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Inside TRC

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Thursday, 17 Apr 2014

Recent retailer breaches have reignited the U.S. move to Europay, MasterCard, and Visa (EMV) chip and pin technology. Although this technology would not have prevented the Target and other retailer breaches, it does provide for some enhanced fraud prevention.

The replacement of all cards in the U.S. with EMV enabled cards as well as the updated technology for merchants who accept the cards is not only a massive undertaking; it is an enormously expensive one. But, there just might be another solution…

In a recent article by they discuss a breakthrough technology by LoopPay which can be implemented now with the current infrastructure. According to the article:

“Loop’s MST (magnetic secure transmission) technology formats card data into simulated magnetic stripe tracks and transmits them via a pulsed magnetic field which can be read by any POS terminal that accepts a mag stripe today. Loop takes this process one step further by doing something LoopPay’s Co-Founder, George Wallner calls “Mobile Tokenization” which uses Host Card Emulation to tokenize and distribute cardholder data that is presented to a retailer’s existing mag stripe terminal via Loop’s MST technology. Tokens are issued by a secure, central location.”

The article goes on to say that LoopPay’s Chief Technologist believes that it is a far better security solution for retailers than EMV, at a much, much reduced cost since it puts the risk of keeping the job of authenticating cardholder data with the issuer, who would issue the tokens, which is where Wallner says that responsibility belongs. He goes on to explain “once a token is transmitted and used in a transaction, it expires and is no longer usable in a subsequent transaction”.

Here at TRC we are dedicated to keeping your staff trained with our First Line of Defense, The Fraud Detection and Prevention Challenge and the Fraud Prevention Series and keeping you current and up to date on the world of fraud and fraud prevention. To learn more, visit our Fraud Training Solutions page or contact us at either or (800) 222-9909.

Friday, 11 Apr 2014

Thursday, 3 Apr 2014 are likely to be involved in a major initiative within the next two years!

In recent surveys, results indicate many financial institutions are changing their banking models. From changes in staffing to implementation of redesign or branch closings as well as major technological changes, banks are making major shifts in their approach.

We followed up the survey with a more informal, but none-the-less revealing survey of our own. We asked if they were making the above changes, what was the staff training or learning plan around it? Results revealed relatively few who had a detailed strategy, even when the major impact of the change was on staff! Replies included “major initiative with minor thought to effect on staff”, “I’m unclear about how we’re going to learn the new system.”, “We’ve increased our sales goals but without commensurate increase in skill training.”, and “I’m not sure how we’re going to do more with less people.”

If so, it’s imperative you start planning how you will successfully transition existing staff into new roles. Even if these changes are a year or two away, planning learning development now improves your chances for successful changes as they are implemented.

Call a TRC Interactive consultant to discuss your change, and learn the steps necessary to prepare for the future. With 41 years experience, TRC Interactive has engaged in, and helped hundreds of banks prepare for a new system, incorporate in-house capabilities with major initiatives, and even design plans for phased-in impact. TRC experts will help you create detailed strategies you can take to your leadership, including budget, impact, and net outcome. TRC Interactive. The most experienced and professional organization for major initiatives in the financial industry.

To stay up to date on financial institution trends and news, frequently visit our blog. To learn more about our online training solutions, contact us at or (800) 222-9909.

Tuesday, 18 Mar 2014

Discover Financial Services began offering free FICO scores to their cardholders in November. Banks and credit unions across the country are now considering offering this service as well.

Even when it isn’t your financial institution, do you find yourself thinking how a new product or service meets regulatory compliance? We called and asked some of our Compliance colleagues and got some surprising answers! We asked the question, “If your financial institution was considering FICO score publishing, what would you be thinking?” Here’s what they said…

“How long will it be before regulations are issued regarding offering this service?”

“Will regulations require the credit score be current within 60 days?”

“I’d shoot myself.”

“I think they must have the ability to opt-out.”

“The source of the score must be disclosed.”

“Interesting question…contact information, in addition to other things, must be provided to the customer.”

“A question hotline must be established along with an error resolution process…another day in the life of a Compliance Officer.”

Being a Compliance Officer will likely not get any easier in the foreseeable future. The regulations, interpretations, and new agencies, combined with our own industry and product changes will continue to test your knowledge and skill. TRC Interactive, not only understands your challenges, but appreciates them. Our role is to support you by making sure we remain current, accurate, and provide your staff with training that meets or exceeds regulatory standards. When new opportunities are offered such as free FICO scores, the professionals in our industry probably did what you did and thought about the many implications, even though it wasn’t even your financial institution. That’s because you’re a professional Compliance Officer. And, we salute you.

Keeping your financial institution up to date on regulatory issues and your employees educated can be a daunting task. TRC can help. To learn more, contact us at or (800) 222-9909.

Tuesday, 4 Mar 2014

The recent Ernst & Young 2014 global consumer banking survey indicates that consumer confidence in the global banking industry is bouncing back. The survey accessed some interesting details including “trust in banks is underpinned by the quality of people’s personal banking experience” and that “competition is intensifying as customers consider using alternative providers”.

The study, Winning through customer experience, which surveyed over 32,000 banking customers in 43 countries, shows banks are providing traditional banking services well but are viewed as falling short on important aspects of the customer experience, and are also increasingly vulnerable to competition from new providers of banking services.

Globally, one-third of customers reported an increase in confidence in the banking industry compared to a year ago. Most customers (93%) said that they trust their primary financial services provider; naming, “the way I am treated” as the most important reason for having complete trust in their bank after “financial stability.”

“The survey finds customer experience to be a main driver of trust, and customer experience is also the single most common reason that customers open and close accounts – it is more important than fees, rates, locations, press coverage or convenience,” says Heidi Boyle, EY’s Principal of Financial Services Customer Practice.

Of the 60% of respondents not planning to close or move their accounts, it is not necessarily because they are confident that they are with the right provider: Twenty-two percent of those who plan to maintain their current relationships feel all companies are the same and 17% say it is just too difficult or time consuming to change.

“Bank customers are not being actively retained; they simply remain with their current provider through inertia and are therefore vulnerable to competitors. “Traditional banks are performing well on basics like branch access and ATM availability but they are most vulnerable in areas with the highest growth potential. There is real opportunity for alternative providers to dominate the digital offering, personalize the experience and become primary providers,” Boyle says.

TRC Interactive’s Customer Experience™ program offers interactive and engaging new accounts training for financial institutions. To learn more, visit or contact us at either or (800) 222-9909.

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