Regulations, fraud, security, and the need for digital engagement will shape the financial services landscape in 2016, according to a panel of credit union technologists, payments providers, and mortgage experts.
Here’s what five providers believe will be the “next big thing” in 2016.
Combat ‘Card-Not-Present’ Fraud
Every credit union is concerned about increasing fraud losses. A large, looming issue for credit unions in 2016 will be developing ways to combat card-not-present fraud.
This could be through the one-time use of account numbers (or tokens), tokenizing merchants with accounts on file (like Amazon, iTunes, etc.), cloud services (like VISA CheckOut or MasterCard MasterPass), or revolving personal identification numbers.
Additionally, credit unions will need to determine how to get members to use these new approaches given they have $0 liability for fraud losses.
KENT POTTERTON is vice president of card solutions consulting for PSCU.
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