Menu
Posted: Apr 19, 2017
Comments: 0
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.
Read more
Posted: Feb 6, 2017
Comments: 0
Author: Paul Castner

CSCU payments prognosticators are at it again!

It’s time to put our carefully laid plans for 2017 into action. What will 2017 bring? We asked two CSCU thought leaders to share with us their predictions for the year and implications for the credit union community.

Tom Davis, CSCU’s SVP of Finance & Technology, gave us his top predictions:

Checkout-less shopping will proliferate.  Merchants like Chipotle and Taco Bell have already released their “order ahead” and “checkout-less” shopping apps.  Sam’s Club joined the party when they released their “Scan and Go” app in 2016.  Amazon’s new checkout-less grocery store is taking all of this a step further.  These apps and shopping experiences provide real conveniences that consumers value

Read more
Posted: Jan 19, 2017
Categories: Debit Cards, Fraud
Comments: 0
Author: Lou Grilli

Bold move by Oregon-based credit union stems the rapid rise in fraudulent card activities.

Due to high fraud one weekend at Walmart locations in California and Arizona, Trailhead Credit Union, a $110 million in asset credit union based in Portland, Oregon made the bold decision to stem the fraud by blocking their debit cards from being used at Walmart in those two states.

This decision was not made lightly; even though stores in their home state of Oregon were not blocked, Trailhead members vacationing or retired in those two states could be impacted.

ThePaymentsReview spoke with Jim McCarthy, CEO and Gail James, EVP about the decision process and its impact on their members.

Read more
Posted: Jan 18, 2017
Comments: 2
Author: Lou Grilli

Imagine a day when data breaches yield no usable card numbers.

While many authors are making their predictions for 2017, predictions for battling payment fraud need to take a much broader view. Imagine a safer world of payments where credit and debit card fraud is mitigated through technologies. The mag stripe is gone forever, and mobile payments as well as terminal-free check-outs rely on tokens instead of an actual 16 digit Primary Account Number (PAN). And for those who still insist on holding a piece of plastic in their wallet, cards will have smart security measures – a biometric scan device on the card to prevent lost/stolen usage; geolocation capability built into the card to assist in POS authorization; and a dynamic PAN and CVV displayed on a screen on the card for use in ecommerce purchases to prevent fraudulent online use.
Read more
Posted: Dec 8, 2016
Comments: 0
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. 

Read more
RSS
123456

search

Featured Stories