KEY BISCAYNE, Fla. -
The good news is, CUs and their partners have made significant strides in curbing that problem. The bad news is, it remains a very real threat. "We haven't seen any big breaches lately, but it's like a hurricane in Florida-it only takes one storm to blow it away," Post said. "The problem will not be solved until we get better technology into the cards."
Post cited the Excalibur card, which features a biometric "on/off switch" that generates a unique number that can be used for only one transaction, as an example of the type of technology needed to get card fraud under control.
"In Finland, they have moved away from cards to cell phones," he related. "But we have to be careful with that because then the question becomes: does that take credit unions out of that game and let the phone companies in? We have to be sure we stay on top of this."
