INFO NEWS

The "chip to chip" functionality

May 15, 2020

INFONANCIAL is the first banking system in Canada to successfully develop and complete testing with Everlink for both “chip on chip” functionality and the new 2-day transit open payments hold. The former will allow members to change card status from “blocked” to “active” for cards blocked by Fraud Alert System (FAS) or Proactive Risk Manager (PRM); eliminating the need for manual intervention by the credit union. The latter will allow for longer transaction holds t meet the needs of members using their Flash-enabled debit cards to pay for actual travel-based fares on participating transit systems. You can expect to see these changes in our October software release as they are new mandatory standards for Interac.

Cybersecurity continues to be in the news both with the recent Capital1 security breach and cybersecurity standards becoming an issue in the current federal election. Credit Unions concerned about this issue should consider recent lessons learned which include: updating/upgrading firewalls to Next Generation standards; regular security audits to detect weaknesses; training staff on malware and phishing prevention; and making sure data files are never transferred onto personal devices. Employees bringing in their own devices, shared internet networks, and easy to guess passwords can all contribute to risk. In addition, INFONANCIAL offers both INFOWall firewall services and cybersecurity training, audits, and consulting

INFOTips

· As a courtesy, we can also provide a Cybersecurity awareness presentation to your board of directors. This type of training will help with meeting your obligations to safeguard your members’personal information under PIPEDA. In Ontario, it would also count as director training under the DICO requirements for core competencies in Operations and/or Risk Management. Directors who have already completed this program are giving it enthusiastic feedback.

· See how well you know INFONANCIAL by answering the following question:

Q: The INFONANCIAL banking system has quite a number of pre-configured reports available for your use. The number of reports already offered is closest to:

(a)   150 reports   (b) 300 reports   (c) 500 reports  (d) 800 reports  (e) 1000 reports

A: INFONANCIAL actually has over one thousand different reports available for use. So if you are looking for a specific report, it is very likely already available.