Links in “Credit/Debit Cards”

Visa and MasterCard have confirmed that credit unions may disclose the name of merchants involved in data breaches.  This could eliminate some of the reputational risk when credit unions have to reissue cards to their members, but credit unions need to be careful to first confirm the name the merchant that has been breached in order to avoid potential legal issues. [6/17/15]

Apple continues to lead the industry with with its electronic Apple Pay system, which will soon surpass 1 million supported locations. The system will begin allowing private-label, retailer cards on the system, which are most popular with consumers. [6/9/15]

Finding your card was used to buy some gas in a different state is one thing. But what about hackers who implant a bug that skims off a tiny fraction of a retailers online purchases, then when the news of the bug is revealed, profits again by shorting the retailer's stock? The long cyber con is very real. [6/8/15]

Several Virginia Credit Union ATMs were used in the skimming scam, resulting in 2,000 vulnerable debit cardholders. The breach was discovered during normal ATM maintenance and seems to have taken place over a limited period of time. VACU is working to issue new cards and refunding victims. [6/4/15]

The bad news is that Heartland Payment Systems, a debit and credit card processor, has suffered a second data breach. The good news, if you can call it that, is that this breach appears to have affected considerably fewer accounts. The first breach in 2008 affected over 130 million credit and debit cards, while it is believed that this breach will impact about 2,200 customers. [6/3/15]

A Michigan credit union is spearheading a campaign to raise awareness of the latest scam sweeping the nation. Con artists are reaching out to individuals online promising "easy money" but end up stealing victims' ATM card numbers and PINs. The scam, called "card cracking," is primarily targeted at young people. [5/22/15]

The U.S. Department of Education proposed regulation designed to provide tougher standards and increased transparency surrounding students receiving federal student aid, specifically on prepaid cards. The proposal would amend several regulations to. [5/18/15

When it comes to advertising, the CFPB keeps a sharp eye on financial institutions. And though the bureau searches for all kinds of false claims, there is one in particular that’s been on its radar lately. AffirmX Analysts Rachel Osborn highlights this issue, and how to easily side-step it. [5/8/15]

CO-OP Financial Services is truly living up to its name by announcing that it will waive millions of dollars in EMV implementation and set-up fees in order to help credit unions move to chip cards. CO-OP says that it will waive its $6,000 implementation for all in-house credit and debit card processing credit unions, and waive the EMV plastics implementation fee and up to two BIN implementation fees for credit unions that use CO-OP’s generic card program. [5/8/15]

Adding to the never ending list of hacked credit and debit card information, The Hard Rock Hotel & Casino Las Vegas announced a data breach. In a statement, the Hard Rock said the breach potentially affected consumers' names, card numbers, CVV codes, but not PIN numbers. The breach occurred from Sept. 3, 2014 to April 2, 2015.  [5/5/15]