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Posted: Dec 8, 2016
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Author: Paul Castner

Bold Move Pays Off Positively for the Jackson, Michigan-based Credit Union.

Wendy’s restaurants, long known for its “biggie size” servings, might now be better known as a frequent target of “biggie-sized” data breaches resulting in massive credit card fraud.  Since the fall of 2015, according to one industry source, 1,025 Wendy’s point-of-sale systems in the United States were infected with malware during a five-month-long period.   While Wendy’s said they removed the malware, data breaches continued to reoccur in a number of locations including Jackson, Michigan, the hometown of American 1, a leading credit union in the region that vigilantly monitors member accounts for suspicious activity. American 1 says that to date, they have reached approximately $600,000 in fraud (about 150,000 doubles with cheese!) related to the Wendy’s breach leading to a decision that the credit union never imagined that they would have to undertake. 

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Posted: Dec 2, 2016
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Author: Bill Lehman

Expensive and time-consuming initiative makes it tough for gasoline retailers to keep up.

Initially, the liability shift associated with upgrading the card readers at gas pumps, known as Automated Fuel Dispensers (AFDs), was set to two years after in-store POS terminals, due to the complexities of retrofitting or replacing AFDs. But, even those extra two years are proving insufficient for many gasoline retailers. In response to the delays, Visa and MasterCard are postponing their Oct. 1, 2017, EMV liability shift for U.S. AFDs until Oct. 1, 2020.

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Posted: Nov 16, 2016
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Author: Paul Castner

What sounds like a sci-fi movie is now playing at a home near you. Are you ready?

Editor’s Note: CSCU Director of Payments Strategy, Lou Grilli, presented at the Reach Conference in November 2016 on the topic of payments, and how they are changing with the advent of the internet of things. The following is a summary of his presentation.

The internet of things (IoT) is changing payments, that is, in the IoT, payments "disappear" behind devices or become invisible. What do credit unions need to do to remain relevant in the IoT? First, it’s important to level set on what exactly IoT is.

IoT is widely misunderstood and has many different definitions. The person credited with coining the phrase, Kevin Ashton, spoke at the Payments Innovation Project earlier in 2016, and provided a thoughtful grounding to understand the concept.
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Posted: Nov 7, 2016
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Author: Paul Castner

CSCU was in attendance and found the following topics of interest to credit unions

Editor's Note: CSCU was on the scene at this year's Money 20/20 in Las Vegas.  Billed as the world's largest payments and financial services innovation event, Money 20/20 attracted 11,500 attendees this year while drawing more than 400 fintech vendors.  As our experts saw it, a few themes emerged such as APIs, blockchain, bots, and the critical need for financial institutions to think and act differently to keep up with the changes in technology.  Following is a recap of some of the sessions and announcements with links to relevant articles.

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Posted: Nov 3, 2016
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How Credit Unions Can Grow Profits From This Opportunity

People don’t like to pay fees, and many credit union members love their credit unions precisely because they don’t like the fees that big banks charge. But there is one area where members may be willing, and actually want to pay fees. Credit cards with high annual fees that also come with equally generous benefits are in high demand. And credit unions should take advantage of this increasing appetite for what are known as signature, premium, or elite cards, along with the high interchange rates that come with the card.
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