Links in “Credit/Debit Cards”

A new device has been found in use in ATMs in Mexico that can read data directly off of a chip-enabled debit or credit card. The “shimmer” as it’s being called, acts as a shim between the EMV chip and the chip reader, and records the chip data as it’s being read by the ATM. [8/14/15]

With the October 1 deadline for changes to the liability provisions for cards without EMV technology fast approaching, many credit unions are scrambling to draft procedures and to develop informational materials for their members.  This article identifies best practices to ensure that your team is ready for the change and how best to communicate the changes to your members. [8/12/15]

This is the kind of question that keeps security and risk managers up at night. A recently published white paper on the subject provides the pros and cons and factors to consider if this issue should arise. [7/28/15]

Major retail photo sites have been the target of a cross-company credit card information breach. CVS, Rite Aid, Sam's Club, Costco, Walmart Canada, and several other retail chains have suspended their online photo services following the possible breach. [7/21/15]

Credit union fraud detection has proved to be so slow that thieves are often willing to pay more for stolen card numbers and other data involving credit union issuers. In fact, credit unions and smaller institutions are bigger targets than megabanks like Citibank or Capital One. The looming EMV conversion will likely make this problem worse. [7/16/15]

A biometrics authentication company NXT-ID, Inc. has announced it has patented its behavior directed mobile payments technology. Such "behavior-metrics" recognize both the individual and the action of the individual. The technology is meant to identify an individual based on facial expressions, gestures, patterns drawn, or even PINs. [7/15/15]

The CFPB took action against two credit card add-on product vendors: Affinion Group Holdings, Inc., and Intersections Inc. The credit card companies offered "add-on" services such as "credit monitoring" or "identity theft protection" for a monthly or annual membership fee. The credit card companies in question had partnered with banks to provide these products, but the CFPB's investigations revealed that Affinion  and Intersections engaged in unfair practices related to the billing or administration of the products in violation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. [7/2/15]

The CFPB finds that two companies offering credit card add-on services, such as credit monitoring and identity theft protection, didn't actually provide the benefits they promised. Refunds of nearly $7 million and fines of more than the $3 million ensue. [7/2/15]

Federal Reserve governor tells banks that chip-and-signature cards that U.S. banks are distributing are less secure than chip-and-PIN cards used in other parts of the world. [6/26/15]

Fraud experts say that the move to EMV will reduce the amount of fraud from the use of fake plastic cards at point of sale terminals.  As a result, there is already a significant increase in “friendly fraud” where cardholders request charge backs for items purchased online, by telephone, or by mail order. [6/22/15]