The Federal Credit Union January-February 2014 - (Page 4)

FROM THE CHAIR 'Members First' Is More Than Great Service and Rates By Mike Parsons, NAFCU Chair T 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 and CDs. ■■ 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 4 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
Inside NAFCU
Business Talk
2014 Economic Outlook: Slow Speed Ahead
Waging the War Against Cyberthieves
Meet Rick Metsger
2014 NAFCU Vendor Directory
Getting to Know...
Compliance Central
Inside NAFCU Services
From the President's Desk

The Federal Credit Union January-February 2014