Debit Transactions Far Exceed Credit for Second Consecutive Year
7/6/21 – Following a year of exponential growth in e-commerce, it’s no surprise Amazon’s annual Prime Day shopping holiday exceeded expectations. Total sales surpassed $11 billion, an all-time high for the massive e-commerce event, according to Adobe.
Transaction data analyzed by CO-OP Financial Services’ SmartGrowth card portfolio experts reveal debit cards were far and away the preferred spending tool for credit union members participating in Amazon Prime Day. Debit cards accounted for a full 90 percent of all Amazon credit and debit transactions processed by CO-OP on June 19 and 20, 2021, Amazon Prime Day 2021.
“A couple of payment market and consumer behavior trends are at play here,” said Beth Phillips, Director, Strategic Portfolio Growth for CO-OP. “On the one hand, credit spending has been down overall since the start of the COVID-19 pandemic. Also at work, however, are the bandwagon deals and specials from other large retailers that may have been successful at attracting heavy credit users away from Amazon during this promotional period.”… Read more
7/6/21 — PSCU, the nation’s premier payments credit union service organization (CUSO), is pleased to announce the return of its Credit Union Give Back Sweepstakes. For the second year in a row, the PSCU-sponsored rewards campaign will encourage card usage to increase member engagement and loyalty, all while giving back to the communities in which credit unions and their members live and work.
Starting July 12 and running through Oct. 31, cardholders with credit union rewards points or cash-back card must use their rewards card a minimum of four times per week or participate in the alternate eligibility survey to qualify for regular drawings. Starting in late August, five members will be randomly selected each month – for a total of 20 sweepstakes winners – to receive $5,000 to offset their monthly credit/debit card purchases. In addition to the individual winners, 10 credit unions will be randomly selected in October to receive $10,000 to donate to local charities of their choice.… Read more
7/2/21 – AuditLink, the audit and compliance division of CU*Answers, announced new native fraud detection functionality in the most recent release of CU*BASE®, the CUSO’s flagship core data processing platform. Jim Vilker, VP of Professional Services and leader of the AuditLink division, indicated that sets this apart from third-party standalone systems requiring an exchange and translation of data is that the data being used and analyzed is native to the core and vastly larger and more reliable than third-party software systems. “Data governance is a real problem with third-party systems and lack of knowledge of the data and how it is being analyzed is quickly becoming one where financial institutions are being required to have third parties validate the translation at significant costs,” he added.
The new functionality is configurable by individual credit unions and there is no limit to the fraud and money laundering detection patterns credit unions can configure across a vast amount of member information.… Read more
6/29/21 – Ongoing Operations, LLC (OGO) is proud to announce its partnership with Adlumin, Inc. The two companies will work together to revolutionize the way credit unions secure their sensitive information. Adlumin’s patented security and compliance automation platform improves overall network health and efficiencies of cyber resources. This technology will couple seamlessly with OGO’s log aggregation services, hosting tools, and security techniques. Additionally, ongoing Operations will be an authorized reseller of Adlumin’s SOC, OVERWATCH, and SIEM products nationwide.
“One of Ongoing Operations core values is Relentless Improvement. Working with Adlumin demonstrates our never-ending commitment to consistently improving how cybersecurity solutions are deployed and tailored for the credit union industry. Adlumin and OGO’s partnership to deliver a 24/7 SOC and SIEM for credit unions allows for us to bring OGO’s highly customized Credit Union experience and bench to a fantastic cyber platform,” says Kirk Drake (CEO of Ongoing Operations). Together these two companies will provide a wide range of cybersecurity services to keep credit unions and their members safe 24/7/365.… Read more