questions that most likely came from Equifax, TransUnion or Experian.

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Posted: Aug 17, 2017
Comments: 1
Author: Lou Grilli

How credit unions can make their members data less valuable on the dark web.

The dark web has been in existence since the 1990’s but has become a household word lately through ads from identity protection companies that offer to monitor the dark web. The ads warn a subscription-paying customer if their data may have been compromised and put up for sale.

The dark web is where fraudsters conveniently sell breached data such as usernames and passwords, credit and debit card data, alongside complete identities, passports, drugs, guns, and worse. The dark web, and the crimes associated with it, is a big and sophisticated business. There are fraudsters that

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Posted: Aug 10, 2017
Comments: 3

An update on credit or debit EMV chip cards

Fallback occurs when a credit or debit EMV chip card cannot be read at a chip terminal when inserted and is processed by swiping the mag stripe. Fallback is typically seen in a market where EMV is first being introduced. An incorrectly configured terminal, terminals that are not set up to process “chip and PIN”, terminals that have not been programmed to route transactions over some networks, and in rare cases, defective chips within the card, are all potential or legitimate reasons for a chip card to not be capable of being read properly at the terminal. In these cases permitting the cardholder to complete the transaction by swiping the mag stripe card at the terminal seems like the proper way to minimize customer inconvenience.
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