Enjoying a carpe diem moment, credit unions are also being encouraged to consider how to expand their debit card franchises. Making the case for PIN debit, and in particular, online PIN debit is one strategy.
However, as this article points out, issuers will have to re-educate consumers on why PIN debit is the right choice for online payments. Ultimately, consumers bringing their accounts to credit unions will have to be incented to stay, and keeping up with consumer buying habits and payment preferences should be a core strategy.
According to SHAZAM’s chargeback data, online merchants report an average of 8% of their online signature-debit transactions as fraud. Within PIN-debit transactions, only one-tenth of 1% percent of all transactions is categorized as fraud.