Fend off card fraud
New tools are emerging to help credit unions thwart cyberthieves.
Fighting credit and debit card fraud is a shifting battle as would-be thieves regularly roll out novel schemes, but credit unions can look to new defenses from card issuers and processors built on sophisticated data analytics.
For merchants who completed the EMV chip upgrade, card fraud at the point of purchase has declined 76% since 2015, which marked the liability shift to merchants not equipped to process chip card payments, says Doug Leighton, head of community accounts for CUES Supplier member Visa, based in San Francisco. Now credit unions must remain vigilant and look for fraud prevention and detection tools in the card-not-present environment, where the threat of fraud persists in e-commerce, online billing and mail order.
“Generally, across our business, growth is happening in card-not-present transactions at roughly four times that of face-to-face growth rates,” he says. “Credit unions need to be talking to their network partners and processors to make sure that they are enabling the latest technologies to combat that fraud”—and, in the bargain, head off additional operational costs and member inconvenience.
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