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Posted: Aug 24, 2016
Categories: Debit Cards, Fraud
Comments: 0

Thoughts on the Good News and Bad News for Credit Unions

When a debit card number is counterfeited, like what happens in a breach of data from a merchant, any counterfeit card number usage results in withdrawals directly from the cardholder’s bank account. Even though the cardholder’s liability for fraudulent transaction is limited - under the FCBA, liability for unauthorized use of the card tops out at $50 and many issuers have a $0 liability for fraud - there also can be additional costs and fees as a result. Checks that bounce result in NSF charges or scheduled bill pays that fail and incur late fees are just some of the aggravations that debit cardholders whose cards were caught in one of the many highly publicized data breaches had to deal with.

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Posted: Aug 16, 2016
Comments: 0
Author: Lou Grilli

Not true! Chip cards are solving the problem they were intended to solve.

A number of leading news organizations recently reported that a security flaw in chip cards has been discovered, questioning the security benefits offered by EMV technology. One article suggests there are ways to completely undo the security the chip-enabled cards provide. The articles pointed to research presented by two people from NCR, a payments technology leader. Their research was presented at Black Hat, a widely attended hackers convention where research, security flaws, and hacks are presented to the public and to fellow security experts with the goal of closing security gaps before they can be exploited.

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CSCU News and Insights

Posted: Aug 11, 2016
Categories: Millennials
Comments: 0
Author: Paul Castner

Thoughts About Big Data vs. Little Data and Ideas on Millennial Marketing

Recently published thought leadership articles from CSCU have appeared in key credit union trade publications and/or websites that we thought you would find interesting and thought-provoking.  First, more marketing insights on millennials.  Based on what CSCU's Lou Grilli reports, millennials would rather visit a dentist than listen to a financial institution's sales pitch.  Most in the credit union space agree that the opportunity to attract millennials as new members is huge but figuring out how to engage them is a challenge. Millennials can be difficult to reach and don’t trust much of the information being thrown at them.  However, despite the challenges it is possible to achieve success as Lou outlines some tactics designed to reach new members through the social media channels they trust, guiding them to the information they want, and offering products that meet their needs.   Click here to read this article from the Payments Journal.  The second article is on CU Insight and takes a open-minded view of  the role of big data vs. little data within credit unions.  A question you should be asking, is the expense and complexity of big data necessary when capitalizing on little data is all your credit union may need?  Read all about it at CU Insight.

Posted: Aug 4, 2016
Comments: 3

Contactless debit, credit and prepaid cards - payment cards that can be used by tapping a point of sale (POS) terminal or waving the card near the terminal - have been issued by major banks around the world since 2007.  Also referred to as “tap and pay” or “tap and go,” these cards feature an embedded NFC antenna and chip (different than the EMV chip) which allows the card to exchange payment credentials to an NFC enabled terminal with just a wave or a tap. They are touted for both speed and convenience mostly because no signature or PIN is needed.  In addition, the transaction amounts using this capability are typically limited to $25 or $50, consistent with the waiving of the need for signature for mag stripe transactions for those amounts.

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Posted: Jul 27, 2016
Comments: 0
Author: Tom Davis

In part 1 of our 2-part article on bitcoin and blockchain, we attempted to shed some light on what bitcoin is and why users around the globe are showing interest in adopting the cryptocurrency and its underlying blockchain network.  It is important for credit unions to know more about blockchain as a global cyber technology so that you are fully prepared to capitalize on its benefits when presented.  As we discussed, blockchain technology is a critical part of the bitcoin network but blockchain does not necessarily need bitcoin to provide utility as a standalone network. How bitcoin fares as a crypto currency in the global economy is anyone’s guess, but it would be tough to argue that the adoption of blockchain is going away anytime soon. The excitement around the use of blockchain as a way of sharing and transmitting data seems to be growing.  This is easily seen by the staggering increase in investment in the technology as industries around the world try to find ways to take advantages of the benefits of the blockchain.  In fact, many believe this technology will transform banking and cyber security as we know it.

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