Author: electricpulp

Due to COVID-19 health and safety protocols, e-commerce has seen exponential growth. In 2020, digital commerce sales came in at more than $861 billion in the U.S. alone, which was up 44 percent from 2019. There are no signs of a slowdown any time soon. As a result, financial institutions everywhere have an amazing opportunity to meet their customers where they’re shopping: online.

Not only will an e-commerce strategy make shopping online quick and easy for your customers, but it can also drive more non-interest income for your institution, something that has proven to be very important over the last year.

For over 40 years, The Advantage Network has helped financial institutions in this very way. Not only can these strategies help you better serve your customers, but they can also make a difference in your bottom line. When it comes to e-commerce, there are lots of ways to make debit card usage easier for your customers, which in turn can drive non-interest income for you. Here are a few ways we can help encourage e-commerce amongst your cardholders.

Develop a Card-on-File strategy

Perhaps one of the best ways to support your cardholders as they shop online is through a Card-on-File strategy. Card-on-File refers to the storage of a cardholder’s credentials or card information with a specific merchant, which makes online shopping easy. We can help identify if a cardholder has their card enrolled at specific merchants based on the transaction type.

As a Visa partner, The Advantage Network and our member institutions have access to all of Visa’s analytics, marketing tools, services, and reports, including Visa Checkout, Visa’s card-on-file platform. With Visa Checkout, cardholders can store their debit card and billing information to make their online shopping faster, easier, and more secure, and can use it at any merchant where Visa Checkout is accepted.

Reward your cardholders for shopping online

Debit card spending campaigns are a great way to reward cardholders for using their card(s) online. Effective incentives can range from cash back or a gift card. When you work with us, we can provide this type of marketing support, brochures, and other collateral to enhance your e-commerce strategy.

We can customize a marketing campaign specific to your institution’s needs by reviewing your current program and seeing where a campaign would be beneficial to increase transaction volume. We can also discuss the different rewards programs available to see which one would be a good fit for your debit card program.

Promote digital wallets

A digital wallet is a phone app or service that can be used to pay for purchases at participating stores. It’s the perfect way to make shopping and paying online quick and easy for your customers. Mobile wallets provide a one-step checkout process, which allows the customer to skip having to enter their card and billing information, making the transactions seamless and secure. Instead, the customer simply holds their phone up to the terminal or enters their mobile wallet credentials online, and that’s it! No swiping cards or entering card numbers.

By getting your card uploaded into a mobile wallet, you have the opportunity to increase the chances of a cardholder using their debit card, and therefore, increase your institution’s non-interest income. When you source your debit card production with us, we can provide hands-on service in implementing these programs.

Communicate security features of debit cards

Some cardholders may be hesitant to shop online using their debit card due to security concerns. A great way to address these concerns and encourage these cardholders to use their debit cards while shopping online is to educate and communicate about the security features of their card. As an issuer of Visa debit cards, we can offer information about Visa’s Zero Liability Policy, 24-hour fraud monitoring, transaction alerts, and card controls. Each of them offers different protection and peace of mind for your customers.

Want help creating a strategy like this? Work with us!

As a regional leader in electronic funds transfer (EFT) services including debit card production, ATM driving, and more, we have the expertise and customer service to make your debit card program a success. To learn more about creating a powerful e-commerce strategy, please contact us. We’d love to work with you!

The COVID-19 pandemic has no doubt created challenges for financial institutions across the country. However, one of the hallmarks of community banks is their ability to quickly adapt and overcome the challenges in front of them. With everything we’ve experienced in the recent months, it’s important now more than ever that community banks find innovative ways to continue to serve their customers and keep them safe.

The Advantage Network was born from an independent community bank. That’s why, like a community bank, we value putting customers and relationships first. The pandemic has created opportunities to do just that by finding new ways to protect customers, and The Advantage Network can help.

Contactless cards

One of the ways you can protect your customers in the fight against COVID-19 is by offering contactless cards. At a merchant terminal where contactless cards are accepted, customers simply tap their cards instead of swiping or inserting their card in a machine that’s been used by hundreds of people.

We began implementing contactless cards in early 2020, and we’re excited about the opportunity to provide this service to our member institutions. Not only are contactless cards a safer solution for your customers, it is the quickest, most convenient way for consumers to pay at merchant terminals. Adding this feature may also make your card top of wallet, if it isn’t already.

Mobile wallets

Supporting digital wallet programs like Apple Pay, Samsung Pay, or Google Pay is another way you can protect your customers. A digital wallet is a phone app or service that can be used to pay for purchases at participating stores. It’s a great a way for your customers to make purchases without touching frequently used credit card terminals. When your customers link their debit card to a mobile wallet, their card information is safe and so are they. When you source your debit card production with us, we can provide hands-on service in implementing these programs.

Online shopping has increased with the COVID-19 pandemic and getting your card uploaded into a mobile wallet will increase your chances of your debit card being used, increasing your non-interest income. Mobile wallets provide a one-step checkout process, allowing the customer to skip having to enter their card and billing information, making the transaction seamless and secure.

As a regional leader in electronic funds transfer (EFT) services including debit card production, ATM driving, and more, we have the expertise and customer service to make your debit card program a success, even in times like this. To learn more about supporting digital wallet platforms or about our contactless cards, please contact us.

Phishing refers to the attempt to steal a person’s personal information, mainly login credentials and card information. Scammers will then use this information to conduct fraudulent transactions. Here’s an example of a phishing attack and how you can prevent your cardholders from becoming victims:

The fraudster gathers information from social media to get to know the victim. They’ll use this to make the scam more believable. Then, the cardholder receives a phone call from the fraudster posing as a financial institution employee. Fraudsters often spoof phone numbers from financial institutions when contacting the victim to make it seem legitimate.

The fraudster informs the cardholder that they have fraud attempts on their card and that they will receive a text with a case number. While on the phone, they will perform a transaction they know will generate a fraud alert. When the cardholder receives the case number, the fraudster asks for it, claiming it’s so the card can be permanently blocked. Instead, they’ll use the case number to call into the SecurLOCK IVR and validate the activity, so they can continue to use the card fraudulently.

The fraudster may also suggest the cardholder transfer money into their checking account from their savings to make it “safer,” thereby giving the fraudster access to more money. The cardholder thinks the fraud was caught and stopped, while the fraudster is busy committing more fraudulent transactions and stealing more money.

As a reminder, SecurLOCK will never ask for the following information:

• Account number/card number
• CVV
• PIN
• Passwords
• Social security number
• Online banking credentials

Also, SecurLOCK will never suggest transferring money from one account to another. If any information concerning suspicious activity is texted to the cardholder, SecurLOCK will not call and ask the cardholder for the information. When cardholders call into SecurLOCK to validate suspicious transactions, SecurLOCK will request the case number to authenticate them. The cardholder should always reply NO if they are unaware of the transactions in question received via a text or email, no matter what direction has been given to them.

If you have any questions, please contact us.

Gas stations can be a popular first stop for fraudsters because they can test stolen or counterfeit cards without the risk of facing an employee. Research shows that when prompted to go inside a store to complete a transaction, most criminals will drive away instead.

As an issuer, your financial institution benefits from the following Visa fraud mitigation tools:

Visa Transaction Advisor

Visa Transaction Advisor (VTA) is a merchant service that has reduced fraud by more than half for merchants using the service.

When a debit card is inserted at the pump, Visa analyzes more than 500 pieces of data about the cardholder’s account and global fraud trends. VTA determines the risk of the transaction and provides a risk score that helps merchants identify transactions with a higher risk of fraud.

If a transaction is denied, the cardholder may be prompted to go inside the station to pay. If the cardholder does go inside, the clerk will swipe the card to preauthorize the transaction and the cardholder can then pump their fuel up to that preauthorized amount.

The reject reason on CMSe for the original transaction will be “AE-Account on Neg File” and the denial on Data Navigator will be “903-Re-enter Transaction.” This message also appears if a cardholder was asked at the pump to key in their zip code and the incorrect zip code was keyed.

Address Verification Service (AVS)

Address Verification Service (AVS) verifies the card zip code. If the cardholder swipes their card at the fuel pump and is prompted to enter their zip code, the merchant sends an AVS ZIP request to the issuer. The issuer responds with a code that indicates whether the zip code given by the cardholder matches the address in CMSe. A partial or no-match response may indicate an elevated fraud risk. Depending on the risk score, the cardholder could proceed with pumping fuel, be prompted to pre-pay inside the store, or be denied. The AVS process is separate from the transaction authorization process.

Velocity Checking 

Velocity checking is a feature of SecurLOCK Fraud Manager that monitors the frequency of transactions on the same card. Two AFD transactions for the same card within a 24-hour period at the same location will cause the cardholder to be directed to the store to complete the purchase on the third attempt.

A Person-to-Person (P2P) payment app is a service that allows one user to send money to another using an app or website. P2P apps are linked to your deposit account or through your debit card. Payment apps include PayPal, Venmo, CashApp, and many others.

You can use them for anything from splitting a dinner bill, paying rent, or contributing to charity. Some P2P payment apps are built into or available through mobile banking apps or smartphones. Most are available as stand-alone apps that can be downloaded. You can even send money through Facebook Messenger by adding a U.S.-issued debit card to your Facebook profile.

Each mobile payment app has its own advantages and limitations. Choosing one depends on the features you want. For example, if your bank has a mobile app, it might offer the option to send or receive money. However, it could be limited to customers within your institution. Some apps may have a processing delay and others may charge a small processing fee.

When choosing an app, you may be ask yourself, “How do I choose the right app? Is one safer than the others?” Do what most folks do, and ask friends and family for recommendations. Look for a service that encrypts transaction data and complies with Payment Card Industry Data Security Standard (PCI DSS).

P2P payments are flourishing due to the convenience of being able to immediately and safely send and receive funds, pay bills, and make purchases anytime, anywhere.

Advantage ATM and Checkcards are accepted worldwide for purchases in person, online, in-app, and by phone wherever Visa is accepted.

When a cardholder makes a purchase at a merchant, they may be asked to authorize the purchase with a signature or PIN. In many Point-of-Sale (POS) scenarios, the cardholder is not immediately presented with a choice regarding the authorization method.

Choosing Credit at a Merchant

• If a merchant accepts both “Credit” and “Debit” payment options, you may be presented with the option to choose the payment method you prefer. Just swipe, insert, or tap your card and select either Credit or Debit.
• On some terminals, you may not be offered the choice of credit or debit after swiping, inserting, or tapping your card. If you are prompted to enter your PIN, you may be able to press CANCEL to make a signature or credit purchase.
• Some terminals will prompt you to choose “Visa Debit” vs “U.S. Debit.” Visa Debit means that the transaction will run on the Visa network as a “credit” (for most purchases), while “U.S. Debit” means it will run on a debit network (NYCE, Pulse, etc.).

Credit transactions may be authorized with or without a signature and usually post to your account in 1-3 business days. Debit transactions may be authorized with or without a signature or PIN. You may choose to receive up to $100 cash back at participating merchants. These transactions usually post to your account in one business day.

Both transaction types will be subtracted directly from your checking account so it’s easy to keep track of your purchases. Plus, detailed information about the purchase will be included on your statement.

Transaction Security

• All Advantage Checkcard transactions are covered by industry-leading fraud management, which offers continuous fraud monitoring that deters and detects suspicious activity on checkcards.
• Transactions that route through Visa are covered by Visa’s Zero Liability policy, which means cardholders are not held responsible for fraudulent charges.
• All consumer debit card transactions are covered under the Electronic Fund Transfer Act (EFTA), or Regulation E.

With Visa, debit cardholders benefit from reliability, flexibility, and security no matter how they use their card!

A charity or non-profit organization requesting money might seem innocent at first, but sadly, scammers have started pretending to be charities and are hoping to get your money. Here is some information to help you make sound decisions about charitable giving:

Use a budget

Before giving to any charity, ask yourself: What’s my realistic budget for charitable contributions? What really inspires me and how can I make the greatest impact?

In order for the donor to receive a tax deduction for a donation, the charity must be a qualified 501(c)3 organization. The IRS has a searchable database of charities where you can verify that the organization holds this status.

Make sure it’s really a charity

The Better Business Bureau’s The BBB Wise Giving Alliance provides a national-level seal of approval with its Standards for Charity Accountability. If some standards are not met, consumers will see that in the charity’s listing.

Charity Navigator and Guidestar are two online sources of information about the structure and performance of many nonprofit organizations.

Don’t give donations to telemarketers.

Never make a donation to a telephone solicitor. The solicitor might not even be legitimate. Telephone charity scams use names similar to those of well-known organizations, or they may say they are raising money for causes that tug at the heartstrings, such as supporting military families, veterans, or police officers. In reality, your money will be used simply to profit the person calling.

Think before clicking a link

As social media has become more popular, so have scams and misinformation. Before clicking on a link or forwarding information in an email, do some research at the sites listed above.

Mailed donation requests may also be fraudulent. Double check that the organization is legitimate by verifying that the address on the mailer matches the organization’s official address.