Avoid Counterfeit Transaction Liability with EMV
Important Information That May Affect Your Business  

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What is EMV?

EMV (short for ”EuroPay, MasterCard, and Visa”) is a credit card and debit card security system. 

EMV utilizes a microchip embedded in the credit card or debit card to enhance security. The chip generates unique data for each new transaction, allowing the ability to verify card authenticity. This, combined with a PIN or signature, provides greater security and reduces fraud risk.

EMV has been widely used in Europe for several years, and the U.S. Card Associations are now taking steps toward making EMV the standard card payment type. This switch to EMV will require financial institutions, payment networks, card issuers, payment processors, and businesses to make substantial changes.  

How does this affect my business?

Some businesses may need to upgrade their point-of-sale equipment to newer equipment that supports EMV technology. Merchants who do not support EMV acceptance by specific deadlines will start bearing financial liability for certain kinds of counterfeit card transactions that are presently borne by card issuers.

Please note:  If you are an Amegy merchant, you will be notified of any actions needed for the EMV transition. If you would like more information about EMV, visit the following Amegy website: https://www.amegybank.com/business/specialized-solutions/treasury-management/emv.

The new liability rules take effect on:

  • October 2015 for card-present point-of-sale (POS) transactions
  • October 2017 for automated fuel dispenser merchants or pay-at-the pump card readers
  • Amegy Bank wants to help prepare your business for this transition, and we will provide more information on the EMV transition in the coming months. As always, if you have any questions, please contact our Customer Service group at 713-235-8805.

    Merchant Services products and services are offered directly through TransFirst, LLC.



    Service Product Update: Amegy Bank & ConnectYourCare Health Savings Account Solutions Combat Rising Health Care Costs bg-heartbeat

    Lower your health plan premiums and enjoy tax savings, while giving your employees increased ability to manage their health care spending. Build a comprehensive Consumer-Directed Health Care (CDH) solution with a Health Savings Account (HSA) from Amegy Bank and ConnectYourCare. Let us help! Our mission is to simplify the complexity of CDH accounts, maximize consumer engagement, accelerate savings, and deliver flawless implementation and ongoing support. We are delighted to provide coaching to help drive savings, uptake, and satisfaction.

    HSA Advantages

    • Employees will be glad to participate in HSAs knowing that contributions and eligible health care expenditures are not taxed and account interest is earned tax-free.
    • Enjoy the tax advantages and lower premium costs associated with HSAs and required High Deductible Health Plans (HDHPs). Your employees will want to participate in an HSA because it is simple to access and manage funds, and they can earn interest and make investment decisions.
    • Release yourself from the need to compromise the quality of your benefits package. All aspects of HSA administration are handled by ConnectYourCare including: enrollment, implementation, customer service, and compliance.

    HSA ACCOUNT FEATURES AND BENEFITS

    • Payment Card - Your employees will receive a card to pay for expenses at eligible health care providers, eliminating the need to pay out-of-pocket and wait for reimbursements.
    • Participant Portal - Employees have access to an online portal to help them manage their HSAs, obtain account information, and use health education tools.
    • Interest and Investments - HSAs earn interest from day one.  Employees may also invest HSA funds in a number of nationally recognized investment fund families.
    • Not a Use-It-Or-Lose-It Account - Unlike a Flexible Spending Account (FSA), your savings remain in your account until distributed for payment of medical bills or until you close the account.
    • Wellness=Wealth℠ Employee Communications - Comprehensive employee communications promote the value of an HSA and decrease questions to your busy HR department. 
    • 24/7 Call Center - Our CDH-focused call center provides CDH answers and is available around the clock.

    If you are interested in learning more about an HSA solution for your business, please contact your Amegy Banker or Treasury Management Officer.


    Service Product Update: e-Invoicing & Payments

    Simplify Billing and Collection

    Late payments and sluggish cash flow are challenges for nearly every service-based business. The time required to issue invoices, keep track of billing accounts, follow-up on payments, and keep account records up to date can eat up internal resources or be a costly budget item when outsourced to a third party.
      
    Amegy Bank is pleased to present e-Invoicing & Payments, an integrated solution designed to help remedy these challenges and make billing and collections a simple, streamlined process.

    With e-Invoicing & Payments, businesses can:  
    Accept Payments – Accept all major debit and credit cards in flexible ways your clients prefer to pay: online, over the phone, in person, via click-to-pay invoice, or automatically with recurring billing.  Best of all, all payments are mapped to the customer record, and you can view updated payment statuses to get a real-time view of your cash flow, making back-office account management a breeze. 

    Automate Billing, Invoicing, and Follow-Ups – Businesses can save hours of time every week (or save money on third party billing) by automating billing with electronic invoicing or by automating payments or payment plan collection with recurring billing. The system can be configured to send automated payment notifications and overdue reminders, saving hours on time-consuming follow-up calls. 

    Manage Customers – With the secure customer database at its core, the e-Invoicing & Payments solution is perfect for businesses with repeat customers or ongoing client relationships. It can securely store payment accounts, history of payment activity, customer notes, and custom fields to suit the business's needs.

    To learn more about the benefits of e-Invoicing & Payments, visit with your Amegy Banker or Treasury Management Officer for a free consultation.
      


    A Cyber Warfare Weapon That May Prevent Significant Lo$$

      In a single attack, over $99,000 was placed at risk!  A Zeus virus
      was maliciously inserted into the system of an Amegy Bank client
      enabling the infiltrator to alter wiring instructions entered by a
      company employee. To defeat the fraudster, the company
      effectively used dual control. A second person carefully and
      thoughtfully reviewed the transaction using a separate login at
      another computer. Having determined that the information had
      been changed, the client contacted the bank.

      In another battle, our client received an email that appeared to be
      from a company executive. The person who received the email entered a
      wire transfer for nearly $32,000 as requested in the email. Another person
      reviewed the transaction and contacted the executive by phone to
      validate the request. Once again, dual control prevented the transfer and loss of significant funds.

    Combatting cyber fraud is crucial to protecting your business, and dual control is a fundamental weapon in cyber warfare. Dual control is an armament against fraud, security breaches, conflicts of interest, and errors. 

    Amegy Bank strongly recommends that your arsenal include dual control for executing payments and for maintaining user credentials in online systems. Dual control for online money movement, file transfers, and user entitlements is a version of the classic accounting security - separation of duties. It requires two sets of security credentials (generally, two people with unique Ids and passwords) to participate in gaining authorized access to a system resource.  

    If fighting fraud attempts fits into your strategy, try these tactics:

    • Separate payment initiation and approval. These tasks should be performed by separate individuals at separate computers. Even if your company entrusts one person with making payments, separating the process into two tasks will mitigate risk since this tactic prohibits a hacker from executing a virus on a single machine to change and submit a payment.
    • Ensure the security token (or similar software) used to log into a system to initiate payments is a separate token from the one used to approve the payments.
    • Separate the initial set up and maintenance of users and entitlements into two tasks:  entry and approval. This will prohibit one person from being able to set up a fictitious user along with potentially fraudulent money movement templates.
    • Ensure file uploads and imports are done with dual control (import/upload with separate approval).

    Recent skirmishes in the war against cyber fraud include hacking into a system, introducing a virus through an email message, and disguising an email address (changing one letter) to look like it came from a company executive. Along with dual control, be armed with callbacks to known telephone numbers to verify all payment instructions.

    As new battles are instigated by our cyber foes, we are committed to joining forces with you to ensure the safest environment possible. Amegy Bank Treasury Management is positioned to offer advice and answer questions. Please do not hesitate to engage us. 


      UPCOMING EVENTS

    Identity Theft Lunch Seminar | June 17, 2015 | Dallas, TX

    Does your company have money to lose to corporate identity thieves? Mark your calendars to attend a lunch seminar from 11:30 a.m. – 1:00 p.m. at Amegy Bank located on 2015 N. Harwood, Dallas, TX. Amegy Bank will co-present with Crowe Horwath, a CPA firm located in Dallas, on the topic of “Corporate Investigations – A Holistic Approach.” 

    Trends in Treasury Technology - A Client Panel Discussion | June 18, 2015 | Houston, TX

    Mark your calendars to attend a lunch seminar from 11:30 a.m. – 1:00 p.m. at The Junior League of Houston. Contact your Treasury Management Officer for more details.

    Dallas Association of Financial Professionals (DAFP) | September 17, 2015 | Dallas, TX

    Commercial Card User Conference | October 7, 2015 | Houston, TX

    Commercial Card User Conference | October 8, 2015 | Dallas, TX

    Commercial Card User Conference | October 9, 2015 | San Antonio, TX

    Association of Financial Professionals (AFP) Conference | October 18 - 21, 2015 | Denver, CO

    The AFP Annual Conference brings together more than 6,500 treasury and finance professionals. Amegy Bank participates in the educational and networking events at this conference. This year the theme is “Solutions for a More Complex World.” Data is continually being generated at a speed never before possible. You have increasingly complex information about individuals, trends, transactions and countless others. Attend to see what connects all these new variables.

    If you plan to attend, we encourage you to let your Treasury Management Officer or Amegy Banker know so we can include you in our Amegy Bank event communication.

    For more information, visit: http://an15.afponline.org/

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