Links in “Credit/Debit Cards”

Though convenient, new age tech payment trends are not always secure. But any way you dice it, these tech payment trends are on the rise among consumers. There are several big trends your institution may need to consider so as not be left in the dust. [5/5/15]

The judge overseeing the Target breach case did not rule on Monday on a motion by FIs to block the recent $19 million settlement offer between Target and Mastercard. This settlement could jeopardize the ability of credit unions involved in the class action suit to move forward. [4/29/15]

Smart phones may be on their way to becoming smarter. A holding company for 15 banks became the first U.S. financial institution to roll out a technology that allows people to authenticate their ATM transactions with their smart phone, rather than their ATM card. The approach is considered faster and more secure. [4/20/15]

Fraudsters are using social engineering and stolen credit card information to penetrate vulnerabilities in call centers to activate new Apple Pay accounts. Experts say that mobile technology could keep these threats at bay. [4/20/15]

The TILA/Reg. Z requirement that would call for credit card issuers to post their agreements in a public database on the CFPB's website beginning April 30, 2015 has been suspended for one year. The CFPB will use that year to develop an automated system that will allow users to upload agreements directly. (Note: But you're not off the hook for posting the agreement on your own publicly available website.) [4/17/15]

The CFPB issued a final rule aimed at improving the way that companies submit consumer credit card agreements to the Bureau. The rule temporarily suspends a requirement that each quarter certain credit card issuers send their agreements to the Bureau, which publishes them in a public database on its website. Other requirements will remain unaffected by the new rule. [4/17/15]

CUNA agreed to join financial institutions plaintiffs nationwide in the lawsuit against Home Depot's huge data breach last fall. "We stand with our credit union members and believe consumers must be protected from merchant negligence."  [4/16/15]

The Wall Street Journal is reporting that Mastercard is ready to enter into a settlement with Target to recover costs that card issuers suffered from the retailer’s massive data breach.  Those familiar with the negotiations are reporting that the amount of the settlement could be in the $20 million range. [4/15/15]

Before USBs came along, you had to power down your machine to plug in or unplug most devices. Now you can easily "hot swap," switch devices without missing a beat. The same type of mentality is coming to credit unions, where replacement credit cards due to breaches or theft happen almost immediately. Is your CU ready for the "hot swappable" mindset of your members? [4/14/15]

The CFPB has notified PayPal that it wants information on its credit products, including advertising, servicing, debt collection, and complaints handling. [4/13/15]