Fraud prevention

System breaches similar to events at Equifax and Marriott could just as easily happen to credit unions, leading Mastercard and the credit union service organization, PSCU, to take protective measures.

The Silicon Valley partnership represents an extension of — but also a departure from — the consumer strategy that Goldman has been pursuing since the launch of its digital consumer bank, Marcus.

Reports of improper charges by perpetrators who know the victim soared last year. Issuers and card networks are failing to tighten security, clearly label transactions and police chargebacks, critics say.

Merchants are often the last in the payments ecosystem to know when card fraud occurs, and their losses tend to escalate in the meantime.

Mastercard is bringing Ethoca—a fraud solution powered by collaboration between banks and merchants—in-house.

Two years ago, Ellen Richey became Visa's vice chairman and chief risk officer, propelled to this role by over a decade of work that fundamentally changed how the average consumer makes a payment. Richey plans to retire this summer, ending a 40-year career in law and risk management.

The past six years have been a whirlwind for King, who had no experience in the payments industry before becoming CEO of Featurespace, the fast-growing U.K. startup enabling banks to use machine-learning technology to block payment card fraud.

Lawmakers must hold merchants accountable when credit unions are left cleaning up the mess after data breaches.

BrightWise is a joint venture among the Iowa CU League, its holding company and LMG Security. The initiative aims to teach credit union professionals how to better protect their institutions.

The league will work with Quatrro Processing Service to provide member credit unions with access to emerging technologies to combat fraud.