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Keeping members virtually safe – Should credit unions issue virtual cards?

first_img 72SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Lou Grilli Lou Grilli is a Senior Innovation Strategist. Lou is tasked with building and shaping a superior payment and member experience capability for PSCU and its Owner credit unions. Lou’s … Web: https://www.pscu.com Details It’s fairly well known that as chip cards and chip card readers are putting a big dent in fraud conducted at the point-of-sale (counterfeit fraud), the bad guys are shifting their efforts to committing fraud online. E-commerce fraud (52%) clearly outweighs swiped fraud (28%) on credit cards, with debit card fraud still experiencing swiped fraud, since not as many debit cards have been reissued with chips – that will change by the end of this year. Meanwhile, ecommerce breaches are popping up in the news with increasing frequency. What can a credit union do to help members stay safe when shopping online? One solution is to offer virtual cards. A virtual card is a separate temporary card number, associated with the member’s credit card account, randomly generated. The temporary card number has no real-life plastic version – it only exists as a number, an expiry and a CVV2. When a member wants to shop online at a site that is not known or trusted, or give a card number over the phone to a merchant that the member has reason to believe may not keep the card number secure, the member goes online, requests a virtual card, copies the card number onto the e-commerce site, or reads the card number over the phone. Think of the virtual card number as a token representation of the real card – a token that looks like and works like a credit card. Virtual cards come in three types: 1) Burner cards, which are single use cards. Once the virtual number is charged, the card is expired. If it is breached, it cannot be authorized. 2) Single merchant cards, which can be used multiple times, but only with a single merchant. If a member is planning on ordering multiple items, or multiple items will ship at different times, the card will authorize for that merchant. But after the first authorization, the card cannot be used with any other merchant. 3) Limited time cards, in which the member sets an expiry date, in order to shop at multiple sites, but only within a strict period. For example, the virtual card could be authorized for use over a two-day period or up to a one-year period.  The card could also be used for a Netflix subscription or for monthly deliveries of meal kits. In addition, each of the cards typically have a spending limit, for both a single transaction and total card usage. If the virtual card number is compromised, the true card number remains safe, and the breached virtual card number is limited by its expiry, or merchant or both, making it virtually worthless to a fraudster. Virtual cards are in the market today, but consumers who want this have two choices. For a true virtual credit card, a consumer can get a credit card with a financial institution that also offers virtual cards. Bank of America calls their virtual card program ShopSafe, while Citi refers to their program as Virtual Account Number. Both are free. The other option is from various third-parties that offer different forms of virtual cards. Privacy.com allows anyone to enroll their checking/saving/share draft account, and after installing a browser extension and following the instant account validation, immediately access virtual cards. The drawback to this approach is that each transaction using the virtual card draws immediately from the consumer’s account, much like a debit card works. Another third party that offers virtual cards is netspend, which is primarily a prepaid debit card, but also offers the ability to generate a temporary card number online and then cancel the temporary card online. Although virtual cards seem like a panacea for keeping a member safe when shopping online, there are a few drawbacks and some major criticisms against this unique capability. There are some hotels and some car rental agencies that validate a reservation by requesting to see the same card used to make the reservation. If a virtual card is used, not only is there no plastic representation of the card to show, but most likely the member didn’t write down or capture separately the full card number. If a member makes a purchase online, then returns an item to a brick and mortar store, the credit for the purchase is typically put back on the same card, by swiping or inserting the card at the returns desk. With no card to show, the only option the consumer may have is to accept store credit. Setting an expiry date provides a level of protection but can also cause unintended problems. Some merchants charge upon shipping, which could be several days or even weeks after the order. If the expiration date is set too soon, the order may be cancelled when the card doesn’t authorize. And most importantly, virtual cards offer very little protection over the real credit card. Visa and Mastercard both offer zero liability in case of fraud, and many issuers offer next day replacement for cards that need to be reissued. Some issuers who used to offer virtual cards, including AmEx, Discover, and Chase, found that the low number of users did not justify the cost of maintaining the functionality and subsequently dropped the service. Benefit to credit unionsThe key reasons why a credit union would consider offering virtual credit cards to its members is to help reduce fraud and to create a “sticky” member service. There is a cost to offer this service, but there is a cost of fraud – reissuing cards, shipping a replacement card overnight, refunding amounts to a breached debit account. And this service is popular with those who use it – so much so that it may keep a member from leaving just because virtual cards are offered. Luckily, virtual cards are not the only option to protecting members from card-not-present fraud. Using Apple Pay in-app and in browser where merchants have added Apple Pay as a payment acceptance method assures the user that a secure token is used in the transaction, if you are shopping from your phone. If shopping from a desktop or laptop or from a phone, using Visa Checkout or Masterpass also affords the same level of protection as Apple Pay where accepted – again the payment is tokenized. And the best part, the cost to the credit union to enroll in Apple Pay, Visa Checkout and Masterpass is less than creating virtual cards.last_img read more

Ex-NBI asset, cohort nabbed in drug bust

first_imgRustan Castañeda. IAN PAUL CORDERO/PN ILOILO City – A former assetof the National Bureau of Investigation Region 6 (NBI-6) and his accomplice werearrested in a drug buy-bust operation in Barangay Luna, La Paz district. Castañeda admitted he ownedthe firearm but failed to present his licence. Police identified them asformer NBI-6 informant Rustan Castañeda, 36, resident of Barangay Cabanbanan,Oton, Iloilo and Dixie Deñosa, 27, of Barangay San Isidro, Jaro district. Castañeda said he wassurprised when police officers arrested him. “I was supposed to reportJohn to the police for his illegal activity but they arrested me and let Johngo,” he added.   Recovered for theirpossession were nine sachets of suspected shabu, a .380-caliber revolver withseven live bullets, an NBI badge, and a plastic canister. center_img “Dixie told me to get thepouch from John and when I received it, the police arrested me. I think theywere mistaken because the police were supposed to arrest John and not me. I’mnot engaged in illegal drugs,” said Castañeda.  However, Castañeda deniedowning the suspected illegal drugs, saying Deñosa told him to receive the pouchfrom a drug supplier that was only identified as a certain “John.” RDEU chief Lieutenant JerseyBesas said prior to the operation, the suspects were under surveillance forseveral days and Castañeda was the primary target of the operation. Castañeda and Deñosa werenabbed after they sold suspected shabu to an undercover officer of the PoliceRegional Office 6‘s Regional Drug Enforcement Unit (RDEU) for P5,000 around2:05 p.m. on Sept. 14.    Deñosa, meanwhile, revealedthe supplier and source of suspected shabu came from Manila but she denied her involvementin the illegal drug trade./PNlast_img read more

Mumbai to play Chennai as IPL 2020 opens

first_imgThe Mumbai Indians will begin their IPL title defence against the team they took the trophy away from last season – the Chennai Super Kings – on September 19 in Abu Dhabi, at 6pm local time (7.30pm IST). The IPL schedule was finally made public on Sunday, just under two weeks off from the start of the competition, and features ten double-header days.The schedule has been released only for the round-robin stage of the tournament. In all, Abu Dhabi will host 20 round-robin games, Dubai 24 and Sharjah 12.Mumbai and the Kolkata Knight Riders will play a majority of their games (eight each) in Abu Dhabi. The Sunrisers Hyderabad will play eight of their games in Dubai, while the Super Kings, the Kings XI Punjab, the Delhi Capitals and the Royal Challengers Bangalore will play seven each in Dubai. Only the Rajasthan Royals’ matches are more spread out – they play six in in Dubai, five in Abu Dhabi, and three in Sharjah.The England-Australia player questionThe Royals and the Knight Riders will be the last teams to play their first matches and that could be due to the late arrival of a handful of their key players from the limited-overs series between England and Australia in England, which ends on September 16.While Steven Smith, Jos Buttler, Jofra Archer and Tom Curran are part of the Royals’ squad, Eoin Morgan, Pat Cummins and Tom Banton are part of the Knight Riders’. Although IPL rules make it mandatory for every participant to undergo a six-day quarantine upon arrival in the UAE, and Abu Dhabi’s requirements extend that to 14 days, it has been said that those coming from the England-Australia series could be allowed exemptions given they would be travelling straight from one biosecure bubble into another, but this remains to be confirmed.Double-headers only in OctoberThe double-headers begin on October 3. October is typically when temperatures – which, as expected, are consistently breaching 40-degree Celsius during the day-time at present – begin to come down in the region. There had been talk earlier of teams not being happy to play games beginning at 2pm in these temperatures, and that could be a reason why the double-headers begin only later in the tournament.Mumbai start and finish, CSK have least prep timeMumbai and the Super Kings are the IPL’s most successful franchises – with four and three titles respectively – and form its most prominent rivalry; no team has beaten the Super Kings as many times as Mumbai, who have a 17-11 record against them including a last-ball one-run win in last season’s final. Mumbai also bring the round-robin stage of the league to a close, pitted against the Sunrisers on November 3 in Sharjah.After the BCCI was forced to move the tournament out of India owing to massive upsurge in the Covid-19 cases in the country, all eight franchises landed in the UAE nearly a month before the tournament. In terms of preparation in the UAE, the Super Kings have been the last off the blocks because of several members of their contingent – including two players – testing positive. The team commenced training only on September 4, roughly one week after the other franchises.The Covid-19 effect: Disclaimer over schedule, doubts over spectatorsThe IPL put in a disclaimer on the schedule, saying it is “subject to change for any reason” deemed fit by by the BCCI. The clause suggests the IPL is wary of a situation wherein a team(s) is/are affected by the Covid-19 pandemic.The schedule was expected much earlier, but delays happened as the IPL Governing Council considered a number of different parameters forced by the pandemic. The Super Kings’ issues aside, the strict quarantine rules in Abu Dhabi are believed to have contributed to the hold up.There has been no confirmation yet from the IPL on whether spectators will be allowed to attend the games – and there was no mention of it in the statement announcing the schedule either. BCCI president Sourav Ganguly had said it will happen later in the tournament, but there remains doubt over this especially given the upsurge in Covid-19 cases in the UAE over the last fortnight.last_img read more

Jamaica wins big at World Travel Awards

first_imgJamaica was recognized as a leading tourism destination on Sunday when the country won eight awards at the World Travel Awards in Lisbon, Portugal.Leading beach and cruise destinationAccording to the Ministry of Tourism, Jamaica received the World’s Leading Beach Destination and World’s Leading Cruise Destination for 2018.In highlighting the significance of the awards, Tourism Minister Edmund Bartlett who along with Chairman of the Jamaica Tourist Board (JTB), John Lynch were present at the Gala, said: “I am truly proud to have been able share in this moment which highlights that Jamaica’s tourism product is of the highest quality and remains top of mind for millions of visitors who come to our shore.Jamaica competed with the best of the best across the globe and has emerged a global winner acknowledged for the hard work and innovation being done in the sector.”Delano Seiveright, senior advisor/strategist in the ministry noted that several Jamaican entities received the remaining awards, to include, “the World’s Leading Luxury Hotel Villa, 2018 – Fleming Villa at GoldenEye, Jamaica; World’s Leading Villa Resort 2018 – Round Hill Hotel & Villas, Jamaica; World’s Leading All-inclusive Company 2018- Sandals Resorts International; World’s Leading Family Resort Brand 2018 – Beaches Resorts; World’s Leading Caribbean Attraction Company 2018 – Island Routes Caribbean Adventures and World’s Leading Adventure Tour Operator 2018 – Chukka Caribbean Adventures.”The ministry said the event marks the climax of the WTA Grand Tour 2018 — an annual search for the finest travel and tourism organisations in the world. Government and industry leaders, luminaries and international print and broadcast media from across the globe were in attendance.The WTA was established in 1993 to acknowledge, reward and celebrate excellence across all sectors of the tourism industry.“Jamaica is poised for exponential growth in tourism and with this growth we will seek to be more innovative and provide more to our discerning visitors who come to get a taste of all the things we have to offer,” Bartlett pointed out.Meanwhile, Bartlett will travel to Istanbul, Turkey to speak at the third UNWTO/UNESCO World Conference on Tourism and Culture: For the Benefit of All, which will be hosted by the Government of Turkey, during the period December 3- 5.last_img read more