Menu
Posted: May 31, 2016
Comments: 0
Author: Bill Lehman

There was a time when a bank or credit union did not talk about fraud to their cardholders. They did not want to give the impression that their financial institution might be susceptible. The only mention was when describing the benefits of using the Visa or MasterCard brand which carries zero liability to the cardholder in case of fraud. But those days of silence on the subject are long in the past. Consumers are leery of identity theft, have started to look closely at their statements and, have learned the need to keep their social security numbers private.

 


 

Read more
Posted: May 25, 2016
Comments: 0
Author: Lou Grilli

Effective October 1, 2016 for Visa issuers and acquirers, and October 14, 2016 for MasterCard issuers and acquirers, a new capability must be supported for maintaining merchants’ cards-on-file. The problem it addresses will help merchants, issuers, and most importantly, the cardholders. When a cardholder enters payment credentials into an airline’s website, for example, and then clicks the “save this card for later use”, but the card expires and reissues in between vacations, the cardholder is inconvenienced and has to rekey all of the data, possibly choosing a different card. But when the cardholder enters payment credentials into an important recurring biller, such as the power company, and expects the bill to be paid automatically on time each month, but the card is reissued and the next monthly authorization fails, then it can be much more than an inconvenience. It could mean having late fees assessed, or worse, having service turned off.

Read more
Posted: May 18, 2016
Comments: 0
Author: Barney Moore

The migration to EMV, sparked by the liability shift instituted by Visa and MasterCard, was primarily about upgrading terminals at the point-of-sale (POS), as well as re-issuing credit and debit cards to combat counterfeit cards being used to make purchases at brick and mortar stores. It was widely expected that fraudsters would not go away and that fraud would materialize in other forms; primarily online or Card-Not-Present fraud.  But leave it up to the fraudsters to stay one step ahead of the good guys with an increase in fraud at ATMs.


Read more
Posted: May 11, 2016
Comments: 0
Author: Paul Castner

Last week we posted an article on The Payments Review (TPR) about the evolution of Apple Pay that cited statistics showing that the number of users who try Apple Pay at the point of sale (POS) is increasing, but that as a POS payment alternative to cash or a card swipe, it has been slow to catch on.  However, in app purchases, according to the TPR article, is where the action is for Apple Pay and it is seeing the biggest gains in usage and transactions. 

 

Read more
Posted: May 11, 2016
Comments: 0
Author: Paul Castner
7 in 10 Americans have at least one chip card in their wallet. Is it your credit union's? The transition is moving along about as expected but will quite possibly take years until all cards are EMV enabled according to some payment industry experts.  A major area of concern is with payment terminals, as many retailers, both large and small, have been slow to upgrade due to the cost of the hardware and software needed to make chip cards work in their stores.   Learn more from CSCU's director of consulting services, Barney Moore, in a CU Journal article: Six Months In, Are Card Issuers Seeing EMV's Effect on Fraud?

 

 

 

Read more
RSS
12345678910Last

search

Featured Stories