Links in “Technology”

President Barack Obama is advocating a principle called "net neutrality," meaning that access to faster and better internet should be equal for all kinds of data, rather than certain industries or companies being allowed to pay for higher-quality web. Otherwise, your credit union might have to fork over some cash just to have good online access for your members. [11/12/14]

Report predicts that the U.S. migration to EMV cards won't stop the rise in fraud in transactions where the card is not present, such as online transactions, but it won't cause the increase, either. CNP fraud is likely to continue to increase as online transactions continue to increase. [11/12/14]

This Friday, NAFCU is hosting a free webcast with Mastercard Vice President of Emerging Payments Rita Ramirez who will be discussing Apple Pay and other new consumer payment technologies. The one-hour webcast, which will begin at 2:00 pm EST on the 14^th, is open to both members and nonmembers. [11/10/14]

Credit unions have heard the warning and are scrambling to be ready for the conversion from slide-and-sign to pin-and-chip.  See how some credit unions and card processors are trying to make the transition a little easier. [11/10/14]

Comptroller of the Currency, Thomas J. Curry, discussed the rising issue of cyber threats and what financial institutions can do to combat these threats, stating that “All of these risks are manageable, but they must be well understood and they must be managed.” [11/10/14]

The NCUA announced the release of a new tool aimed at helping credit unions find companies to help them better deliver products and services. The new CUSP portal provides free access to registered and validated vendors who aim to help CUs meet members’ needs, comply with regulations, or just handle day-to-day operational requirements. [11/5/14]

Bitcoin has gotten a lot of bad press, but strip away the currency aspect and look at the technology behind Bitcoin. What you'll see if the first internet protocol for storing and exchanging value. Bitcoin was built for the internet. Current cybersecurity measures are really just patches on today's financial system that wasn't designed for the internet. [11/4/14]

In a letter to NAFCU and CUNA signed by the Retail Industry Leaders Association, the National Association of Convenience Stores and other organizations accused credit unions of using misleading arguments with the media and before Congress. The groups argue that 34% of the data losses that have occurred this year have been at financial institutions, while only 11% affected retailers. In addition, the groups criticized credit unions for being slow in adopting chip and PIN technology. [11/3/14]

Big banks with deep pockets for cyber defense are coming up lacking against hacker attacks. Reason for concern? "I worry that we're going to have some sort of major cyber event in the financial system that's going to cause us all to shudder," said NY's top regulator. [10/31/14]

The Home Depot data breach has cost credit unions $63 million, which is nearly twice as much as the Target breach. Credit unions report that at least one quarter of that cost is for card replacement. [10/31/14]