Reduce borrower exposure to fraud with internet pin debit

first_img 8SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Brad Young As COO of The Financial Institution Group’s AutoPilot® Services, Brad Young manages and consults on all aspects of SWBC’s suite of risk and account management services, including collections, … Web: Details Reduce Borrower Exposure to Fraud with Internet Pin DebitYou can hardly turn on the news or read an article online without hearing or reading about the latest case of fraud or identity theft. Just when consumers get comfortable and start to think that the threat has subsided (out of sight, out of mind), the Target debacle in late 2013 put digital security threats back into the forefront of people’s minds. The Target data breach affected more than 110 million consumers. Identity theft could be devastating to your borrowers—from the loss of assets to the time and energy spent rectifying the situation; it is in their best interest to avoid exposure at all costs.However, online payments and purchases have become a part of the fabric of modern commerce. Consumers prefer the convenience of paying their bills online—who has time to write and mail checks via snail mail?—and look to their credit unions and service providers to offer the platform for them to do so. Your borrowers want the convenience of online payment options, and they expect that you will provide a secure avenue for them to conduct their business.With that in mind, consider internet pin debit, a payment solution that can be added to your existing online payment portal. It allows your borrowers to make their payments using their debit card and requiring a PIN. Offering PIN authentication increases the security of the transaction on the back-end; transnationally, users will see their card issuer’s familiar logo on-screen before they hit the “submit” button, affording them peace of mind that security is of the essence.How it worksYour borrower enters their PIN number by selecting the digits on screen—as opposed to keying it in on their keyboard—preventing the PIN from being captured during transmission and processing. This added security occurs because only the PIN coordinates are captured—as opposed to the actual digits—and then encrypted prior to being processed. As another level of security, after each digit is clicked, the PIN pad scrambles, never leaving numbers in the same location on the PIN pad.The high cost of a security breachInternet pin debit not only protects your borrowers, but it also protects you. According to Chubb, the average data breach loss in 2011, was $5.5 million. If your credit union were to experience a data breach, it could be very costly—both financially and when it comes to your reputation. The repercussions of a damaged reputation could cost you your borrowers’ trust, and potentially their business. A security breach is not 100% avoidable. You certainly hope it doesn’t happen to your credit union, but it could. Internet pin debit is just an added level of protection and security that you can add to your repertoire of services.Internet pin debit allows your credit union to reduce your borrowers’ exposure to fraud and manage the associated costs that accompany a security breach.If you would like to offer your borrowers a secure online payment portal with internet pin debit to make their loan payments, call SWBC at 866-316-1162 for a free demo, or click here to learn more.last_img read more

OECS leaders urged to consider a regional health scheme

first_img Tweet Prime Minister Roosevelt Skerrit has called on leaders of the Organization of the Eastern Caribbean States (OECS) to take a closer look at a regional health insurance scheme.The call was made at the opening ceremony of the 62nd OECS Authority Meeting on Wednesday 18 November 2015. That meeting is being hosted in Dominica and will culminate on Thursday 19 November.The Authority meeting brings together heads of the OECS as they seek to address issues impacting the OECS and regional counterparts. Prime Minister Skerrit pointed out that there are several issues affecting regional economies, namely the high prevalence of Chronic Non communicable diseases (CNCD’s).“Diabetes and these other diseases are a major threat to our economy. When a forty year old’s both legs are amputated and he has five kids at his home to take care of, someone who would have been in the middle class would have been take to poverty and a burden on the state,” he said.The Prime Minister stated that the population of the OECS provides the ideal constituency for the consideration for a regional health scheme. “Too many citizens are finding it difficult to finance health care. We have seen people with vast bank accounts reduce to zero or even to loans to finance their health care”.Mr Skerrit stated that the majority of the population cannot finance a health insurance program and do not have the financial resources to finance their health care. “We have to find a way of bridging the gap with regards to our health and our health care financing. I am hoping that we can advance the discussions with regards to a regional health insurance program,” he said.Mr Skerrit pointed out that while Dominica is working on its own program, it would benefit the beneficiaries much better if there was a larger pool.Meanwhile OECS Director General, Didicaus Jules stated that there is a challenge to re-conceptualize the OECS integration project. “The first challenge is a need to reconcile the national imperatives with regional necessities. It is widely accepted that all politics is local but not all solutions can be purely local given the power and dynamics of the global framework.”Mr Jules pointed out that, “the OECS Commission is therefore challenged to exercise greater responsiveness to the particular challenges to individual member states and are extracting lessons applicable to the collective in ways that add greater value, create best practice or avoid the duplication of trial and error”.– / 24 LocalNewsRegional OECS leaders urged to consider a regional health scheme by: – November 18, 2015 312 Views   3 comments Sharecenter_img Sharing is caring! Share Sharelast_img read more