Credit Union Management Magazine, a monthly publication for senior executives and directors of credit unions, has published an article in its July 2008 issue from Bankcard Compliance Group entitled, ATM PIN Security.  A copy of the article is provided here.

A ruling on July 16th 2008, by the U.S. Third Circuit Court in Philadelphia may set a precedent for financial institutions to recover costs associated with the reissuing of bankcards due to a security breach by a third party. This court ruled in favor of Pennsylvania State Employees Credit Union and Sovereign Bank on an appeal they made to a breach of contract claim against BJ’s and Fifth Third Bank. The ruling reverses the district court ruling and will allow Pennsylvania State Employees CU and Sovereign Bank to continue with their case for compensation for losses.  Although this could provide an important avenue for reimbursement of losses incurred due to other’s negligence, it could also be considered a warning for financial institutions to make sure that they are in compliance with their relevant network operating guidelines. The full text of the ruling is provided here.

The Credit Union Executive Society, CUES, has named Bankcard Compliance Group an approved vendor for PIN Security Services.

NYCE, STAR, and Pulse have introduced new auditor requirments in 2007. A new certification and accreditation entitled “Certified TG-3 Auditor” (CTGA) has been developed by these networks to improve and standardize the quality of the audits and the security controls used to protect PIN debit transactions. To earn the CTGA, an auditor must complete mandatory training and continuing education as well as pass a comprehensive exam.  This new certification significantly strengthens the ability of a financial institution to objectively evaluate the competence of an auditor. Bankcard Compliance Group is pleased to provide a CTGA certified auditor for its clients. Please see the attached press release for more information. Press Release

Credit Union Business magazine has published an article from Bankcard Compliance Group entitled TG-3 TIME AGAIN in its white paper library. The white paper can be found at their web site at: www.creditunionbusiness.com/html/white_papers___reports.html

The CUNA Technology Council, a national network of credit union technology professionals, published this article in its newsletter “CONNECTED”. The article, TG-3 TIME AGAIN, explains the purpose of the review and the benefits to the financial institution that completes the review. The entire article is available at:

www.cunatechnologycouncil.org/download/ctc804.pdf

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