Card Security Concerns Do Not Dampen CSCU Meeting
ST. PETERSBURG, Fla. — An undercurrent of concern about how card processor FIS was handling some of its ongoing information security problems was not enough to dissuade 321 payment executives from 131 credit unions that use the processor from meeting April 25-29 to celebrate card success and strategy.
The card processor for the majority of credit union debit and credit card programs received a supervisory letter from federal banking regulators that the NCUA then shared with credit unions that process their transactions with the company.
Schaffer used the example of a sophisticated phishing attack that convinces a credit union member to click on a link which could open up a vulnerability that might compromise not only the CU’s online environment but also that of FIS or other information service providers.
To help prevent this, Schaffer said FIS would focus on helping client credit unions better train payment executives about information security risks, especially those executives who have the power to altar or change a credit union’s information technology or payment systems. The processor will also help client credit unions improve their ability to monitor their systems for potential data breaches and to respond more effectively in cooperation with FIS when a breach occurs. Schaffer declined to add any details about the effort but promised the company would have more information forthcoming in the near future.