RANCHO CUCAMONGA, Calif. (4/23/13)--CO-OP Financial Services received its Europay-MasterCard-Visa certification with Visa, following a successful test with a credit union's global membership.
EMV-enabled Visa debit cards functioned successfully in at least six countries for members and staff of Bank-Fund Staff FCU, Washington D.C., with online transaction processing performed by CO-OP Financial Services.
"CO-OP is developing EMV technology in a phased approach and we expect to make our online EMV debit solution generally available to clients later this quarter," said Stan Hollen, CO-OP Financial Services president/CEO.
The credit union tested CO-OP's Phase I processing solution of online EMV transactions from a contact EMV card.
The credit union serves employees and family members of World Bank and the International Monetary Fund.
The credit union issued 11 EMV-enabled Visa debit cards to members and staff during the pilot, which extended from late December to early April. This is the first step in the credit union's overall EMV strategy.
Staff members used the cards in the United Kingdom, France, Spain, Romania, Peru and Uruguay."
DES MOINES, Iowa (4/23/13)--Fraud detection and prevention strategies offered by The Members Group (TMG) saved clients, including credit unions, more than $12 million in potential fraud losses in 2012, the payments processor said last week during a webinar.
After investing in a custom set of fraud solutions, each TMG client realized a significant return on investment last year, explained the webinar's host, Karen Postma, director of client services. "When fraud was confirmed, the TMG Fraud Detection team put a stop to the suspicious transactions, saving our clients not only financial--but reputational--damage."
TMG's fraud products and services include several new technologies, such as Fraud Text Alerts and Adaptive Control, a fraud detection solution that monitors cardholder behavior over time, assigning custom, real-time strategies on an individual cardholder level. That will become increasingly important as the country migrates to Euro-Mastercard-Visa standard and fraudsters shift away from counterfeiting in favor of account takeovers, Potsma said.
"In account-takeover cases, a fraudster poses as a legitimate applicant to gain access to credit," Postma added. "Often he will behave himself for many months to earn an increased credit line. Then, without warning, the fraudster will rack up huge balances and suddenly default."