X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN FRANCISCO — For many in the credit union industry, particularly if they worked with electronic payments generally and cards in particular, 2006 may go down in memory as the year card security really arrived as an issue that overhung the whole industry. In many ways the year began much as 2005 ended. Large data security breaches, such as the one at Cardsystems or major retailers continued to occur. Fraud alert messages continued to flow from Visa and MasterCard. Credit unions remained faced with the inconvenient and expensive decision of whether to close accounts and reissue accounts, which may have been compromised in the breaches, or not.

But 2006 also brought ripples in the issue as well. Awakening to the problem with the public and their issuers, the major card brands announced initiatives designed to bring more of the major retailers into compliance with the security protocols the retailers had flaunted. Also, CUNA Mutual Group, the insurer for the majority of CU card programs, announced that its losses in cards had grown unacceptable and that CUs had to make security their highest card priority or face the prospect of possibly not having any card insurance going forward.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.