Oct. 19, 2012 ● Volume 01, Issue 42
View 10-19-12 issue of The Pulse
Products & Services News
CO-OP Financial Services launches 'Ask EMV Expert'
CO-OP Financial Services has launched an educational initiative for credit unions preparing for Europay, MasterCard, VISA (EMV). The initiative includes an "Ask the EMV Expert" webpage, white paper and webinar – all at no charge.
EMV is a global standard for inter-operation of Integrated Circuit (also known as "chip”) cards and IC-card capable POS terminals and ATMs for authenticating credit and debit card transactions. France was reportedly the first country to launch EMV in 1986 and has since experienced an 80 percent decline in fraudulent activity. Today, 97 percent of European ATMS are EMV compliant, and now this technology has come to America.
CO-OP's "Ask the EMV Expert" webpage features a forum for credit unions to submit questions and receive replies from CO-OP's EMV experts. The page links to background resources and provides downloads to CO-OP-originated documents on this emerging trend. In addition, a CO-OP white paper focuses on issues that credit unions address as they consider how quickly they need to adopt EMV. The paper pays particular attention to the business case of issuing EMV chip cards, as it is considerably different than traditional magnetic stripe cards. The white paper can be downloaded for free from CO-OP's EMV Resource Center webpage.
CO-OP will be holding webinars every four months going forward to introduce EMV and provide more advanced update on the latest technical and industry announcements. The first webinar will follow the format of the white paper and will be held at noon on Oct. 25.
CO-OP's white paper, webinars and resources, can be found in the EMV Resource Center. With questions about CO-OP, contact MnCUN Director of Business Development Vickie Ganrude by email or at (651) 288-5515. Credit unions can also contact CO-OP representative Christopher Kruger by email or (909) 948-2644.
Members offered digital identity authentication with new CSS alliance
When creating a password, consumers are faced with requests for uppercase, lowercase, at least one number, non-numerical symbol and more than seven letters. Overwhelmed, they often use the same password across many accounts and websites.
With the continuing threats of identity theft, the need for identity management and authentication has increased. To help credit unions improve both the security of online transactions and customer interactions, CUNA Strategic Services (CSS) has added OneID to its list of strategic alliance providers.
OneID is a digital identity solution that replaces usernames and passwords with a single digital ID linked to the end user's computers and mobile devices and secured by NSA-level encryption. With this product, credit unions are able to automatically recognize their members and provide access to accounts. OneID also gives members and credit unions broad controls to limit transactions or require additional verification. In addition, it assists credit unions with compliance guidelines from the Federal Financial Institutions Examination Council (FFIEC) regarding multifactor authentication.
A complete list of CUNA Strategic Service providers can be found on the Network website. With questions, contact MnCUN Director of Business Development Vickie Ganrude by email or at (651) 288-5515.