Most processors’ fraud monitoring services allow credit unions to customize their velocity parameters by transaction type. Given the increased risk of approving a transaction without a PIN, credit unions should consider tweaking their velocity parameters to ensure that they are quickly notified when cards are repeatedly used at the same location without a PIN. Credit unions can expect an increasing number of PINless debit transactions coming their way, resulting in reduced interchange fee revenue and presenting some important challenges regarding member incentives.PINless debit transactions at the POS have been around for a while, but only started to gain traction this year. PINless debit occurs when a retail purchase amount is under $50.00 (perhaps 70% of PIN debit transactions qualify). When a cardholder presents her debit card at checkout, even if she chooses “credit”, the merchant may elect to route the transaction over the PIN debit networks without the PIN being entered. Since merchants pay higher interchange rates for signature transactions than PIN transactions, the merchant views PINless debit as a lower cost option compared to traditional signature debit.We can expect this practice to increase. As merchants complete their EMV conversions later this year, many will turn their attention to PINless. There are a number of ways that this will impact the credit union community.In the absence of a PIN we can reasonably expect that PINless transactions are more susceptible to fraud. In recent months there have been several cases where credit unions reported a surge in counterfeit activity specifically targeting PINless transactions. Individual cards were used 8-15 times before the fraudulent activity was detected. The source of the data for creating the counterfeit cards was reported to be previously undisclosed merchant breaches.How, then, can credit unions better protect themselves?A number of the credit unions impacted had not signed up for their processor’s fraud monitoring service. You should check with your EFT processor to ensure that fraud monitoring is turned on and that it is specifically looking at PINless activity. Due to the costs involved, some credit unions are reluctant to reissue cards involved in a breach when there are no signs of fraudulent activity. Compromised card data is often stored for long periods before being sold and used by the fraudsters. Credit unions should consider reissuing cards as soon as they become aware of a compromise. EMV chip cards were specifically designed to eliminate the types of counterfeit transactions we are seeing with PINless. Credit unions should consider the protections provided by chip cards in their EMV migration plans. While focus has largely been on credit cards, a re-evaluation of plans for debit may be in order.The credit unions we have worked with through this recent fraud outbreak in PINless have seen major reductions in fraud losses.There are other implications as well. Many credit unions offer reward programs with their signature debit cards. They encourage members to select “credit” at the POS to maximize the credit union’s interchange income. Reward points are often the incentive, and some of the credit union’s interchange revenue is applied to the cost of the rewards program. But what happens when merchants exercise their Durbin rights and route the transaction as PINless debit? Your member may have selected “credit”, but the transaction is routed as PINless debit and the cardholder does not receive her reward points. The result is not only a loss of interchange revenue for the credit union, but also member dissatisfaction when she no longer receives the expected reward points. Given these possibilities, credit unions may want to reexamine their rewards programs to see what still makes sense under the new paradigm. Further exacerbating the situation, many credit unions impose a PIN debit fee to encourage signature use. For credit union members, however, they not only lose their rewards points, but also now have to pay for transactions they previously received for free.As merchants transition more transactions to PINless, credit unions will want to take steps to mitigate the increased risk, re-examine how the new transaction mix impacts their members’ cost of doing business with their credit union, and how it may affect credit union revenue streams. Some credit unions had originally signed up for their processor’s fraud monitoring service, but later added other networks. Many processors require specific implementations of the fraud service for each network. Check with your processor to make sure all of your networks are covered. 61SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Christopher Poole Christopher Poole Joined CU24 in 2014. Mr. Poole is responsible for providing network technical support and guidance, managing implementation of network interfaces, ensuring processors are in compliance with Network Operating … Web: www.cu24.com Details
The UK government has announced an exemption to withholding tax on the interest from private placements, spurring a £9bn (€11.4bn) commitment from insurers and asset managers.Six investment companies, backed by the Investment Management Association (IMA), have committed to providing finance to corporate private placements and infrastructure projects.In yesterday’s Autumn Statement – the chancellor George Osborne’s economic update to Parliament – it was announced that the government would provide an exemption from withholding tax on interest from qualifying private placements. “[This will] help unlock new finance for businesses and infrastructure projects,” the government said. A withholding tax is deducted from interest payments made to lenders of finance or on dividend payments.While details on which private placements would qualify for exemption will be released next week, it is understood third-party funds and pension fund investors would also be exempt.The six organisations funding the £9bn commitment include asset manager Allianz Global Investors (Allianz GI) and insurers Aviva, Friends Life, Prudential, Legal & General and Standard Life.The chancellor said the exemption signalled the potential beginnings of an enduring private-placement market in the UK.UK private-placement issuers accounted for around 21% of the global market at the end of October 2013, according to S&P.This saw around £7bn issued to a mixture of US and UK lenders.On the back of the announcement, Allianz GI said it was prepared to invest upward of £3bn in UK infrastructure debt over the next 3-5 years.This is in addition to the £600m the company is already on track to invest by the end of 2014.Deborah Zurkow, Allianz GI’s CIO for infrastructure debt, said: “Introducing a new tax exemption for private placements will act as an important step in helping unlock further international investment into UK infrastructure.”Insurer Aviva also announced an immediate commitment of £500m to UK infrastructure debt projects, in addition to £500m allocated last year.This will be done via Aviva Investors, the insurer’s asset management arm.Friends Life, which this week agreed to be taken over by Aviva in a deal worth more than £5bn, is also party to the agreement.It said the tax exemption would allow the company to continue its infrastructure and private-placement business, adding to the £1.5bn already invested.Daniel Godfrey, chief executive at the IMA, added: “This measure is a significant boost to the development of the UK private-placement market.”Yesterday’s Autumn Statement also announced a commitment to investigate the possibility of creating a long-term investment fund backed by tax revenues from shale-gas extraction in the North of England.The government said it would legislate in the next Parliament, from May 2015, for a fund to “capture the economic benefits of shale gas for future generations, and ensure revenues are invested in the long-term economic health of the North to create jobs and investment”.
The football team, playing in its first full season without Moore, has constant reminders of him. The No. 35, which hung inside Smith’s office this season, has been moved into the locker room. Little stickers honoring Moore have been slapped on helmets. The team takes Moore’s away jersey out to practice and plans to bring it to road games. Nearly everyone on the team, Smith said, has dog tags, which Faults and Chandler helped design.On the front is the Linfield logo with the slogan, “Play for Moore,” underneath it. Below that, the No. 35. On the back, it has John 11:25, the Bible verse Moore’s mother picked out.“I am the resurrection and the life. The one who believes in me will live, even if they die.”After Moore’s death, Linfield College had to decide whether it would take the field six days later against Chapman in the next round of the Division III playoffs.Two days after Moore died, Monday, motivational speaker Will Keim addressed the team before it decided to practice that day. Tuesday, students on campus held a candlelight vigil. Wednesday, the team ate dinner together, talking mostly of Moore. Thursday, Chandler, Faults and Smith spoke to nearly 2,000 mourners at Moore’s memorial service. Friday, the team rested.“We went out because that’s what Parker would’ve wanted,” Smith said. “He was a worker, a grinder. I think he would’ve been mortified if we’d stopped then.“But I honestly didn’t know how we’d come out and play.”Linfield scored touchdowns on its first four drives and never let Chapman into the game. The following two weeks, 10th-seeded Linfield beat two previously undefeated teams, Mary Hardin-Baylor and Widener. The Wildcats run ended in the national semi-finals, losing, 20-14, to eventual-national champion Wisconsin-Whitewater.Seven months later, speaking on the phone from his office, Smith talked about Linfield’s newest tradition. Moore’s jersey, the No. 35, will be worn by an junior or senior defensive player who best represents what Parker stood for as a player and as a person.“In football, you’re never just playing for yourself,” Chandler said, who was selected to don the number this season. “You’re not playing for the love of the game. You’re not playing to win. You’re playing for your brothers. We’re playing now for a brother that we love, and a brother that we lost. This is a lot more than just a game.”On Sept. 12, Linfield begins its season with Homecoming against Chapman—the same team Linfield played against in its first game without Moore.Saturday, 301 days after Moore’s death, a player in a Linfield College uniform will run onto the field with John 11:25 around his neck, wearing No. 35. Comments Published on September 10, 2015 at 9:49 pm Contact Sam: email@example.com | @Sam4TR A few minutes after 11 p.m. on Saturday, Nov. 15, 2014, 33-year-old Joventino Bermudez-Arenas entered a McMinnville, Oregon 7-Eleven and approached the man checking out. He took out a knife and stabbed 20-year-old Parker Moore twice in the chest.Medics airlifted Moore to a Portland hospital, where he later died. Moore and Arenas did not know each other, and police reportedly found no motive.The 7-Eleven sits across the street from the campus of Linfield College, where Moore played linebacker on the football team. Hours earlier, Moore helped shutout Linfield’s opponent 59-0 to win its conference championship.That night, Moore’s close friends and teammates, Kyle Chandler and Eli Faults drove an hour to Portland. The next morning, the team met in the locker room with grief counselors.“We’re not going to pretend this didn’t happen,” Linfield’s head coach Joseph Smith said. “We don’t want people dealing with it alone in their dorm rooms. I want (my players) to talk about it…(They’ll) never quite recover, but we want to honor (Parker) by being better men. I fully believe that if a bunch of young men living their lives that way then his death won’t be in vain.”AdvertisementThis is placeholder textLinfield, a historically good Division III football school in McMinnville, Oregon, suddenly faced an adversity much greater than football, Smith said. It’s been ten months since the shock, since Moore’s death, since the improbable playoff run. The 2015 school year has brought pain. When a group of teammates couldn’t compromise on where to live, Chandler thought of what Moore would do to please everyone. For the first time in three years at Linfield, Chandler won’t room with Moore.“It’s always in the back of your mind,” Chandler said. “The week after it happened, we had a week of just these gorgeous sunsets. When I wasn’t in playing, I would kind of just look off, sitting there on the football field thinking about him. I still have those moments. But you learn to live with it. You have to.”The team’s focus was not moving on, but moving forward with his memory, Smith said.This season, before its second game, Linfield will unveil a monument near the stadium, bearing Moore’s picture and some lights. The day after, Linfield will host a memorial run/walk event of 3.5 miles—Moore wore number 35—which will end at Maxwell Field, Linfield’s home turf.Courtesy of Linfield Athletics Facebook Twitter Google+