Five ways to expand your payment capabilities with confidence

first_img 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr As payment methods evolve, new risks and challenges continue to emerge. In fact, today, less than 50 percent of breaches are known. Debit card compromises at ATMs are up 546 percent year-over-year. And, 91 percent of the losses our customers report are card-present counterfeit.With so many unknowns surrounding payments, your confidence may falter when you think about expanding the payment capabilities of your business. So, what can credit unions do to overcome these challenges? Here are five considerations.Understand the fraud landscape. Understanding the current landscape is necessary prior to expanding capabilities. Know what’s happening with breaches, card compromises, fraud and more.Layer key elements of protection. A one-size-fits-all solution for preventing fraud doesn’t exist today. So, fight from every angle using fraud management services, EMV, card-not-present tools and mobile wallet offerings.Embrace EMV. Despite EMV’s slow implementation, we already see staggering drops in counterfeit fraud, with EMV-based merchants reporting a 35 percent decline. continue reading »last_img

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