Cards in a Cyber-Secure Company: Receiving Payments
Mike Steele knows better than to expect that any weapon he deploys against cyber-hackers will defeat them completely. “We anticipate what will help us reduce any losses,” says Steele, VP of accounting and controller of the Lake Michigan Credit Union. “We look for any technology that will give us significant advantages.”
Lately, for card issuers this has meant shifting from issuing magnetic striped cards to chip-equipped EMV cards (the initials refer to standard-setters Europay, MasterCard, and Visa), which are far more secure. Even with merchants upgrading their payment terminalsto accept the new cards, the change “won’t stop the hacking,” says Steele. With over 460,000 members, Michigan’s largest credit union, like every financial institution, will have charge-offs for fraud as a result.