Allied Solutions is the NAFCU Services Preferred Partner for Insurance- Bond, Creditor Placed (CPI), Guaranteed Asset Protection (GAP), Mechanical Breakdown Protection (MBP), and REFUND Plus®.
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Key Takeaways:
- [01:20] For over a decade, the Federal Reserve Board had Reg II for card present. In 2023 the FBR created Reg II for card not present. These are transactions that are done on the internet or online.
- [03:10] It is essential to start this journey from a credit union’s perspective of understanding what layer of security they have in their currently selected networks. That will give you some information on what security features you already have in place and what is being offered that you don’t have in place. That is likely going to be eliminated when a merchant is going to reroute to networks you didn’t select.
- [03:51] It is not a new fraud exposure but it is a more severe exposure.
- [04:40] It used to be that the bad actors would go into a business and purchase gift cards under $50 which allowed the merchants to reroute that transaction and strip credit unions of their security. Now the bad actors can do this from the privacy of their homes from a card not present. It is disastrous.
- [07:49] The merchant is driving which network they want to send it down but it is because it is cheaper for them.
- [08:23] Our lawmakers and merchants truly don’t understand the impact. Merchants don’t want credit unions or financial institutions to absorb losses like these but it is the consequence of this decision.
Presented By
Ann Davidson
Vice President of Risk Consulting | Allied Solutions
With more than 40 years of diverse experience in the financial industry, Ann Davidson has become a nationally renowned expert in risk control and risk management. Ann has an impressive list of achievements and accreditations in the financial industry, which includes making notable article contributions to accredited financial publications and being a keynote speaker on a variety of risk management topics at hundreds of conferences and seminars nationwide.
Tracie Wilcox
President and CEO On Tap Credit Union
Tracie is an innovator with a creative flair for bringing new ideas to On Tap Credit Union. Tracie has been upwardly mobile throughout her career, starting as a part-time teller to her current position as President and CEO of On Tap Credit Union. She searches for innovative ways to overcome obstacles and “craft solutions” for members. Under Tracie’s leadership, the Credit Union has grown exponentially via a complete rebranding from Coors Credit Union to On Tap Credit Union, a strategic move to include all breweries and beer enthusiasts. She takes pride in giving back to both the local and beer communities.