Monday, November 23, 2009

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Massive Fraud Hits Canadian Debit Card Holders

"Thousands of Cards...Millions of Dollars"

My boyfriend was hit with this on Saturday evening… we had gone to my Grandfather’s 80th birthday party at the Meadows Garden Golf Club, and he took money out of the ATM for the cash bar. We stopped at 7-11 on our way home to pick up money for his sister, who was babysitting for us; I am guessing this is where his card was picked up. He used the ATM and the PIN machine at the till that night. The next day, he went to get gas and his card was not being accepted… his card said that his pin was wrong and that his account had been put on hold. We thought nothing of it, and thought it was maybe the machine at the gas station; the lady at the gas station said that cards were being recalled because of this fraud, and that we should be careful. This is when we started to get suspicious. Today, Nov. 23rd, my boyfriend found out that there had been over $1,000 taken from his account, and also almost $500 from his son’s savings account had been stolen (the savings account is PRIVATE and cannot be accessed) My boyfriend had recently gotten a new card WITH a chip installed, and this STILL happened. We are in trouble for our bills and rent… now this! We were VERY dependent on that money for this month, and now it’s going to take 7-10 weeks according to TD Canada Trust. The bank was RUDE when he called and didn’t offer much information. The money was stolen (taken out from) an ATM in ONTARIO! BEWARE! ONLY USE CASH! It could happen to anyone!

Does anyone have any experience/advice to offer?
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Visa Wins $150k eCommerce Chargeback Case

Ruling: Visa within its rights to pull back payment

Court sounds an alert to merchants to be clear on e-fraud protections

By Howard Fischer

Tucson, Arizona | Published: 11.23.2009

A new court ruling holds that merchants who accept credit card payments for orders they get online need to know exactly what the card company is promising or risk having the money taken back.  In a unanimous decision, the state Court of Appeals turned aside arguments by a Tucson firm that Visa acted improperly in charging back what turned out to be a fraudulent charge. The judges said the contract ANS Distributing signed with Visa made clear that kind of thing can happen.

ANS, which sells gasoline station supplies and equipment, signed an agreement with its bank allowing the company to accept its customers' Visa credit cards.  Under the terms of that agreement, when a customer charges an item, Visa forwards the money to an ANS account, minus a processing fee. But the contract also said if Visa discovered any charges that were fraudulent, it would institute a "charge-back," requiring ANS to reimburse the credit card company for the entire amount originally transferred in. In 2005, ANS received more than $150,000 worth of orders over the Internet from customers in Singapore. Visa pre-authorized the transactions and put the money into the company's account. But the credit card company later concluded the charges were fraudulent and took the money back.

ANS then sued. Among the arguments it presented was a claim that Visa had promised to engage in additional fraud transactions any times there were e-commerce transactions, deals in which the credit card is not physically present where the purchase is made but where the information is instead obtained over the computer.  A trial judge threw the case out, saying there was no question but that the contract allowed Visa to do what it did. That resulted in the appeal.

ANS said the trial judges should have let the case be heard because there were questions about Visa's "responsibilities and actions" under the contract. The company specifically said that contract "fails to reflect oral representations that Visa would undertake, for an additional charge, additional activities to discover fraudulent e-commerce transactions."

To back that up, ANS presented an affidavit of Thomas Spencer, its comptroller, who mentioned the fact that Visa charges a higher processing fee for e-commerce transactions than when a buyer actually comes to the merchant with a credit card. He said his company believed that the higher fee "paid for protection against the increased fraud risk inherent in e-commerce transactions."

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iPhone Mobile Banking Worm Drought Over

New Worm Attacks iPhones, Targets Mobile Banking

A second iPhone worm is in the wild, and unlike the jokey Australian worm authored by hacker prankster Ikee two weeks ago, this one is dangerous.

Unlike Ikee’s hack, which merely rick-rolled owners of infected iPhones, the new Dutch variant targets customers of the bank ING. When triggered, the worm redirects users visiting the banking site to an address in Lithuania which shows a fake login screen for ING online banking. It is essentially a phishing attack run on compromised iPhones.

Continue Reading at Wired

Mobile Money Ventures and CPNI Partner to Provide Financial Institutions Innovative Mobile Payments

CPNI’s Payments Software Integrated Into MMV’s Mobile Financial Services Platform

TORONTO and SAN FRANCISCO, November 23, 2009 –PIN Payments News Blog-  Mobile Money Ventures (MMV) and CPNI Inc. (CPNI) today announced they will be working together to offer financial institutions a comprehensive solution that integrates CPNI’s mobile commerce solutions into MMV’s mobile financial services platform. The multifaceted relationship will combine CPNI’s PATsend™ remote mobile payment technology into MMV’s next generation mobile platform, with the opportunity to integrate PATbuy™ mobile purchases in the next phase.

A leading global solutions provider, MMV’s current offering enables consumers to handle all of their financial activities—banking, bill payments, stock trades, tracking and budgeting—on any mobile handset or wireless carrier. By incorporating PATsend, and in the subsequent stage PATbuy, into its existing platform, MMV will be able to provide turnkey solutions for financial institutions and increase the speed at which their customers can quickly begin making convenient remote mobile purchases and payments down the road.

“The combination of our innovative, highly secure mobile platform and CPNI’s industry leading bank-centric mobile payments capability builds on our strategy to provide the best solutions for our financial institution customers,” said Jay Bhattacharya, Vice President of Sales at MMV. “CPNI’s solutions enhance our already robust offering by further extending our reach into remote mobile payments.”

PATsend allows individuals to use a mobile phone to send money to friends and relatives anywhere in the world simply by entering the recipient’s phone number. The recipient’s banking details are linked to their phone number, but the bank account information is never revealed to the sender for security purposes. PATsend also provides the infrastructure for individuals to send money to unbanked recipients and to users not yet registered for the service, broadening the number of potential customers for financial institutions.

PATbuy allows bank customers to make remote mobile purchases from merchants anytime, anywhere. Consumers enter the merchant phone number on their phone to pay for products and services such as tickets, flowers and mobile top-ups, while financial institutions and merchants benefit from new revenue opportunities.

“The integration of our unique mobile payments solutions with MMV’s flexible mobile financial services platform provides great benefits for financial institutions,” noted Patrick Bird, President and CEO of CPNI. “By incorporating our solutions, MMV can offer its customers a comprehensive one-stop shopping experience that now includes both types of mobile payments.”

About Mobile Money Ventures

Mobile Money Ventures, LLC (MMV) is the leading global solution provider of the next generation of mobile financial services applications. Built on the financial services and technology leadership of Citi and SK Telecom, MMV delivers the future of mobile banking with its comprehensive, customizable and secure platform. MMV’s turnkey solution enables financial institutions (FIs), carriers and partners to reduce time to market, leverage new growth opportunities and enhance customer loyalty. MMV is FI and carrier agnostic. Mobile Money Ventures is headquartered in San Francisco, California. For more details, visit

About CPNI

CPNI Inc. (CPNI) is a private software development company headquartered in Toronto, Canada, with offices in Boston, MA. For Financial Institutions seeking mobile financial solutions, CPNI provides Phone Authorized Transfer (PAT), a global, bank-branded solution for remote payments and banking services. PAT allows people to transfer funds via PATsend™, make purchases via PATbuy™ and access banking services via PATbank™. Financial Institutions are able to leverage their existing accounts, security processes and settlement channels while retaining the ability to innovate, differentiate and compete. For more information, visit the company’s web site at

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Global Commercial Payments Summit

Global Commercial Payments Summit February 26-27, 2009

Early Bird Rates Expire November 30, 2009


The Global Commercial Cards

and Payments Summit 2010

Growth through Customer-Centric Innovation

CPI Logo

Register by November 30th to Take Advantage of Early Bird Rates for CPI's Global Commercial Cards and Payments Summit 2010

March 23 - 24, 2010, Hilton Hotel, New York City

Register Now

Early bird rate valid through November 30, 2009 - $1595

Regular rate beginning December 1, 2009 - $1995

Only one week left to save $400 off the regular summit delegate rate for CPI's Commercial Cards and Payments Summit 2010 next March. This must-attend event for commercial payments professionals will focus on "Growth Through Customer-Centric Innovation" and offers it all:

  • Learn how to grow your commercial cards and payments business through innovation to meet your customer needs

  • High level thought leadership presentations offer a glimpse into the future of the industry

  • Customer forums where you will hear about innovations that senior level payments specialists from leading organizations want to see

  • Unsurpassed networking opportunities with over 250 senior level commercial payments attendees

The preliminary agenda was just published and includes a wide range of topics, panels and thought provoking content.

Register now to guarantee your place at this unique event and save money too!

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For further information, sponsorship opportunities and group rates, contact:

Imran Vohra, Global Head of Business Development


or tel: +44 (0) 7790.904568

To view information about the Global Commercial Cards and Payments Summit 2009 and to hear what some of the delegates had to say about the event go to:


CPI Founding Sponsors



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Check it Out: Is the Check Out for Checkout in UK?


The UK's major banks are set to vote next month on whether to stop clearing checks as consumers increasingly turn to cards and electronic transfers.

More on this story:

Sophos and Juniper Networks Deliver Integrated Anti-Spam Solution for Branch Office Applications

BOSTON--(BUSINESS WIRE)--IT security and data protection firm Sophos today announced its collaboration with Juniper Networks® to integrate its anti-spam technology into Juniper Networks SRX Series Services Gateways, SSG Series Secure Services Gateways and J Series Services Routers for the branch. Juniper’s high-performance security platforms, designed for branch offices in small to large global deployments, provide protection from internal and external attacks, prevent unauthorized access, and contribute to regulatory compliance.

Juniper’s SRX Series, SSG Series and J Series using Sophos’s proactive, real-time IP reputation services can eliminate more than 90% of spam proactively and efficiently based on sender IP information, identifying spammers before their reputation has been established. Sophos eXtensible List (SXL) real-time updates provide instant access to the latest anti-spam intelligence from SophosLabs without having to wait for an update to be distributed.

“Sophos has built a solid reputation for its dependable and high-performance enterprise security solutions,” said Alex Gray, vice president and general manager, Branch Solutions at Juniper Networks. “Sophos anti-spam intelligence will provide our distributed enterprise customers with the highest level of protection and ease of doing business.”

At the core of Sophos’s anti-spam technology is SophosLabs, a global network of blended threat research facilities. SophosLabs analyzes millions of emails and billions of web pages every day to deliver comprehensive threat protection to customers. Anti-spam analysis techniques such as IP reputation, advanced heuristics, message and attachment fingerprinting, keyword analysis, and URL detection are combined with real-time SXL technology to deliver proactive protection from emerging spam campaigns. Also available via SophosLabs is Behavioral Genotype, which provides proactive protection from fast-moving modern web threats including malware, spyware, adware and phishing, effectively guarding against evolving and zero-day threats. In fact, Sophos identifies approximately 6,500 new spam-related web pages every day — that’s one new website every 13 seconds, 24 hours a day.

“Juniper Networks has an impressive track record for developing comprehensive network security and control solutions for businesses of all sizes and scope — removing the complexity without sacrificing performance or limiting end users’ business productivity,” said Sophos CEO Steve Munford. “The security landscape has changed dramatically over the past few years and customers are facing far more challenges than ever before. With the integration of Sophos’s anti-spam technology, Juniper’s Distributed Enterprise Solutions provide comprehensive security that covers all bases — from proactive protection to ease-of-management to scalability. We are pleased to partner with Juniper.”

Sophos’s anti-spam technology is sold as a standalone subscription-based license or as part of a security bundle and can be purchased from Juniper or its worldwide partners. For more information, visit:

About Sophos

More than 100 million users in 150 countries rely on Sophos as the best protection against complex threats and data loss. Sophos is committed to providing security and data protection solutions that are simple to manage, deploy and use and that deliver the industry’s lowest total cost of ownership. Sophos offers award-winning encryption, endpoint security, web, email, and network access control solutions backed by SophosLabs—a global network of threat intelligence centers. With more than two decades of experience, Sophos is regarded as a leader in security and data protection by top analyst firms and has received many industry awards.

Sophos is headquartered in Boston, US and Oxford, UK. More information is available at

Juniper Networks and the Juniper Networks logo are registered trademarks of Juniper Networks, Inc. in the United States and other countries. All other trademarks, service marks, registered trademarks, or registered service marks are the property of their respective owners.

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Discover Launches Web Site Showcasing the Value of Cash Rewards

New site helps cardmembers make their money worth more

RIVERWOODS, Ill.--(BUSINESS WIRE)--Discover® card today announced the launch of, a new Web site that brings together all the ways cardmembers can get the maximum value from their Cashback Bonus® rewards.

All across America Discover Cardmembers are earning Cashback Bonus on every purchase. This interactive Web site shows how it all adds up, features exclusive limited-time deals and offers a peek at how cardmembers in their area and around the country are redeeming their Cashback Bonus rewards.

“Cash rewards are part of Discover’s heritage, and we’re proud to have awarded our cardmembers more than $8 billion in Cashback Bonus since the program’s inception in 1986,” said Julie Loeger, senior vice president of rewards and brand management at Discover. “ is a simple and powerful way to help cardmembers realize the full value of their Cashback Bonus and make their money worth more.”

How to Earn, How to Redeem showcases all the ways cardmembers can earn and redeem their Cashback Bonus rewards. The site provides a unique view of the rewards program with a running total of how much Cashback Bonus is being awarded over the course of the year - and a look at how cardmembers are enjoying their rewards with an interactive map that spotlights redemptions nationwide.

When it comes to earning rewards, Discover More cardmembers can earn increased Cashback Bonus through the 5% Cashback Bonus program, which allows cardmembers to earn more rewards in popular categories and amounts that change four times a year. Categories include gas, travel, home, apparel, restaurants, movies and more. A 2010 5% Cashback Bonus program calendar is available on the site.

Visitors can also take advantage of other special rewards and discounts through various offers such as double Cashback Bonus seasonal promotions and exclusive money-saving offers.

Discover Cardmembers have many options when it comes to redeeming their cash rewards. They can redeem for cash with a direct deposit to a bank account of their choice or receive a statement credit. If it’s even bigger rewards they’re seeking, they can increase the value of their rewards by redeeming their Cashback Bonus reward for partner gift cards with one of the more than 100 brand-name partners.

In addition to partner gift cards, cardmembers can redeem their Cashback Bonus for popular merchandise such as the Nintendo Wii Resort Bundle, Playstation 3 Slim Winter Bundle and Apple iPod®. They can also redeem for Discover gift cards, which can be used anywhere Discover card is accepted. Finally, cardmembers can also donate their rewards to select charities.

Don’t Take Our Word For It

On the site, cardmembers are also sharing their own stories and giving tips on how they get the most from their rewards, like Rebecca from Adairsville, GA recently did:

“We usually use our rewards throughout the year to eat at restaurants. This year we decided not to touch our rewards all year and then cash them in for department store cards to use for Christmas shopping. Boy did this idea ever pay off!! We just cashed in enough rewards to get: $50 Macy’s, $50 Kohl’s, $50 Shutterfly & $25 Bed Bath & Beyond®!!! You can’t beat the $175 towards Christmas shopping!! This year is gonna be tight on us for the holidays and this is such a blessing and we are sooo glad we did it!!!”

To learn more about how Discover Cardmembers are making their money worth more with Cashback Bonus rewards, please visit

Cardmembers also can learn how to connect with Discover by visiting our social community page at

About Discover

Discover Financial Services (NYSE: DFS) is a leading credit card issuer and electronic payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company operates the Discover card, America's cash rewards pioneer, and offers student and personal loans, as well as savings products such as certificates of deposit and money market accounts. Its payments businesses consist of Discover Network, with millions of merchant and cash access locations; PULSE, one of the nation's leading ATM/debit networks; and Diners Club International, a global payments network with acceptance in 185 countries and territories. For more information, visit

MoneyGram Goes Postal in Italy

MoneyGram International and the Italian Post Office Bring Mobile Money Transfer Service to Italy

MINNEAPOLIS--(BUSINESS WIRE)--MoneyGram International (NYSE: MGI), a leading provider of global money transfer services, and Poste Italiane, the leading postal services operator in Italy, today announced an agreement that will enable Poste Italiane customers to initiate mobile money transfers to important markets around the globe, delivering faster, more convenient and flexible money transfer services. The agreement also provides for the launch of money transfer service via the Web.

Both mobile and online transfers allow consumers to send money virtually anytime and anywhere, without the need to go to a post office or retail location making cash available for friends and family in just 10 minutes. The mobile money transfer service enables Poste Italiane customers with a Poste Mobile SIM card associated with their BancoPosta account or PostePay debit card to transfer money via mobile phone. Poste Italiane customers who have home banking service will now also be able to transfer money via the Web at

"With the introduction of money transfer via mobile phone, Poste Italiane and MoneyGram offer a next-generation service that responds in a more dynamic, reliable and convenient way to the needs of migrants,” said Poste Italiane AD, Massimo Sarmi.

“We are excited to combine Poste Italiane’s and MoneyGram’s unique technology platforms in Italy to introduce an innovative service for our growing number of money transfer customers.”

According to The Mobile World 2009, 93 percent of the approximately 4 million immigrants in Italy own a mobile phone. With the wide distribution of mobile phones around the world, offering money transfers via a mobile phone or the Internet provides customers with improved convenience.

"We are delighted to expand our partnership with Poste Italiane and together be the first to offer money transfer services via mobile phone in Italy,” said Pamela H. Patsley, chairman and CEO of MoneyGram International. “MoneyGram is committed to providing customers with flexibility and choice in how they send and receive money. The service we are announcing today is a winning example of how our agent partners can use the MoneyGram technology to provide their online or mobile customers the benefits of an affordable, reliable and convenient money transfer send service without the need to go to a retail location."

MoneyGram has 186,000 agent locations around the world and has been operating in Italy since 1996. It has an extensive network of agents and a major retail partnership with Poste Italiane, offering money transfer service in over 10,000 post office locations across the country.

About MoneyGram

MoneyGram International offers more control and more choices for people separated from friends and family by distance or those with limited bank relationships to meet their financial needs. A leading global payment services company, MoneyGram International helps consumers to pay bills quickly and safely send money around the world in as little as 10 minutes. Its global network is comprised of 186,000 agent locations in 190 countries and territories. MoneyGram’s convenient and reliable network includes retailers, international post offices and financial institutions. Now, MoneyGram offers its most loyal customers MoneyGram Rewards for cash discounts on eligible money transfers from the U.S. – visit to register today. To learn more about money transfer or bill payment at an agent location or online, please visit

WinBuyer Gets Overstock as Client and $6.9 Million Series A Investment

WinBuyer Closes $6.9 Million in Series A Investment Led by Pitango Venture Capital, Joined by Giza Venture Capital

TEL AVIV, Israel, Nov. 23 /PRNewswire/ -- WinBuyer, the leader in the growing market for Onsite Comparative Pricing (OCP) applications announced today the completion of a $6.9 Million first round investment led by Pitango Venture Capital alongside Giza Venture Capital. WinBuyer's OCP solution accelerates consumer purchasing behavior and maximizes income for online retailers by enabling price comparisons at the point of sale: merchants' product pages.

With the investment, Isaac Hillel, Pitango Managing Partner and Ori Israely, Giza Managing Director, join WinBuyer's Board of Directors. Additionally, Dan Clarke has been appointed to the role of CEO. Mr. Clarke has previously held positions as Senior Director at Intel US, and CEO of Vcommerce, an ecommerce platform used by leading online retailers.

WinBuyer was founded in 2005 by Miki Balin and Alon Weinberg, with offices in Tel Aviv, Israel, Scottsdale, Arizona and London, England. To date, WinBuyer's unique technology has been implemented by more than 200 online merchants in the US and UK.

WinBuyer recently announced that, an ecommerce market leader, will begin offering OCP in time for the holiday season, giving their consumers the ability to make more informed buying decisions by comparing other merchant's product prices, prior to making a purchase, without leaving the site. Other marquee WinBuyer clients include: Ritz Interactive, GameQuest and Hayneedle.

"We are very happy to have Pitango and Giza as new investors in the company," said Dan Clarke. "The investment allows WinBuyer to expand its market presence within the U.S. and further into international markets, exponentially growing the solution's availability to online retailers."

"WinBuyer's unique solution hits on a new dimension of the consumer's purchasing experience and provides added value to online merchants," remarked Isaac Hillel. "We see high potential in both concept and product. We are delighted by the opportunity to work with such an experienced management team and to assist them in achieving their goals and targets."

Ori Israely concludes, "We are pleased to join a group of founders with such a high level of expertise in ecommerce. We have been following the Internet sector since its beginning and have seen a growing need in the ecommerce market for more sophisticated price comparison solutions. WinBuyer has a unique technology that provides an answer to this need. We are extremely excited to be involved in this opportunity."

About WinBuyer

WinBuyer provides retailers with an Onsite Comparative Pricing (OCP) application, which enables retailers to accelerate consumer purchase behavior by embedding comparative shopping information into a retailer's site at the point of sale. Over 200 merchants are realizing how WinBuyer can benefit them through increased sales conversion, greater average order size, improved site stickiness and enhanced consumer confidence. WinBuyer was founded in 2005 and is headquartered in Tel Aviv, Israel, with offices in Scottsdale, Arizona and London, England. For additional information on WinBuyer, Inc., please contact or visit

About Pitango Venture Capital

Pitango Venture Capital, the leading venture capital firm in Israel, has been investing in technology entrepreneurs since 1993. With offices in Israel and Silicon Valley, California, Pitango currently manages several venture funds totaling over $1.3 billion in committed capital invested in more than 100 companies. Pitango invests in high-growth companies in various stages, from seed and early stages to growth and late-stage, and supports them as they grow. Pitango's investment focus includes: Communications; Networking & Storage; Wireless, Cellular and Mobile technologies; Enterprise Software, Internet and Media; Healthcare & Life Sciences, and Clean Technologies.

About Giza Venture Capital

Giza Venture Capital established in 1992, is a pioneer investor in seed and early-stage technology companies and currently manages five funds totaling over $600 million. Giza's investment professionals have a wealth of expertise and experience in Communications, Semiconductors, Information Technology, Enterprise Software, Life Sciences, CleanTech, Internet and Media. This expertise empowers the team's decision-making and problem solving capabilities and accounts for the Fund's hands-on approach in working closely with its portfolio companies. Giza has invested in 93 companies and its vision in recognizing future technology leaders has led to over 30 successful exits. Giza also has a seed stage investment plan called the Ofek Program whose goal is to secure investment in high-quality seed opportunities at the earliest possible stage. The Fund brings significant added value to its portfolio companies post-investment through involvement at board level as well as providing active support in strategy, marketing, financial and personnel-related decisions.


Credit Card Fraud Hits South Africa's Banking Industry

Credit card stickers Credit card fraud hits banking

Nov 23, 2009 3:11 PM | By Sapa

Credit card fraud continues to hit South Africa's banking industry, the South African Banking Risk Information Centre (Sabric) says.

In a statement, it said the industry's financial losses resulting from credit card fraud for 2009 had increased by five percent.

This represented a significant downward trend in the growth rate of industry card fraud losses compared to the 30 percent increase last year, said Sabric chief executive officer Kalyani Pillay.

She said banks remained committed to raising the public's awareness of its role in supporting industry initiatives to mitigate bank card fraud.  Most bank fraud losses involving South African-issued credit cards in 2009 occurred inside the country, Pillay said.

Gauteng, KwaZulu-Natal and the Western Cape accounted for 89 percent of the losses, she said. Overall, card fraud losses inside South Africa this year decreased by six percent. "Sabric attributes the decline in card fraud inside our borders to the decrease in certain card fraud types as a result of robust industry crime prevention measures, including public awareness.

"The impact of the reach of chip and PIN technology on the abuse of lost and stolen cards is beginning to be noticed," she said.

This was further supported by the industry's real time crime risk management which facilitated the immediate detection of, and response to, incidents of fraud at merchant level. Pillay said counterfeit card fraud was the primary fraud loss category this year, having increased by 22 percent to R144 million.

"Most of banking industry's financial losses resulting from counterfeit card fraud occur within the borders of South Africa.

"Skimming of cards via hand-held skimming devices still remains the main modus operandi to obtain information needed, to manufacture counterfeit cards."

Pillay urged the public to adhere to safe banking messages from their banks, such as not to let their cards out of sight when transacting or accepting assistance with their ATM transactions.

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Retail's Really Big Shew

Retail's BIG Show 2010. NRF's 99th Annual Convention & EXPO. Jacob K. Javits Convention Center, New York City. Convention: January 10-13, 2010. EXPO & DESiGN STUDiO: January 11-12, 2010.

Advance Registration ends, Friday, December 4th.

Save more than $300.

Register Today!

The NRF 99th Annual Convention & EXPO, Retail's BIG Show 2010

Convention: January 10-13, 2010, EXPO & DESiGN STUDiO: January 11-12, 2010

Jacob K. Javits Convention Center, New York City,

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Debit and PIN Fraud Linked to Hancock Fabrics

Hancock Fabrics Linked to ATM/PIN Debit Fraud in 3 States

CA, WI and MO Investigators Say Recent Thefts Tied to Retailer's Transactions

Source: Bank Info Security

Bank customers in California, Wisconsin and Missouri are reporting fraudulent ATM withdrawals that police say are tied to transactions conducted with the Hancock Fabrics retail chain.

In California, Napa Police Department spokesman Brian McGovern says 60 residents reported their cards being used by thieves. In one case, a Napa resident reported $840 in cash withdrawals. The Hancock Fabrics store on Imola Avenue in Napa was the "common thread" among the numerous people who reported credit and debit card fraud. McGovern says the store had recently replaced its point-of-sale machines.

At about the same time, as many as 70 Wisconsin victims reported suspicious ATM withdrawals from their accounts, according to Wood and Portage county law enforcement, which also ties the thefts to machines in Hancock Fabrics stores.

And in Missouri, at least 10 customers at Hancock Fabrics in the St. Louis area reported their debit card numbers and pin numbers stolen during the week of November 9.

Continue Reading at Bank Info Security

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Tailwind And ViVOtech Team On Contactless Payments

logo ViVOtech, the expert in near field communication (NFC) and contactless payment systems, and Tailwind, the supplier of strategic marketing in the payments industry, have signed an agreement to develop and deploy joint solutions that will enable retailers to meet the demand for contactless payment systems.

Tailwind and ViVOtech will integrate contactless payment readers into existing Chip and PIN devices using Tailwind’s patented “POS Paddle” universal Pin Pad mounting solution and ViVOtech’s best-selling ViVOpay line of contactless payment readers.

“Retailers want to adopt contactless technology, but they also want to make sure they can leverage their investment in Chip and PIN devices, and give their customers an ergonomic and intuitive point of interaction,” says Garry Knox, founding director of Tailwind. “Our partnership with ViVOtech allows us to provide retailers with the best contactless payment modules directly integrated with their existing systems in one single package.”

“Contactless adoption by retailers is growing worldwide. That demand comes not only from the desire to accept easy and convenient contactless cards, but also from the desire to be ready for the upcoming NFC mobile payment revolution,” says Mohammad Khan, president and founder, ViVOtech. “ViVOpay readers will enable existing Chip and PIN devices to accept not only contactless and NFC mobile payments, but also to offer advanced merchant loyalty programs such as mobile promotions, vouchers and rewards.” *

Source: Business Wire

Late Payments on Credit Cards Drop in 3rd Quarter

By EILEEN AJ CONNELLY (AP) – 10 hours ago

NEW YORK — For the first time in a decade, more people paid their credit card bills on time in the third quarter this year than in the second quarter.

The delinquency rate on bank-issued cards like those bearing MasterCard and Visa logos fell to 1.1 percent for the June-to-September period, from a rate of 1.17 percent in the prior three months, according to credit reporting agency TransUnion.

The 6 percent drop is significant not just for its size but also for its timing, since delinquency rates usually rise in the third quarter from the prior period, said Ezra Becker of TransUnion's financial services group. Taken together with the more than 11 percent decline seen between the first and second quarters, the results indicate that consumers are getting better at handling their debt.

The 2009 third-quarter delinquency rate was basically flat with the 2008 third quarter, when 1.09 percent of card payments were 90 days or more past due. TransUnion measures credit card delinquencies at 90 days because three months is considered an indicator that the card holder will default, since it is difficult to make up that many missed payments.

Credit card delinquencies were highest in Nevada (1.98 percent), Florida (1.47 percent), Arizona (1.35 percent) and California (1.33 percent), the states hardest hit by the housing crisis. Rates were lowest in North Dakota (0.66 percent) and South Dakota (0.70 percent).

Continue Reading at the Associated Press

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ProPay CartLite Adds Shopping Cart Functionality to ProPay Merchant Services

CartLite Gives Small Merchants a Simple, Safe, and Affordable Shopping Cart That Easily Integrates with Their Web Site

LEHI, Utah--(BUSINESS WIRE)--ProPay (, an industry leader in end-to-end data security encryption, credit card processing, and electronic payment services, announced a partnership with Hosted Concepts LLC to offer the ProPay CartLite shopping cart to their ever expanding list of merchant services.

ProPay CartLite is a simple, safe and affordable shopping cart that integrates with a merchant’s Web site and a ProPay Merchant Account, giving the merchant an easy and secure way to accept credit cards. Adding ProPay CartLite to their Web site will enable greater opportunities for merchants to extend their reach to additional customers 24/7 and will provide a safe and easy way for merchants to increase sales and strengthen their presence on the Internet.

Other highlights of ProPay CartLite include:

  • ProPay CartLite works with any Web site—No need to hire a programmer.

  • Data is encrypted, secure, and safe—ProPay CartLite is integrated with ProPay’s ProtectPay, a secure data repository for storing sensitive payment information.

  • No hidden fees.

  • No monthly minimums.

  • Access detailed sales reports.

  • 30-Day Money Back Guarantee.

“ProPay CartLite is for smaller merchants who have not been able to justify an expensive shopping cart, but are losing business by not having one,” said Bryce Thacker, ProPay’s EVP of Sales and Marketing. “CartLite is very affordable and will enhance our merchants’ online sales opportunities, help them better serve their customers, and secure the customers’ sensitive credit card data for our merchants. It truly benefits everyone involved.”

ProPay CartLite was developed and will be supported by Hosted Concepts, LLC. To learn about ProPay CartLite please visit

About ProPay

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Chase Paymentech Launches Third Annual Cyber Holiday Pulse Index

Index provides significant insights Into Internet holiday shopping

DALLAS--(BUSINESS WIRE)--Chase Paymentech, a leading merchant acquirer and payment processor, today launched an updated version of its Cyber Holiday Pulse Index (, which will track online shopping activity throughout the 2009 holiday shopping season.

This year, Chase Paymentech’s Pulse Index will track over one million payment transactions daily at 50 of the top U.S. retail Web sites as ranked by Internet Retailer magazine.

In addition to compiling current activity, Chase Paymentech’s Pulse Index also presents year-over-year trends and is updated every business day throughout the first week of January to provide historical context on the overall metrics and identify emerging online shopping trends. This year, the index adds daily average ticket value, as well as sales volume and transaction volume, providing even more in-depth insights into year-over-year consumer behavior.

"Especially in these difficult economic times, merchants need every possible tool to understand the dynamics of the marketplace," said Mike Duffy, president of Chase Paymentech. "The Pulse Index will help the business community track the heartbeat of online shopping trends throughout the season."

Looking Back

The challenging economic environment took its toll on online shopping during the 2008 holiday season, according to the Chase Paymentech Pulse Index. In 2008 holiday online sales volume and transaction count both increased, but the average ticket, or amount per sale, declined. Overall, sales volume for the holiday season was up a modest 4.5 percent versus 2007. Transaction count was up a significant 16.5 percent, and the average value per transaction was down an unanticipated 10.3 percent.

Looking Forward

Sucharita Mulpuru, Vice-President and Principal Analyst at Forrester Research, said, “Our most recent holiday retail forecast suggests that consumers will grow their holiday web spending by 8 percent this year. There are, of course, many factors—inventory availability, promotional activity, and events in the media—that ultimately determine whether retailers will actually experience that growth.

“The Chase Paymentech Pulse Index is a critical piece of our ability to assess how web retailers are faring on a daily basis,” she added. “It helps us to adjust our forecast and put our finger on the ‘pulse’ of web retail sales.”

Promoting E-Commerce Growth and Online Security

Chase Paymentech processes an estimated more than half of all Internet payment transactions, representing an average of 500 Internet payment transactions per second. As such, Chase Paymentech is uniquely positioned to provide and interpret this valuable e-commerce data for the larger business community.

Additionally, Chase Paymentech and Chase Card Services are committed to helping consumers shop online safely and securely. Consumers can learn more about safe online shopping by visiting

About Chase Paymentech

Chase Paymentech Solutions, LLC (“Chase Paymentech”), a subsidiary of JPMorgan Chase (JPMC), is a global leader in payment processing and merchant acquiring, authorizing transactions in more than 130 currencies. The company's proprietary platforms provide access to a wide variety of payment methods, such as credit cards, debit cards, prepaid stored value cards and electronic check processing. In 2008, Chase Paymentech processed more than 21.4 billion transactions with a value exceeding $713.9 billion, including an estimated half of global Internet transactions. The company also provides a full set of solutions aimed at accelerating cash flow and managing transaction data. On the Internet or at the point of sale, Chase Paymentech's unique combination of outstanding service, innovative solutions and financial strength offers solid benefits to companies both large and small. More information can be found at

Industry Wary of Proposed House Bill HR 3904 (Overdraft Payments)


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Industry Wary of Proposed

House Bill HR 3904

Not Good Public Policy Says Former NCUA Chief

On October 30, 2009, the House Financial Services Committee listened to testimony from both industry as well as consumer advocacy groups on proposed bill HR3904 which would put severe regulatory restrictions on overdraft payment programs for financial institutions. Dennis Dollar, former Chairman of the NCUA and now Principal Partner of Dollar Associates, commented on a number of issues surrounding the new bill in his formal remarks to the committee (CLICK HERE FOR ARCHIVED TAPING).

He argued that overdraft payment services, when administered properly, are a valued service that credit union members and consumers appreciate over the traditional handling of NSF transactions. With overdraft protection, rather than being charged a NSF fee, the member is charged a comparable fee to honor the overdrawn item. "It is important to remember that an overdraft fee is not an additional fee above and beyond the NSF fee," according to Dollar.

"Credit union members see value in these programs because they are able to realize the additional cost savings associated with avoiding late fees, merchant charges, and cancellations of service. In addition, these programs prevent the embarrassment and potential legal liability of writing a check that is returned for insufficient funds," he explained.

Dollar also questioned the claim by critics that consumers see little to no advantage to these programs and feel ripped off by them. He contends that if consumers feel the services have no worth, why are they so popular and utilized by so many credit union members?

"And the fact that financial institutions have increased earnings from these programs should not automatically be viewed as suspect, but rather should be seen as evidence that the consumer appreciates overdraft services and is comfortable utilizing them when needed," he contends.

While the former regulator supports the financial institutions' right to offer overdraft services, he is quick to point out that he only supports programs that are fair and responsible.

"Program disclosures should be well defined and easy to understand. Consumers should always be afforded the right to opt out upon request. Ongoing cumulative totals of overdraft fees should be clearly disclosed. Check processing order should also be disclosed; perhaps even providing options for the processing order left to the discretion of the consumer. And when technology allows it, an 'opt out' at the point of sale would be a best practice worth implementing."

Most of these standards are the way responsible financial institutions handle their overdraft programs today. "Because some do not follow best practices does not, in my view, make a case to over-regulate those who do with punitive or burdensome legislation," he adds.

"My background as a federal regulator who sat on the Federal Financial Institutions Examination Council from 2001 to 2004 leads me to believe that the regulatory agencies are best positioned to police this arena and to eliminate substandard overdraft services. I strongly urge that any statutory or regulatory action be focused on program abuse. Legislation that would largely dismantle these services through untenable restrictions, I emphasize again, would not be good public policy," he concludes.

Strunk & Associates – Genuine Expertise

Early in the development of its Overdraft Privilege Service Program, Strunk & Associates recognized that there was only one way to deal with the projected continual issuance of regulatory actions dealing Safety and Soundness and Consumer Protection in the financial industry – significant and ongoing investments in compliance and legal expertise with nationally recognized law firms.

lawbooksStrunk clients are provided with the most comprehensive up-to-date and detailed set of best practices, policies and disclosures in the industry. Our guidance package is designed to assist our clients in their compliance efforts to ensure that their practices and processes with the Strunk discretionary overdraft payment service program is reliably compliant, prudent, safe and responsible.

Our ability to recognize and address the dynamics of regulatory forces and provide reliably compliant, prudent, safe, flexible and responsible solutions is an important Strunk core competency. More importantly, it provides a strategic set of assets for credit unions that differentiates Strunk & Associates from other overdraft payment service third party providers.

Our Track Record

For almost two decades, Strunk & Associates has provided nearly 2000 clients with the leading discretionary overdraft payment service. During this period, our clients’ practices and processes have remained compliant, prudent, safe and responsible.

Our clients have undergone thousands of federal and state examinations without a single reported issue. Furthermore, no Strunk client, who has followed our recommended program guidelines, has ever been subject to negative press during their implementation or continued management of Strunk’s Overdraft Privilege Service Program.

If you're looking to refresh, renew and improve underperforming areas of your existing overdraft payment program, call Strunk & Associates today at 800.728.3116.

For additional information on Overdraft Privilege from Strunk & Associates, CLICK HERE.

The Strunk Overdraft Privilege Service support and compliance programs go far beyond the "legal minimum." The Strunk program includes support for the broader issues of risk management, business continuity and the delivery of a sustained and a superior member service level.

Contact Strunk & Associates today at 800.728.3116

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