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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 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 1, 2016
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Author: Lou Grilli

Part 1 of a 3-Part Series

Introduction

Many credit unions have asked us which is better, tokenization or encryption; or which is more secure EMV or NFC?  Focusing on these questions might not be the best approach. All of these technologies are different pieces of the puzzle intended to help fight fraud. Chip cards, tokenized mobile payments and fingerprint scans all play important roles in making data breaches less valuable to fraudsters, thereby reducing issuers’ costs when breaches occur. Since there is much ground to cover on this topic, we decided to divide the content into three parts.  First up, Tokenization.

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Posted: Jan 26, 2016
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Author: Tom Davis

What should credit unions be on the lookout for in 2016 regarding payments?  Driving member card loyalty might be the biggest challenge your credit union will face.  The competitive set is rapidly growing and evolving for member credit and debit card loyalty especially with new payment offerings from merchants. As consumer demand continues to accelerate you will need to evaluate your credit union’s loyalty programs to ensure they are satisfying your members’ needs and your credit union’s bottom line.

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