CUSO surpasses one million EMV cards issued and 65 Member-Owners enabled for Apple Pay
ST. PETERSBURG, FL (May 7, 2015) -- PSCU continues to lead the way in payments security and fraud prevention as the CUSO announces new milestones and developments surrounding EMV and Apple Pay. As the payments security transformation evolves, PSCU continually strives to arm its Member-Owner credit unions with the latest and most secure payments technologies in order to better serve their members.
PSCU announced today that EMV credit card program deployments for their Member-Owner Credit Unions have officially surpassed the one million-card mark. This latest announcement continues the trend of the CUSO leading the charge with respect to EMV migrations as the October compliance deadline approaches. PSCU’s EMV card deployments began in 2011 when the CUSO became one of the first in the credit union industry to offer plastics that incorporate both EMV chip and PIN technology.
“Members of PSCU’s Member-Owner credit unions demand the benefits of security, availability and convenience that new payments technologies promise,” said Chuck Fagan, PSCU President and CEO. “These innovations provide the greatest protection available today for members against unauthorized use of their accounts. PSCU will always be committed to providing leadership in the fraud prevention space, as well as delivering payments methods that enable our credit unions to build the strongest member relationships possible.”
As a symbol of PSCU’s EMV success, Hawaii State Federal Credit Union (HSFCU), a PSCU member-owner, was awarded the MoPRO Award for its achievements in better serving and protecting its members through EMV chip card technology. The credit union was the first in their state to launch an EMV program that aimed to provide the most secure payment channel for their members and limit exposure to fraud. HSFCU worked with PSCU’s Advisors Plus consultants to execute several transactions and cash rebate-based campaigns to introduce a new Visa Signature EMV credit card program that successfully launched more than 2,800 Signature Platinum EMV Cards. The award was presented at the organization’s annual member-owner conference, MoPRO 2015: Driving the Future Forward, which was held in New York City in April.
The CUSO also announced today that members of 18 more of PSCU’s Member-Owner credit unions have access to Apple Pay, bringing the total number of PSCU credit unions offering Apple Pay to 65. Credit and/or debit cardholders from these credit unions can now use their cards to pay with Apple Pay in participating stores with iPhone 6, iPhone 6 Plus and Apple Watch devices, upon availability.
When members add a credit or debit card to Apple Pay, the actual card numbers are assigned, encrypted and securely stored in the Secure Element on the device. Each transaction is authorized with a one-time unique dynamic security code, instead of using the security code from the back of the card, through a process known as tokenization. Tokenization is especially important as card not present fraud currently makes up 16 percent of the entire U.S. card fraud picture, with no signs of slowing.
“As attacks on data become more sophisticated, the fraud environment is becoming increasingly unstable and complicated to navigate. By leading the way in developments like EMV and Apple Pay, PSCU is helping its credit unions take the right steps to protect their members against fraud and protect their data,” added Fagan.
The additional PSCU credit unions now enabled with Apple Pay include:
Bellwether Community Credit Union (Manchester, N.H.); Benchmark Federal Credit Union (West Chester, Pa.); Blackhawk Community Credit Union (Janesville, Wis.); City Employees Credit Union (Knoxville, Tenn.); Community America Credit Union (Lenexa, Kan.); Congressional Federal Credit Union (Washington); Coulee Dam Federal Credit Union (Coulee Dam, Wash.); DFCU Financial (Dearborn, Mich.); Dupont Community Credit Union (Waynesboro, Va.); Fairfax County Credit Union (Fairfax, Va.); First Entertainment Credit Union (Hollywood, Calif.); Harvard University Employees Credit Union (Cambridge, Mass.); Interra Credit Union (Goshen, Ind.); Municipal Credit Union (New York, N.Y.); Pima Federal Credit Union (Tucson, Ariz.); Quorum Federal Credit Union (Purchase, N.Y.); and San Mateo Credit Union (Redwood City, Calif.); Scient Federal Credit Union (Groton, Conn.).
About PSCU
Established in 1977, PSCU (St. Petersburg, Fla.) is the nation's leading credit union service organization (CUSO). The company is owned by over 800 Member-Owner credit unions representing 18 million credit, debit, prepaid, online bill payment, mobile and electronic banking accounts. 24/7/365 member support is delivered through contact centers located throughout the United States.