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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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Posted: Feb 16, 2016
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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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