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Posted: Nov 29, 2018
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The EMV migration and fraud liability shift continue in the United States, and some issuers are still going through a natural re-issue process for both debit and credit card products to issue chip cards to their cardholders.  Many national issuers implemented chip card technology utilizing a mass re-issue strategy, while a small number of issuers haven’t started issuing chip cards. Others never plan to issue chip cards as there is no mandate requiring issuers to do so.  Issuers who choose to continue to issue magstripe cards instead of chip cards, and issuers who have not completed a natural re-issue, are deciding to accept the risk of the liability shift for fraudulent transactions. They are also taking the risk of losing cardholder transaction volume. 

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Posted: Aug 1, 2018
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Author: Lou Grilli

Planning for a breach is a business requirement whether you have been breached or not.

“… credit unions are no longer flying under the radar – credit unions are targets of cybercriminal activity.” – Larry Fazio, Deputy Executive Director, NCUA

The increased use of mobile platform access, for both credit union staff and members, and the migration to cloud-based services is a trend for which there is no going back. The scalability, accessibility, as well as the ability to quickly and easily deploy new services have become business necessities to remain competitive and to continue to serve the needs of members. This also means some loss of control over security and compliance. Understanding and managing the risks associated with the changing world of data security, and being prepared for breaches and how to respond, have also become business necessities. This three-part series, based in part on a presentation given by Michele L. Cohen, a principal with the law firm Miles & Stockbridge P.C., at Trellance’s immersion 2018 conference, outlines the balancing act between convenience and data, and provides a framework for preparing for breaches and what actions to take in response.

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Posted: Jul 5, 2018
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Author: Lou Grilli

Two years ago, ThePaymentsReview published an article asking the question “Will contactless payment cards catch on in the United States?” So far, they have not. But if it is up to the major card brands, that will change very soon. 

Most Americans are not familiar with contactless cards, which allow the cardholder to “tap-to-pay”, just like tapping a phone to pay. These cards are also called dual-interface cards, since they can still be used like traditional cards, but also have an antenna that can communicate with a point-of-sale terminal without being inserted or swiped; tapping to pay is the second interface.

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Posted: Jun 22, 2018
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Credit Unions Can Offer Members Affluent Cards and Increase Their Bottom Line

Wealthy Americans love credit card rewards. These cardholders can also be the most profitable for a credit union issuer – but only with the right card product.

The battle to acquire cardholders is being won by issuers who use rewards as ammunition. Both Visa and Mastercard report card growth in the low double digits, with the lion’s share of that coming from reward cards. It’s no secret that Americans love their reward cards. According to Brian Riley of The Payments Journal, more households have credit card rewards than have 401k plans. And the rewards continue to grow. In 2008, the average credit card bonus offer was 16,050 points. Today, the average offer is 40,556 points.

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Posted: Jun 8, 2018
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Author: Lou Grilli

[Editor's Note: This article was previously published in CUInsight, and has been modified.]

Credit unions think of branding in terms of advertising, mailings, inserts, logos and social media. However, payments, and all the touch points associated with digital and plastic payments, are an equally important part of a credit union’s brand.

Credit Union marketers are diligent in ensuring that the brand is consistent throughout all aspects of member contact. So, signage, logos, websites, mobile and online banking platforms are all inspected for consistency with the brand. Payments should also be included in this thought process.

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