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Posted: Apr 19, 2017
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Author: Tom Davis

Even if IoT devices are not secure, payments made by connected devices are.

Lately it seems a lot of disturbing stories have been coming out about the Internet of Things (IoT). NBC News stated that there are over 6 billion connected devices in use, and predicted that this number will grow to over 20 billion by 2020. But is also showed a video reporting on a massive denial of service attack that used millions of connected baby monitors and home video cameras to launch the attack. More recently, the local Fox station in Orlando carried a story about a couple whose smart home was digitally infiltrated by a hacker who invaded the home via the voice-enabled two-way camera. In this case it was a “white hat” hacker, or a member of a group of ethical hackers who look for holes and inform the vulnerable without causing harm.
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Posted: Apr 19, 2017
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Author: Lou Grilli

The breach involved malware placed on payment systems inside Arby’s stores

Very recently another major breach of payment card data was made public, this time by Arby’s. The breach compromised more than 355,000 credit and debit cards at Arby’s 1100 corporate-owned stores nationwide.  The breach, which is estimated to have occurred between Oct. 25, 2016 and January 19, 2017, involved malware placed on payment systems inside Arby’s stores. And this comes at a time when many credit unions are still recovering from the losses and costs associated with the recent Wendy’s breach, which was also large-scale, as well as massive breaches at Target and Home Depot and several others over the last two years.
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Posted: Apr 13, 2017
Comments: 0
Author: Lou Grilli

As it turns out, a lot less than your username and password.

Credit and debit card numbers obtained by fraudsters through breaches at the POS used to fetch $5 and up on the dark web, to be used as counterfeit cards or used for fraudulent online purchases. But a recent webinar presented by the Aite Group, using data from Trend Micro, showed some eye-opening data, that a PAN with expiry and CVV is worth less than a quarter. Meanwhile a valid PayPal username and password is worth over $6, with Uber and Facebook username/password combinations going for around $3. What has changed?

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Posted: Mar 28, 2017
Comments: 0

Increase in Year-over-Year Outstandings from $115m to $133m

There is no doubt that the consensus across the financial industry is that we are all operating in a competitive market place. However, those in the know understand that competition brings opportunity to grow to levels beyond what we thought possible.  This was the sentiment expressed by Chris Slane, Director of Payments at Chartway Federal Credit Union, one of the country’s leading credit unions. “Credit unions are conservative,” Slane noted.  “There is a lot of risk aversion in the industry particularly regarding credit limit increases and members defaulting … but in order for us to elevate the industry we have to be prepared to take the risks; we have to get beyond the narrative of evading any option which might impose a loss and start getting into psychology of growth through strategic risk.  We need to be willing to step out of our comfort zone and meet the members where they are.” Slane, along with Denise Bennett, Chartway’s VISA Consultant, shared the process that lead to a successful Credit Line Increase Program (CLIP) with their strategic partner, CSCU.

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Posted: Mar 22, 2017
Categories: Regulations
Comments: 2
Author: Tom Davis

European Union opening up banking services to fintech providers.

The European Union (EU) is undergoing sweeping changes to open up banking services to fintech providers, by mandating access to account holders’ data and bypassing traditional payments rails. This potential game-changer, PSD2, will allow consumers to use Facebook or Google to pay their bills, and force credit unions and banks to change the way they do business.

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