Consumer lending has many forms and credit cards are increasingly a profitable one for credit unions. Historically, the industry has looked to outside vendors for credit card management due to its inherent risks and complexities. As core processors catch up to technology advancements and credit unions acknowledge technology to be of crucial importance to survival, in-house card management is a reality for many credit unions. Below are two of the main reasons that credit unions are jumping on to the in-house credit cards trend, and one reason your members will love you for it.

We hate to be "that" person, but we told you so. As predicted, Card Not Present (CNP) credit card fraud continues to rise since the establishment of EMV technology (chip cards) last October. CNP transactions include any payment made where the card is not physically present, online, over the phone or mobile. While card present fraud experienced a 43% decrease, according to Visa, CNP fraud experienced a direct increase. The US Payments Forum 2017 report stated that the increase in security of chip cards forced fraudsters to focus their attention on an easier target: CNP transactions. The report concluded that this trend will continue into 2018 and consumers can expect fraud dollars to exceed $6 billion.

Spending money is almost certainly a daily event, and those credit and debit cards surely get a workout. In an environment where card fraud and security risk is increasingly prevalent, is your card management product ready for all that action? More importantly, how are you marketing your card controls to your members? Recent card control developments have come about that can not only help your members get a grip on all that activity but also allow them to more closely monitor exactly what is happening with their accounts. However, if members are not aware that they exist, and are therefore not using them, what good do they do? Take a queue from a Utah credit union who infused humor into their social media feed to illustrate to members the capabilities of their mobile banking app to protect them:

As Christmas decorations begin to fill the aisles and ads flood our news feeds, we embark on another holiday season. From holiday exchanges to presents for the kids, purchases are being made at an escalated rate. Even the most stubborn scrooge finds themselves frivolously spending during the holidays. Whether your members are early bird Black Friday shoppers or those who run through Target aisles on Christmas Eve, it's easy to forget budgets and overspend. As a credit union, it's important to keep your members in mind during the festive season and offer them the tools to keep their assets in line.

College students and teens are the number one target for credit card companies. Rightly so, since they represent a large part of the consumer market eager to build credit (or just consume), while many parents are willing to bail them out of a jam. Studies have found that over 80% of graduating college seniors have credit card debt before they even land their first job, with one in four leaving college having more than $5,000 in debt and one in 10 with over $10,000 in debt.¹ It can be a high-risk business for card issuers, and it would be wise as a credit union to pay particular attention to your credit card management policies and programs, especially when it involves younger members.

In  the months leading up to October 2015, there were many questions in the payment card industry, from issuing banks and credit unions, to processors, to merchants and all the way to consumers.  The main question on everyone's mind was "How will EMV and the chargeback liability shift impact me?" While the U.S. transition to EMV or chip card technology, has not always been smooth sailing, a year later one thing is certain: EMV has made a lasting impact on credit card fraud, but it is not enough to take on the task alone.

When many people hear the term dormant they think of once active, but now quiet volcanoes. For those scientists that have the difficult job of classifying a volcano as dormant versus extinct, the process can take years. Luckily for credit unions, they don’t need to turn to volcanologists for assistance when analyzing inactive accounts. Finding a means to erupt inactive credit card accounts is a bit easier.  Who's your cardologist? So what is the key in both scenarios - volcano classification and credit card history?  

As  teachers and students wrap up an "always-too-short" summer and return to their familiar routine at school, one credit union decided to think out-of-the-box and deliver more than an apple to their school district's teachers. The Utah State Legislature annually issues grants to school districts for commonly needed classroom supplies. Teachers are allocated hundreds of dollars each year so as to meet the unique educational requirements of their respective course curriculums. With district oversight, teachers may spend funds on a variety of supplies benefiting their students. Historically, teachers would purchase supplies from their personal account followed by a reimbursement request submitted to the district.