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Posted: Mar 15, 2016
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Author: Paul Castner

 

New Payment Technologies.  Fighting Fraud. Interest Rates.  CU Loan Growth.

Tom Davis, CSCU’s Sr. Vice President of Finance and Technology, was recently interviewed by Mike Lawson of CU Broadcast during GAC in Washington, D.C.  Covering a wide range of topics on what credit unions should be prepared for in 2016, Davis offered his expert insights on emerging payments and what to expect in the ongoing fight against fraud.  Additionally, he says to keep an eye on interest rates and that we will continue to see loan growth for credit unions in 2016.

 


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Posted: Feb 29, 2016
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Author: Lou Grilli

Gain younger members with a streamlined and digital friendly onboarding process

Mobile account opening is an effective method for credit unions to convert potential applicants to new members. According to a recent report by Javelin Research, when opening a standard share draft account, 70% of likely applicants say they would prefer to submit a digital application.  A Mobile Strategy Partners (MSP) study says 12% of all banking customers in the U.S. will switch financial institutions this year.  And if you are looking to attract millennials as members, MSP points out that 21% of all millennials will make the switch.

 


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Posted: Feb 23, 2016
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Author: Tom Davis

Wouldn’t it be nice to say goodbye to plastics.  Imagine your cardholder loses your card while away on a business trip. Imagine your cardholder getting that dreaded phone call or text alert notifying them that their debit or credit card number has been compromised and the card has been shut down. These are tough realities, right?

 

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Posted: Feb 19, 2016
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Author: Lou Grilli

10 Steps Credit Unions Should Take To Keep Member Data Safe

Taken at face value, mobile payments are considered more secure than credit cards, even more secure than EMV chip cards. Unlike chip cards, the payment credentials stored on the phone or watch are tokenized, whereas the chip card has the actual card number on the chip. Also, the phone requires an additional authentication (a fingerprint or a passcode) which the card does not require. This is the current case with Apple/Samsung/Android Pay. But there are other forms of payments both in the market and in start-ups whose focus is not on security. These start-ups are working on merchant-specific payment and loyalty apps, on-demand service apps, pay-at-the-table apps, and the vulnerability of these new forms of payments are driving increased security concerns.

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Posted: Feb 18, 2016
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Author: Lou Grilli

Part 3 of a 3-Part Series

More on Tokenization

This is Part 3 of the 3-Part series “Tokenization, Encryption, EMV, and Biometrics: The New Superheroes of Payments Fraud.”  In Part 1, we reviewed tokenization, its background, and how it is now being used in mobile wallets.  In Part 2, we provided a deeper understanding of EMV and its use of encryption to protect payment credentials and we covered how NFC technology fits into the payments picture. In Part 3, the final installment of the series, we will look more closely at tokenization, the protection of payment credentials and some of the potential problems it will present the merchants.

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