Wednesday, November 18, 2009

Another Major Credit Card Security Breach Feared

Credit card security breach fear

Reports are being investigated of a major credit card scam in Spain.

According to the BBC, anyone who used a Visa or Mastercard credit card when in Spain may have had their card data compromised.

In Germany, as many as 100,000 cards are reportedly being recalled. UK customers will be contacted directly if they are thought to be at risk.

Card holders are being assured that they will be protected against this type of fraud, but are being advised to check their statements.  Spanish police are investigating a credit card processing company which is believed to be at the centre of the scam.

In a statement, Visa Europe confirmed that "it is aware of a possible card data security issue in Spain. No details are yet confirmed, but we do not believe that the issue is specific to Visa."   Both Visa and Mastercard say their systems have not been compromised. The problem appears to be somewhere in the payment chain. 

From the Associated Press:

Suspected credit card fraud warning

Consumers are being warned to check their credit card statements after a suspected card fraud was uncovered in Spain. Spanish police are understood to be investigating a credit card processing company believed to be at the centre of the scam.

Thousands of cards that may have been compromised have already been re-called in Germany, and it is thought that any consumer who has had a payment processed by the Spanish company could be at risk, not just those who have used their cards in Spain.  But card providers sought to reassure consumers that they would not lose any money if they were the innocent victims of fraud.

Cardholders who are worried their details may have been compromised are being advised to keep a close eye on their account and report any unexpected transactions.

A Visa Europe spokesman said: "We cannot comment on the detail of specific investigations but Visa Europe is aware of a possible card data security issue in Spain.  "No details are yet confirmed, but we do not believe that the issue is specific to Visa.

"As is normal in these circumstances, we have contacted a number of our member banks to make them aware of the situation and some may decide to take action as a precautionary measure.

"In instances like this, our role is to support on-going investigations and to share the outcome with our member banks who can then act to protect cardholders."A MasterCard spokesman said the group was "monitoring developments" to find out the extent to which card account data had been placed at risk. He stressed that MasterCard's own systems had not been compromised

Reblog this post [with Zemanta]

Entrust President and CEO Bill Conner to Address Evolving Fraud Threats at Bank Forum

At BBS Paris 'Bank Forum,' layered security approach recommended to defend against malware

DALLAS, Nov. 18 /PIN Payments News Blog/ -- As advanced malware and man-in-the-browser attacks continue to cause havoc to online-banking channels in 2009, innovative solutions are available to help curb online fraud losses and enhance consumer trust. During Thursday's BBS Bank Forum in Paris, Entrust President and CEO Bill Conner will outline why today's elite banks and financial institutions must implement a strategic shift in policy to avoid being victimized in the new threat landscape of 2009 and beyond.

"Today's sophisticated fraud groups can employ any number of attack techniques -- man-in-the-browser, keyloggers, DNS poisoning and more -- to exploit all channels of banking communication, not just online," said Conner. "The goal is to implement a fundamental change to integrate the use of strong authentication and zero-touch fraud detection solutions that can adapt quickly and defend online fraud in real-time."

The BBS Paris Bank Forum will feature today's top executives from the Nordic banking industry who will converge to discuss a range of topics, including the impact of the financial crisis on the industry, card payment systems and electronic security. BBS plays an active role in the development of global banking standards and has led a number of workgroups at the European Committee for Banking Standards (ECBS) and Mobey Forum on mobile authentication, payments and financial services ecosystems.

Conner's presentation, "Evolution of Cybersecurity Threats for the Banking Industry," will demonstrate how today's threat landscape is rapidly changing to attack multiple access points, including online channels, mobile applications, call centers and automated voice response (AVR) systems.

According to the Anti-Phishing Working Group (APWG), more than 49,000 phishing sites were detected in June 2009 alone. That's the second-highest total on record since the organization was founded in 2003. The group's first-half 2009 Phishing Activity Trends Report also found that 1,676 brands were hijacked via phishing campaigns. A trend, according to APWG, that signifies that online fraudsters are expanding the kind and numbers of brands they target.(1)

Entrust currently provides security solutions to seven of the top-10 global financial institutions. Entrust IdentityGuard, combined with Entrust TransactionGuard's real-time, zero-touch fraud detection capabilities, provides a true integrated consumer authentication and fraud detection solution for financial institutions.

Owned by Nordic banks, BBS is a leading provider of electronic security, payment and information services. Established in 1972, BBS has successfully delivered multitudes of efficient payment services of national critical importance to Norway. In 2008, BBS had a turnover of NOK 1.7 billion. Headquartered in Oslo, BBS has, after the acquisition of Sagem Denmark and Sagem Manison Finland in June 2009, more than 1,000 employees in offices in Norway, Sweden, Denmark and Finland.

About Entrust

Entrust provides trusted solutions that secure digital identities and information for enterprises and governments in 2,000 organizations spanning 60 countries. Offering trusted security for less, Entrust solutions represent the right balance between affordability, expertise and service. These include SSL, strong authentication, fraud detection, digital certificates and PKI. For information, call 888-690-2424, e-mail or visit

p>(1) "Phishing Activity Trends Report," Anti-Phishing Working Group (APWG), July 2009. Entrust is a registered trademark of Entrust, Inc. in the United States and certain other countries. In Canada, Entrust is a registered trademark of Entrust Limited. All Entrust product names are trademarks or registered trademarks of Entrust, Inc. or Entrust Limited. All other company and product names are trademarks or registered trademarks of their respective owners.

SOURCE Entrust

Reblog this post [with Zemanta]

Paradigm Shifting Towards Hardware for Security


Startup Promises 'Disruptive,' Hardware-Based Endpoint Security Solution InZero box creates 'sandbox' that quarantines malware from PC, inventors say

Nov 17, 2009 | 04:57 PM By Tim Wilson


A startup company today launched a new hardware device that promises to prevent malware and viruses from ever entering the computer it protects.

The InZero Secure PC is essentially two computers in one: a standard computing module and a secure "InZero Gateway" module, the company says. The InZero Gateway module is directly connected to the Internet, isolating and hosting potentially dangerous network applications while transferring files to and from the computing module, which is permanently offline.

"Clearly, current software-based approaches to security are not working," says General Wesley Clark, chairman of the advisory board for InZero. "We believe this hardware approach is a new, disruptive solution."

"Essentially, it's a hardware 'sandbox' -- a strictly-enforced, hardware isolation mechanism" that separates the computer from its primary source of infection -- the Internet, says Phil Zimmerman, creator of PGP and an expert on data security and encryption, who has reviewed the technology and appeared at the announcement event.

"In effect, InZero's approach is not trying to understand malware, but instead to create an environment where malware cannot execute," the startup says.

Because the hardware is essentially a dedicated device without a traditional OS or applications, the malware it receives is rendered inert, InZero says. It can neither execute on the PC nor promulgate to other PCs. And because the hardware requires file transfer, it can be configured to prevent internal employees from executing tasks that are against corporate policy, says Lou Hughes, chairman and CEO of InZero.

The device is initially being targeted toward enterprises that have a business need for strong endpoint security, but the company hopes to eventually broaden its user base to include all types of enterprises and even consumers, officials said.

The device is priced at $50 to $80 per month, which includes updates, InZero says. "For about the price of a BlackBerry, you can go anywhere you want on the Internet without fear," Hughes said.

Adam Hils, principal research analyst at Gartner, who also appeared at the announcement, says InZero's technology is sound, but the startup's go-to-market strategy has yet to be proved.

"This product will start to get traction with the security elite, and it will probably be there for two or three years before it enters the mainstream," Hils said. "Once it enters that phase, then it can move on to the consumers."

The details on how the product works were a bit sketchy -- InZero requires reviewers to sign a nondisclosure agreement before getting the full product overview. Zimmerman says InZero might be protecting itself against competitors, but that the company could "publish the full architecture of the device, and it still wouldn't really help hackers to break it."

Press Release

Bank Overdraft Fees on ATM Debit to Be Banned by Feds

As reported by various new agencies a couple days back, the Fed ban on automatic ATM, debit overdraft fees is on the way

From ATM Marketplace:

Bloomberg reports that the Federal Reserve will prohibit banks from charging overdraft fees on ATMs and debit cards, unless the bank customer or credit union member agrees to pay charges for exceeding account balances. And financial companies that do impose fees will be required to explain their overdraft programs, as well as the choices they are offering consumers.

The final Fed rules will require banks to provide the same terms, including prices, for consumers who decline overdraft protection. The rules take effect July 1. Consumers who decline to join a program may be denied access to cash at an ATM or have their debit-card transactions rejected.

According to a statement released by the Fed, lenders last year collected almost $37 billion in overdraft fees:

“The final overdraft rules represent an important step forward in consumer protection,” said Federal Reserve chairman Ben S. Bernanke. “Both new and existing account holders will be able to make informed decisions about whether to sign up for an overdraft service.”

House and Senate committees have introduced separate legislation that would restrict banks’ ability to charge overdraft fees. Both bills would permit one overdraft fee a month or six in a year.

Giving consumers a choice is important, “but we need to do far more to protect customers from abusive bank products,” said Senate Banking Committee Chairman Christopher Dodd in a statement. “We still need to stop the excessive fees, repeated charges, lax notifications and processing manipulation” in overdraft-protection programs.

According to the FDIC, 93 percent of overdraft fees are paid

by just 14 percent of bank customers.

Dodd introduced legislation Nov. 10 that would give Congress more power in naming the central bank officials who set interest rates. Dodd’s plan would create a Consumer Financial Protection Agency, which would assume the Fed’s role on consumer issues.

Fed consumer research shows “most consumers prefer not to be enrolled in overdraft services for ATM and one-time debit- card transactions unless they affirmatively consent.”

Reblog this post [with Zemanta]

Discover Launches iPhone Mobile App

Discover Launches iPhone Mobile ApplicationDiscover_logo-140px.jpg

Discover has launched a new iPhone application.  The application allows a Discover cardholder to view account summary including current balance, etc., make a Discover card account payment, view recent transactions and rewards activity, and enroll in rewards programs.

Two Arrested in Zeus Online Banking Trojan Case

According to eWeek, police in the U.K. arrested two people tied to the Zeus Trojan, a notorious piece of malware used to steal banking information and another personal data such as passwords for sites like Facebook.

Authorities in the U.K.have reportedly arrested two people in connection with using a notorious Trojan in a scheme to steal online banking information.

The man and the woman, both 20, were arrested by the Metropolitan Police Service in Manchesterfor violating the 1990 Computer Misuse Act and the 2006 Fraud Act, according to police.

The duo is accused of using the Zeus Trojan, also known as Zbot, in a plot to steal information. According to the Metropolitan Police's Central e-Crime Unit (PCeU), it is believed the Trojan was configured to record victim's online bank account information and passwords, as well as credit card numbers...

Continue Reading at eWeek

eCommerce Companies that Sell Card Numbers for Profit

Updated at 2:50 p.m. PST to include quotes from senators and names of retailers that do business with Vertrue, Webloyalty, and Affinion.

Words like "scam," "fraud," and "arrest" filled the air during a Senate hearing on Tuesday that focused on the controversial marketing companies that allegedly dupe consumers into paying monthly fees to join online loyalty programs.

Vertrue, Webloyalty, and Affinion generated more than $1.4 billion by "misleading" Web shoppers, said members of the U.S. Senate Committee on Commerce, Science and Transportation, which called the hearing. Lawmakers saved their harshest rebuke for Web retailers that accepted big money--a combined sum of $792 million--to share their customers' credit-card information with the marketers.

Senate investigators launched their six-month inquiry by examining complaints from people who discovered mysterious charges on their credit card bill. For years, Web shoppers have complained that they were signed up to some Web loyalty program without their knowledge and were charged fees until they discovered the problem and complained. Some paid fees for years.

", which has been partnered with each company at different times and has earned more than any other partner, generated approximately $70 million in revenue."
--From the Senate report (click here to watch the Senate Hearing)

Continue Reading at

Visa Transaction Alerts Now Available to Clients in North America

Service Enables Issuers to Provide Greater Control and Peace of Mind to Visa Cardholders; Consumers Able to More Closely Monitor Accounts and Track Spending

SAN FRANCISCO & PARIS-PIN Payments News Blog-Visa (NYSE:V), the leading global payments technology company, today announced the North American rollout of transaction alerts, which allow issuers to provide near real-time1 alerts to Visa account holders throughout the U.S. and Canada. The service enables consumers to better manage and track their spending while providing them with an early warning system for potential fraudulent activities.

Alerts are sent on behalf of participating issuers directly from VisaNet, Visa’s global processing network, typically within seconds of a transaction occurring. Alerts are triggered when the transaction meets certain criteria the account holder has selected and are delivered directly to the account holder via email, SMS text message or the Visa Mobile application. Visa’s transaction alerts let consumers monitor their accounts for unusual activity and take immediate action if they believe a potentially fraudulent transaction is taking place.

“Visa is empowering cardholders to take an active role in managing and protecting their Visa account,” said Elizabeth Buse, head of product at Visa Inc. “Visa already delivers real-time transaction risk scores to financial institutions, and we are now providing cardholders with near real-time transaction alerts. Participating Visa cardholders can typically receive alerts before they walk out of the store, rather than hours or even days later.”

A recent study by Javelin Strategy & Research found that two out of three American consumers believe that financial alerts are useful and valuable, and that by 2014, 41% of online households – or 62 million – will receive financial alerts.2

“Americans hunger for alerts that give them confidence that their money is safe,” said Mark Schwanhausser, research analyst, multichannel financial services at Javelin Strategy & Research. “The best way to do that is by delivering real-time information that enables consumers to quickly analyze suspicious transactions and take action – no matter the time of day or where they are. Banks can build their customers’ confidence and earn their trust by serving up alerts that are timely, simple to set up and easy to manage.”

Alerts generated while transaction is “in flight”

The alert message sent to account holders contains the amount, time and date of the transaction, as well as information relating to the merchant, such as name and location. If the transaction appears to be irregular, the account holder can immediately contact their issuer to help stop further transactions on the account. Transaction alerts are designed to help reduce and mitigate fraud by making consumers aware of charges to their accounts in near real-time. By identifying potentially fraudulent transactions earlier, consumers and financial institutions can avoid financial losses.

Consumers will be able to subscribe to the service through their participating issuers and “opt in” to choose the kinds of transactions for which they wish to receive alerts. Criteria for transaction alerts that Visa cardholders may choose include:

  • Transactions that exceed the purchase threshold chosen by the cardholder

  • Transactions initiated internationally

  • Card-not-present transactions, such as purchases made online or by telephone

  • Cash withdrawals from an ATM machine

  • Declined transactions

  • Gasoline transactions

Cardholders embrace availability, increased protection

Over the last 12 months, Visa trialed transaction alerts with eight leading North American financial institutions and more than 2,000 participants. Results showed that consumer satisfaction increased dramatically with banks that offered account monitoring capabilities and fraud protection via mobile devices. Visa recently announced the launch of an enhanced Visa Mobile application with U.S. Bank following a successful mobile pilot program. The application, which is available to select U.S. Bank debit cardholders, can be downloaded to mobile devices and provides account holders real-time transaction alerts, even greater functionality and an expanded list of U.S. Bank offers.

About Visa Inc.: Visa Inc. operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 200 countries. For more information, visit

1 Subject to wireless carrier’s network coverage and other details

2 Source: 2009 Financial Alerts Forecast: Alerts Remain Highly Valued, But Consumer Adoption Slows Due to Inadequate, Limited Offerings, Javelin Strategy & Research, November 2009

Elavon Acquires Deal with Hard Rock Cafe Brand

Five Year Agreement Spans Across North America

ATLANTA--(BUSINESS WIRE)--Elavon, a wholly owned subsidiary of U.S. Bancorp (NYSE: USB) and a leading global acquirer announced today that the brand has signed a five year agreement with Hard Rock International to provide service to all of their cafe and retail locations across the U.S., Canada and Puerto Rico.

Elavon’s solution provides a single source for credit and debit payments, from authorization to funding, and streamlines payment security, industry compliance, financial reporting and reconciliation and support for Hard Rock International’s more than 96 merchant accounts in the brand’s cafes and Rock Shops across North America.

“Consolidating payments across our enterprise has been an integral part of our strategic plan this year,” said Tom Gispanski, Vice President of Finance and Chief Financial Officer of Hard Rock International. “Elavon’s team of experienced solution engineers has made this transition smooth and seamless, and they are diligent in their determination to provide the kinds of cost-saving measures that consolidated processing can offer our business.”

“Hard Rock International’s North American enterprise is an exciting addition to Elavon’s merchant portfolio,” said Stuart C. Harvey, Jr., CEO at Elavon. “We look forward to working with them to provide high-value solutions that deliver operational and financial efficiencies to their business.”

About Elavon: Elavon’s Global Acquiring Solutions organization is a part of U.S. Bancorp. Elavon provides end-to-end payment processing services to more than one million merchants in the United States, Europe, Canada and Puerto Rico. Solutions include credit and debit card processing, electronic check services, gift cards, dynamic currency conversion, multi-currency support, and cross-border acquiring. Elavon’s services are marketed through multiple alliance partner channels including financial institutions, trade associations and ISOs. Elavon has solutions to meet the needs of merchants in specialized markets including small business, retail, hospitality/T&E, health care, education and the public sector. For more information visit

About Hard Rock International: With a total of 157 venues in 53 countries, including 127 cafes and 12 Hotels/Casinos, Hard Rock International is one of the world's most globally recognized brands. Beginning with an Eric Clapton guitar, Hard Rock owns the world's greatest collection of music memorabilia, which is displayed at its locations around the globe. Hard Rock is also known for its collectible fashion and music-related merchandise, Hard Rock Live performance venues and an award-winning website. In addition to the two flagship Seminole Hard Rock Hotels and Casinos in Tampa and Hollywood, Fla., Hard Rock Hotels/Casinos are located in Las Vegas, Biloxi, Orlando, Chicago, San Diego, Pattaya, Bali, Macau and Penang. Additional hotel and casino projects have been announced in; Singapore and Punta Cana, scheduled to open in 2010; Atlanta and Panama, both scheduled to open in 2012; and Hungary, Dubai and Abu Dhabi, scheduled to open in 2013. Hard Rock International is owned by Seminole Hard Rock Entertainment, Inc. For further details on Hard Rock Hotels and Casinos, visit For more information on Hard Rock International, visit

Top Gift Retailers Add Moneta Payments for 2009 Holiday Season

Exclusive discounts for customers paying with Moneta at,,, and

ATLANTA--(BUSINESS WIRE)--Moneta announced today that leading Internet gift merchants, (, Mori Luggage & Gifts (; Stacks and Stacks (; Seattle Luxe ( and Trade As One ( have added Moneta’s bank account payment option to their checkout options. Exclusive discount offers are available to customers paying with Moneta on several gift and specialty retailers sites, just in time for the holiday shopping season.

“We chose Moneta payments to provide our customers with a secure, bank account payment option to fund their gift purchases,” said Scott Hippe, GiftTree’s Chief Technology Officer. “Moneta’s distribution, with leading financial institutions such as SunTrust Bank, gives consumers an added assurance of security and protection of their financial information on our merchant site. The checkout process is extremely fast and simple, which enhances the overall purchase experience for customers.”

Using Moneta, U.S. bank customers can pay securely for online purchases from their bank account without sharing their financial information with the online merchant. At checkout on a merchant’s website, consumers select Moneta as their payment option and then enter a self-defined username and password in a single-step transaction.

Moneta works independently of online banking using different login information, protecting the consumer’s online banking credentials. Many other bank account payment options require the consumer to leave the merchant site to complete a transaction or to key-in the routing and bank account number at a website; this adds inconvenience, causes abandonments of transactions, and may raise security and privacy concerns among consumers.

Consumers shopping with, Mori Luggage & Gifts, Stacks and Stacks, Seattle Luxe and Trade As One are eligible for exclusive discounts when they make purchases using the Moneta payment option. To receive the discounts, consumers must enroll a bank account with Moneta’s online wallet and make purchases by December 31, 2009., an Internet Retailer Top 500 for the last two years, offers one of the world’s finest selections of handcrafted gift and wine baskets for special occasions and corporate gift giving, as well as flowers, balloons and fruit baskets. GiftTree purchases with Moneta payments are eligible for 10% off select merchandise.

Mori Luggage & Gifts ( is a leading retailer of luggage, leather goods and personal or corporate gifts, having received recognition from TravelWare magazine for their broad product line including Tumi, Hartmann, Victorinox, Briggs & Riley, and Jansport. For Moneta customers, Mori offers 15% off any order of $75 or more, plus free shipping on orders over $100.

Stacks and Stacks, #312 in Internet Retailer’s Top 500 Internet merchants, ( offers over 22,000 houseware, office, garden, home décor and organization products. Customers paying with Moneta can receive $20 off orders of $100 or more, with free shipping on 17,000 items.

Seattle Luxe ( is a retailer of luxury décor and home furnishings, including decorative mailboxes, address plates, door mats and garden accessories as well as a wide assortment of fireplaces and other home accessories. During the holiday season, Seattle Luxe is offering discounts of $20 off orders of $100 and up; or $50 on orders over $300 for Moneta customers. (, an Internet retailer of Fair Trade gifts, enables consumers to fight global poverty by purchasing products from artisans in the developing world. For Moneta customers, Trade As One is providing free shipping on orders of $50 or more, for their wide selection of handcrafted jewelry, handbags, housewares and children’s gifts.

About Moneta Corporation

Moneta Corporation is a leading payments company offering secure, convenient methods for consumers to pay online merchants directly from their checking, savings or money market accounts. Moneta partners with online merchants and banks to accept and process payments, while providing additional branding opportunities and revenue streams. Moneta’s rapidly growing partner network enables online retailers and travel providers to attract valuable customers with a preference for paying directly from their well-established bank accounts. Moneta is a privately-held company headquartered in Atlanta, Ga. For more information, visit

Global Payments to Sell Money Transfer Biz

Global Payments to sell money transfer units to Palladium Equity

US-based transaction processor Global Payments has agreed to sell its money transfer businesses to private-equity firm Palladium Equity Partners in a deal that could be worth up to $110 million. According to Finextra, Global Payments will receive between $85 million and $110 million, based on the operating performance of the business determined at the time of closing.

The businesses have over 700 branches in the United States and Europe, providing money transfer services for millions to destinations in Latin America, Morocco, and the Philippines. Under the terms of the deal,

Read more at Finextra

Reblog this post [with Zemanta]

American Express to Acquire Revolution Money for $300 Million

American Express to Acquire Revolution Money to Develop Next Generation Payment Products

Deal combines state-of-the-art technology platform with leading global brand

ST PETERSBURG, Fla.--(BUSINESS WIRE)--American Express Company (NYSE: AXP) today announced it has agreed to acquire Revolution Money, a Revolution LLC company.

Revolution Money, launched by AOL Co-founder Steve Case’s Revolution LLC in 2007, provides secure payments through an internet based platform. No names or account numbers appear on Revolution cards and transactions are authorized by using a PIN number. The company’s online person-to-person payment accounts are FDIC insured and ideally suited for social and instant messaging networks. It also offers a prepaid card linked to those accounts that can be used for offline payments or to withdraw cash from ATMs throughout the United States.

“New payments products and platforms are evolving rapidly and it’s important for us to keep identifying cutting edge technologies that can extend our leadership beyond the traditional payments arena,” said Kenneth I. Chenault, chairman and chief executive officer of American Express. “While Revolution Money is a young and relatively small company, we believe it has big potential. This is a smart, nimble business. It’s run by an accomplished management team who have quickly developed some cutting edge e-payment offerings. Joining with American Express will help unlock their potential, while allowing us to deliver competitive online payment products more rapidly and efficiently.”

“Revolution Money has a lot of room to grow as it competes head-to-head with other online and person-to-person payment providers. We are committed to using our global brand recognition, marketing reach and network expertise to help reach a critical mass of customers,” said Mr. Chenault.

Jason Hogg, founder and chief executive officer of Revolution Money, will continue as president and chief executive officer. Ted Leonsis, a Revolution Money angel investor, major shareholder and chairman, will become a special advisor to American Express working with Mr. Chenault on overall digital and online payments strategy.

"We have built a next-generation payments platform that will enable American Express to compete even more effectively, especially against online competitors," said Mr. Leonsis. "Revolution Money’s technology brings together the online and offline worlds in a way that can transform the way consumers securely transact. And with the low cost structure enabled by internet technology, American Express is now even better positioned to scale their online presence over time."

"Since our inception our sole goal has been to build a payments platform that can help transform the industry," said Mr. Hogg. "Becoming part of American Express will enable us to reach that goal by scaling our technology and business and providing even greater consumer benefits. I, and the Revolution Money employees who helped build our company, are honored to be joining the American Express family and we are excited about what the future holds."

The transaction, which is subject to regulatory review, is expected to close in the first quarter of 2010. The purchase price is expected to be approximately $300 million. Upon closing, Revolution Money would operate as a subsidiary of American Express and be the first component of its recently formed Enterprise Growth organization. Enterprise Growth was formed to leverage American Express’ existing assets and capabilities to generate incremental fee revenue and to drive the company’s entry into new payment areas and related businesses.

”We want to preserve the talent and culture that has made Revolution Money successful and we will be working with them to make the most of our respective strengths,” said Mr. Chenault. He said that the initial areas of focus will include:

  • Developing re-loadable, prepaid products for new segments of the market

  • Introducing new products for cardmembers who currently use other alternative payment systems

  • Creating payment alternatives designed for social media sites and allowing open APIs that can help developers distribute new product innovations

  • Developing mobile payments solutions in the United States

Other opportunities will include expanding Revolution Money payment solutions internationally, extending product offerings to banks that issue cards on the American Express network and creating new forms of PIN-based debit products.

Media Conference Call – Live Audio Webcast

A conference call with members of the media will be held today to discuss this announcement at 10:30 AM EST. The call will be hosted by Kenneth I. Chenault, chairman and chief executive officer of American Express, Jason Hogg, founder and chief executive officer of Revolution Money and Ted Leonsis, Revolution Money’s chairman. A live audio webcast of the media conference call will be accessible to the general public and investors at A replay of the call will be available at the same Web site address shortly after the call.

About Revolution Money

Revolution Money, a secure, state-of-the-art technology platform, was created to deliver significant value to both consumers and merchants through two products, RevolutionCard and RevolutionMoneyExchange™. The RevolutionCard provides consumers with enhanced PIN-based security, identity protection and numerous merchant discounts and incentives. MoneyExchange is an online payment service that offers consumers an easy, secure and free way to instantly send and receive money online to and from their friends, family and associates. St. Petersburg, Florida-based Revolution Money is part of the family of companies within Revolution LLC, which was founded by AOL co-founder Steve Case to drive transformative change by shifting power to consumers.

About American Express

American Express Company is a leading global payments and travel company founded in 1850. For more information, visit

Reblog this post [with Zemanta]

Visa Europe makes investment in Emue Technologies

17 November, 2009 - PIN Payments News Blog

Visa Europe has made an investment in global authentication company, Emue Technologies.

Emue has been working closely with Visa Europe over the past 18 months to develop the Visa CodeSure solution which provides authentication and transaction security through a unique payment card with embedded display, microprocessor and numeric keypad.

With multiple banks already piloting Visa CodeSure in the UK, Switzerland, Italy and Israel, today’s announcement that Visa Europe has taken a stake in Emue Technologies confirms the significant interest in this product by Visa’s member banks in the UK and other European markets.

“Visa Europe’s decision to invest in Emue builds naturally on the strong working relationship we have developed over the past 18 months,” said Brendan McKeegan, the CEO of Emue Technologies. “We are beginning to build a solid market presence in Europe with our convenient, secure and customer-friendly authentication solution.”

Visa Europe’s SVP and Head of Innovation, Sandra Alzetta said: “We are working with Emue to develop the Visa CodeSure product to bring innovative card technology designed to combat online fraud both now and in the future. The investment is just a further extension of our existing partnership.”

The combination of Visa’s proactive approach to improving cardholder security combined with Emue’s award-winning technologies are providing the banking market with a solution that addresses the core concerns of customers without burdening them with intrusive technology.

Emue, which also counts the Australian partnership of Deloitte Touche Tohmatsu as a cornerstone investor, has been fine tuning its anti-fraud enabled payment card with Visa in Europe during the past 12 months.

Managing Director, Deloitte Consulting Asia Pacific Gerhard Vorster said: “Emue is a great example of how an innovative product can grow from an idea triggered by a market need into a fully proven technology solution.”

Emue will be in attendance at the Visa Europe stand at Cartes in Paris from November 17 – 19, where the Visa CodeSure innovation will be further showcased.

Emue Technologies Launches Next Generation Payment Card

17 November, 2009

Emue Technologies released its latest payment card device with embedded authentication technology at the Cartes Exposition in Paris today.

The Emue card incorporates the world’s first 14-segment E Ink display embedded in a fully functional payment card. This new display, combined with the 12-button numeric keypad, microprocessor and battery designed to last for three years, firmly positions Emue as the global leader in innovative, consumer friendly authentication technologies.

To derive a unique code, cardholders can select a desired mode of authentication and enter the transaction information, including their PIN using the keypad on the rear of the payment card. This code is then used to authenticate their identity when making a purchase on the web or accessing their bank via the internet or telephone.

Emue has been deploying its award winning products in conjunction with Visa Europe for the past 12 months alongside its other consumer authentication devices, including the iPhone and Java-based mobile applets, all of which provide a secure and convenient mechanism for consumers to protect their identity.

The card will be showcased at the Visa Europe stand at Cartes in Paris, France from November 17– 19.

About Emue Technologies

Emue Technologies Pty Ltd is a leader in innovative authentication solutions for the Financial Services and Network Access markets.

Emue has won several prestigious awards including the International Card Manufacturers Association (ICMA) top honour “Judge’s Choice” Élan Award and the “Technical Achievement” Élan Award. The Élan awards recognised Emue Technologies’ card’s design innovation and technical achievement in the card manufacturing industry. The awards were judged by an independent panel of ICMA associate members, industry notables and international journalists.

In February 2009, Emue was recognised as one of the top five innovative products in Authentication and Security by Finextra, a leading independent news wire and information source for the worldwide financial technology community.

Emue Technologies was established in May 2006 by a group of security and technology specialists in Australia with more than 20 years experience in strategic information security, risk management and commercialisation of technology software and services.

Alternative Payments 101 Two Hour Session

Alternative Payments 101

Thursday, December 10, 2009 from 12:30 PM - 2:30 PM (CT)

Ticket Information

Ticket Type Sales End Price Fee Quantity
Registration Dec 09, 2009 $159.00 $0.00
Audio/Slide CD-ROM Dec 31, 2009 $99.00 $0.00
Event Details


Order the CD ROM now!

Alternative Payments 101

This two-hour session gives participants an introduction to the world of alternative payments (it's no longer about credit or debit anymore, folks...)

We will examine some established and emerging players in the alternative payments space, review current metrics on alternative payments, discuss market predictions and examine the various risks and opportunities these alternative payments pose to the financial institution and payments processor.

This session will even demonstrate some of these payments in action, including:

  • Bill Me Later

  • PayPal

  • Tempo Payments / DebitMan

  • eBillMe

  • NACHA's Secure Vault Payments

  • Green Dot Financial

  • Western Union

  • Google Checkout

  • Revolution Money

  • Amazon Payments


Who should attend?

  • Senior management

  • Product managers

  • Operations management

  • Card processing professionals

  • Marketing professionals

  • ACH operations

  • IT professionals

  • Audit and Compliance professionals

How does it work?

One day prior to each session, you will receive an email with a webinar hyperlink, dial-in instructions and information on how to download the presentation the day of the webinar.  Any questions, contact us at

Thursday, December 10, 2009 from 12:30 PM - 2:30 PM (CT)

Add to my calendar Add to my calendar


Google | Microsoft | Yahoo

Hosted By


The next generation of The De Palma Group, Inc., TDG-Phenix offers clients a full range of consulting services as well as products and services to assist them in effecting payment transactions more efficiently.

The firm is headquartered in Brentwood, Tennessee, a suburb of Nashville.

View Other Events

View other TDG-Phenix events

Contact the Host

Contact the Host

RSS Feed

Subscribe to receive notifications of future events by this host

Disqus for ePayment News