The Federal Credit Union January-February 2014 - (Page 4)
'Members First' Is More Than
Great Service and Rates
By Mike Parsons, NAFCU Chair
he credit union motto "members first" might bring to mind
great service and the best rates
in town - but often, true
member service occurs behind the scenes.
In this era of cyberthreats, ensuring that
your members' data remains secure is a
growing challenge but a key requirement
for meeting members' needs.
Here at First Source Federal Credit
Union, we're doing everything we can to
ensure that our members' data is secure.
By adhering to the data security standards
in the payments sphere as well as employing the latest technologies available to
protect data kept in-house, we accomplish
our mission. Some of the tools we use to
do this include:
Network-based data encryption,
which stores and protects our
members' sensitive data within our
network, while at rest.
■■ Data loss prevention (DLP), a solution
for discovering, monitoring and protecting confidential data and detecting
potential data breaches.
■■ Vulnerability and penetration testing.
■■ Internet and email filtering, monitoring and reporting.
■■ Device control for removable media
devices such as USB drives, DVDs
■■ Employee information technology
security awareness training.
■■ Social engineering testing - annual
testing to ensure that employees are
following documented policies, procedures and security best practices.
One other requirement First Source FCU
is in the process of implementing is EMV.
Set by the major credit card brands, this
technology reduces fraud risk through
enhanced card security features. A liability
shift to EMV is set to occur in October
2015. By then, any card issuer or merchant
that does not have an EMV-enabled terminal will assume liability for counterfeit card
transactions. We are currently in the process of planning for an EMV migration of
our credit card portfolio in 2014. As First
Source FCU moves in this direction, we
will offer a hybrid card that features both
EMV chip technology and the magnetic
strip for ease of use anywhere.
This will be an industrywide shift, and
NAFCU members such as United
Nations Federal Credit Union, State
Department Federal Credit Union,
American Airlines Federal Credit Union,
Andrews Federal Credit Union and
Members 1st Federal Credit Union have
already launched EMV systems.
American Airlines FCU's EMV prepaid
card works anywhere in the world, since it
offers both chip and PIN technologies. The
credit union promotes the card as combining the latest technology and best in safety
and security for its members. Members
1st FCU touts its Visa International EMV
chip reloadable prepaid cards as perfect for
its traveling members. The card allows its
holder to make purchases and get cash at
Visa ATMs throughout the world without the worries of exchanging for foreign
currency ahead of time.
While implementing this new payment
system requires both time and financial
investment - and though it is an industrywide requirement - it is proving
its worth to members. Because of its
advanced technology, it wards off cybersecurity threats and gives members more
options in their day-to-day lives.
Upgrading to new technologies and tools
is all part of the "members first" motto
- even if our members don't see what
is happening behind the scenes. Credit
unions gain new members with favorable
rates and personalized service, but a key
to keeping those new members is ensuring that their data is safe and secure.
THE FEDERAL CREDIT UNION JANUARY-FEBRUARY 2014
Table of Contents for the Digital Edition of The Federal Credit Union January-February 2014
Voices & Opinions
From the Chair
2014 Economic Outlook: Slow Speed Ahead
Waging the War Against Cyberthieves
Meet Rick Metsger
2014 NAFCU Vendor Directory
Getting to Know...
Inside NAFCU Services
From the President's Desk
The Federal Credit Union January-February 2014