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Posted: Feb 18, 2016
Comments: 0
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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Posted: Feb 16, 2016
Comments: 0
Author: Paul Castner

Which questions are the right ones to be asking?

With so many new digital wallets announced or in development it can be a daunting task for credit unions to sift through the mountains of data to determine what product(s) and digital strategy make the most sense for you and your members. However, when it comes to answering the question about which wallet or wallets should a credit union offer its members, the answer may surprise you. According to CSCU Director of Payments Strategy, Lou Grilli, this is not a winner-take-all proposition.  Grilli was asked by The Payments Journal to provide his insights and recommendations on the how digital and mobile wallets factor in to an overall digital strategy. Grilli says that having your mobile wallet integrated into a mobile banking app makes all the sense in the world.  So, what is your credit union's plan and strategy relative to digital wallets?  

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Posted: Feb 15, 2016
Categories: Credit Cards, Fraud
Comments: 0
Author: Barney Moore

In the ongoing battle against fraud, Visa recently announced that Visa card-issuing credit unions will be required to provide member cardholders with the option of transaction alerts. The mandated deadline to be in compliance is October 14, 2016.  On or before this date, credit unions must provide their Visa cardholders with the option to participate in the service.  Transaction alerts will work for transactions processed on a consumer card, excluding a non-reloadable card, and routed as follows:

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Posted: Feb 12, 2016
Categories: Credit Cards
Comments: 0
Author: Bill Lehman

More often than not, proper credit line management has been a strategy missing in the credit union’s arsenal. Surprisingly, many credit unions do not have a credit line management strategy in place. And in fact, they rarely, if ever, review their cardholders’ limits to appropriately adjust member credit lines. Without a credit line management strategy, credit unions will miss the opportunity to take advantage of a 4-7% forecasted “outstandings” growth rate in 2016.

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Posted: Feb 10, 2016
Comments: 0
Author: Lou Grilli

Part 2 of a 3-Part Series

This is article 2 of 3 in the series “Tokenization, Encryption, EMV, and Biometrics: The New Superheroes of Payment Fraud.” In Part 1, we reviewed tokenization, its background, and how it is now being used in mobile wallets. It is also good to gain a deeper understanding of EMV and its use of encryption to protect payment credentials. EMV is a technology and a solution designed to prevent card counterfeit fraud.

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