Thursday, August 23, 2012

FICO Data Shows a Spike in US Credit and Debit Card Fraud

FICO logo
FICO logo (Photo credit: Wikipedia)


FICO Data Shows a Spike in US Credit and Debit Card Fraud

Analysis finds Internet, mail and telephone order fraud growing at 2x the rate of counterfeit fraud, and a continued shift toward debit card usage and debit fraud loss risk
MINNEAPOLIS—August 23, 2012—FICO (NYSE: FICO), the leading provider of predictive analytics and decision management technology, today released data from the FICO® Falcon® Fraud Manager Consortium showing a continuing shift towards online, mail-order and telephone-order fraud versus counterfeit fraud over the same period. In its analysis of losses for credit cards from January 2010 to September 2011, FICO found that card-not-present fraud losses increased at twice the rate of counterfeit card losses.
Though Internet, mail and telephone fraud accounted for the highest total fraud loss and fraud volume, counterfeit fraud has higher average loss per compromised account. The expected introduction of EMV technology in the US promises to boost protection against counterfeit losses. FICO released data in January on European credit cards that showed a 60 percent decline in counterfeit fraud, due in large part to the implementation of chip and pin technology in the United Kingdom.
Regarding debit cards, FICO’s analysis shows usage increasing sharply over the period of the analysis, with a 15 percent increase in overall authorization volume (more people are using debit cards), and an increase in techniques such as skimming, where a criminal installs a device at an ATM or self-checkout aisle at a grocery store to collect personal data, like debit card numbers and PINs, remotely. The top three sources for debit card fraud were ATMs, grocery stores followed by automated fuel dispensers. Top merchant categories for credit card fraud were grocery stores, restaurants and online retailers.
“Continued improvements in fraud controls have succeeded in keeping the fraud genie in the bottle; but fraudsters continue to evolve their attempts to circumvent our efforts, adapting to consumer behavior and simply following the money,” said Doug Clare, vice president of Product Management at FICO. “More online shopping has created a shift towards more online fraud, which is proving to be a popular, relatively safe and anonymous means for fraudsters to exploit any weakness in fraud systems. Consumers and issuers should remain diligent when using cards for point of sale and ATM transactions.”
Clare continued, “It’s worth noting that in the period that we studied, only about 1 percent of debit and credit cards were affected by fraud, which speaks to the strength of FICO Falcon Fraud Manager, which protects more than 2.5 billion payment cards worldwide.  By historical standards, losses remain low.”
The data in the FICO Falcon Fraud Manager consortium represents hundreds of millions of active credit cards and debit cards issued in the US. FICO analyzed its FICO Falcon Fraud Manager consortium to develop the most recent US analytic models for FICO® Falcon® Fraud Manager. These models are now available for FICO clients, and show a marked increase in predictive power compared to previous models. 
About FICOFICO (NYSE:FICO) delivers superior predictive analytics solutions that drive smarter decisions. The company’s groundbreaking use of mathematics to predict consumer behavior has transformed entire industries and revolutionized the way risk is managed and products are marketed. FICO’s innovative solutions include the FICO® Score — the standard measure of consumer credit risk in the United States — along with industry-leading solutions for managing credit accounts, identifying and minimizing the impact of fraud, and customizing consumer offers with pinpoint accuracy. Most of the world’s top banks, as well as leading insurers, retailers, pharmaceutical companies and government agencies, rely on FICO solutions to accelerate growth, control risk, boost profits and meet regulatory and competitive demands. FICO also helps millions of individuals manage their personal credit health through www.myFICO.com
FICO: Make every decision count™.
For FICO news and media resources, visit www.fico.com/news.

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PayPal and Discover Team to Bring PayPal to Millions of In-Store Locations


PayPal and Discover to Bring PayPal to Millions of In-Store Locations

English: Logo of PayPal. EspaƱol: Logotipo de ...
(Photo credit: Wikipedia)
PayPal’s 50+ Million U.S. Customers Will Be Able to Pay with PayPal in Millions of Merchant Locations in 2013
SAN JOSE, Calif. & RIVERWOODS, Ill.--()--Today, PayPal announced an extension of its offline strategy by teaming up with Discover to bring PayPal to more than 7 million merchant locations across the U.S., and potentially to millions of international merchant locations in the future. Starting in 2013, Discover will work with PayPal to enable participating merchants to accept PayPal easily through their existing relationship with Discover. Consumers will be able to take advantage of the benefits of PayPal at these merchant locations, providing them with the simplicity, speed and security they've come to expect from PayPal across any channel, any time.
“We couldn't be more thrilled to work with Discover. This relationship quickly extends PayPal's reach to millions of merchant locations nationwide and is a milestone moment for us that will create new benefits for Discover merchants without requiring new hardware or software”
"We're delighted to enable PayPal's efforts to provide their U.S. customers acceptance at millions of physical point-of-sale locations by leveraging our unique payment services assets. The establishment of this relationship is a major industry milestone, which will help shape the emerging payments landscape by bringing together an established direct banking and payments company with a leading commerce enabler to create an alternative payments option for consumers at the point of sale," said Diane Offereins, President of Discover Payment Services. “This initiative will result in real change and innovation for the industry by bringing new technologies to the point of sale that benefit merchants and PayPal customers."
"We couldn't be more thrilled to work with Discover. This relationship quickly extends PayPal's reach to millions of merchant locations nationwide and is a milestone moment for us that will create new benefits for Discover merchants without requiring new hardware or software,” said Don Kingsborough, PayPal’s Vice President of Retail. "This relationship will deliver a truly seamless digital wallet, available most places consumers shop offline, which offers the speed, simplicity and security already enjoyed by 113 million active PayPal customers online."
Starting in 2013, participating merchants will be enabled to accept PayPal easily through their relationship with Discover. To offer PayPal, merchants will not have to install or upgrade existing point-of-sale hardware or software and consumers will know of this additional payments option through in-store signage. As a leader in online payments, PayPal expects to bring brick-and-mortar merchants more shoppers in store and to extend convenience and utility for consumers through innovative mobile payment solutions. Additionally, PayPal's 50+ million active U.S. customers are expected to help increase customer engagement, loyalty and incremental sales at the physical point of sale.
eBay will host a conference call to discuss the announcement and answer questions at 7:00 a.m. Pacific Time today. A live webcast of the conference call can be accessed through the company's Investor Relations website at http://investor.ebayinc.com. In addition, an archive of the webcast will be accessible for 90 days through the same link.


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44 "Mobile Payment News" Stories for August 23, 2012

News32 new results for "Mobile Payment"
Mobile Payment Bubble Just Starting to Inflate: Street Whispers
Image representing PayPal as depicted in Crunc...
Image via CrunchBase
TheStreet.com
Mobile Payment Bubble Just Starting to Inflate: Street Whispers. By Dan Freed 08/23/12 - 07:20 AM EDT. Add Comment. Stock quotes in this article:SBUX, EBAY, DFS, V, MA · Tweet. NEW YORK (TheStreet) --There is way too much enthusiasm and money ...

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Mobile Payment System to be Developed by Wal-Mart, Best Buy, and Target
Midsize Insider
Added by David Tom on Aug 23, 2012. Tweet. Mobile payment systems are undeniably in the future of smartphone technology. However, few technology companies have capitalized on this currently untapped market with the exception of the Android-based ...
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OpenMarket urges UK merchants to prepare for new Payforit 4 mobile payment ...
IT News Online
The mobile payment market includes a number of different methods, including Premium SMS, direct mobile billing and mobile web payments (WAP). Operators in the UK will begin to mandate Payforit 4 as the industry-standard for mobile payments from ...
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Speculating On The Next Payment Industry Takeover Target
Seeking Alpha
PK) acquires Merchant e-Solutions (MES) for $670M. MeS provides traditional, e-commerce and mobile payment processing generating net revenue for the year ending May 31 of $124M, an increase of 24% over the previous period. MeS processes over $14 ...
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Alternet Systems, Inc. (ALYI) Releases Letter to Shareholders Providing ...
Equities.com
Alternet Systems, Inc. (ALYI) Releases Letter to Shareholders Providing Updates on Advances in Mobile Payment and Cyber Security Subsidiaries. Marketwire. MIAMI, FL -- (Marketwire) -- 08/22/12 -- Alternet Systems, Inc. (OTCQB: ALYI) today released a ...
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PayPal Payment Cards Extend Service's Reach Beyond The Web
Huffington Post
"This initiative further distances PayPal's digital wallet ahead of other mobile payment platforms," R.W. Baird Equity Research analyst Colin Sebastian wrote on Wednesday. "PayPal continues to take measured and deliberate steps to extend its reach into ...
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Mobile payment will change the payments landscape
Telecompaper (subscription)
Mobile payment will change retail payment over the coming years. Traditional payment companies are trying to redefine their role. Point of sale (POS) equipment vendors and payment service providers face the risk of losing their role in the value chain ...
See all stories on this topic »
Mobile Payments to Reach $1.3 Trillion Annually by 2017, Study Says
Techvibes (blog)
According to a recent report from Juniper Research, global mobile payment transactions are expected to grow nearly fourfold over the next five years to more than $1.3 trillion. The study, titled Mobile Payments Strategies: NFC, Remote Purchases & Money ...
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Google Wallet cranks up the advertising machine
Android Authority
A handful of players have entered the mobile payment game, but Google Wallet has been the only one that's really threatened to be competition. With the advent of new mobile payment apps now becoming a hot convenience item, the big G-Dub is certainly ...
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Android Authority
PayPal partners with Discover to reach 7M US merchants
VatorNews
Just days after reports emerged that McDonalds is testing out a mobile payment offering via PayPal that would allow customers to pay with their phone, PayPal is breaking through an even bigger wall: actual credit card companies. PayPal announced ...
See all stories on this topic »
9 Stops on PayPal's Long Mobile-Payments Journey
American Banker
Top 5 Stories in Regulation & Reform · Comments of the Week. 9 Stops on PayPal's Long Mobile-Payments Journey. Tweet. PayPal's point of sale mobile payment system combines over half a decade of initiatives — and a few notable setbacks along the way.
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After Square's Starbucks deal, PayPal counters with Discover partnership
Bizjournals.com (blog)
St. Louis natives Jack Dorsey and Jim McKelvey, co-founders of mobile payment company Square Inc., made a big splash a few weeks ago when they announced a deal with Starbucks. But Square is not the only digital payment service looking to expand into ...
See all stories on this topic »
Square experiences outage
Mobile Payments Today
The mobile payment processor's platform went down for about an hour yesterday evening, leaving its merchants without the ability to accept payments, according to The Next Web. Square spokesperson Aaron Zamost told TNW, "Some users experienced a ...
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PayPal to offer in-store payments thru Discover
Kansas City Star
It rivals mobile payment services such as Square, which recently signed a deal to process payments at Starbucks locations. PayPal is also accepted as a form of payment at physical Home Depot stores and other retailers as part of its offline push. The ...
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PayPal's extended partnership with Discover brings mobile wallet payments to 7 ...
The Next Web
Now, consumers will be able to use PayPal at merchant locations, something that will likely have an impact on existing mobile payment services such as the ones found in coffee-house chains. It also makes a stronger connection between our online ...
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The Next Web
Innovation And Resilience Mint Billions For Technology Duo
Ventures Africa
VENTURES AFRICA – A modest computer, few savings from the part time job in campus and a burning desire to provide people driven technological solutions all worked to birth Interpid Data Systems, a fast growing software and mobile payment solutions ...
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Ventures Africa
Carphone sets out its Mobile Checkout
Mobile Today
As consumers become more aware there's an opportunity for an independent authority on mobile payment solutions as more options become available.' Smith said that while the retailer's short-term focus was on the Apple and Android operating systems, ...
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Mobile Today
PayPal expands presence in US retail stores with new Discover partnership
Engadget
As a leader in online payments, PayPal expects to bring brick-and-mortar merchants more shoppers in store and to extend convenience and utility for consumers through innovative mobile payment solutions. Additionally, PayPal's 50+ million active U.S. ...
See all stories on this topic »
Leveraging Technology - Part 2: Cashless Options Multiply, Interoperability ...
Vending Times
Cantaloupe's Seed system includes cashless payment capability that can accommodate emerging mobile payment media like Google Wallet, ISIS (a collaborative effort among cellular carriers and the leading card networks), and other well-financed ...
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Vending Times
PayPal will soon be accepted anywhere Discover Card is
Tecca
The battle between PayPal, Square, and Google Wallet to determine which of the competing mobile payment options will reign supreme continues to heat up. Hot off news that it is working with McDonald's to let the fast food giant's customers pay using ...
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Tecca
PayPal To Gain Access To 7 Mln Merchant Locations In US Under Discover Deal
RTT News
San Jose, California-based PayPal expects to bring brick-and-mortar merchants more shoppers in store and to extend convenience and utility for consumers through innovative mobile payment solutions. Further, the company said it expects its more than 50 ...
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RTT News
PayPal to offer in-store payments through Discover
CBS Moneywatch
... it unveiled a mobile payments service, PayPal Here, that lets businesses process credit card payments with smartphones. It rivals mobile payment services such as Square, which recently signed a deal to process payments at Starbucks (SBUX) locations.
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CBS Moneywatch
Dunkin launches mobile pay app
Modern Baking (subscription)
The Dunkin' rollout comes on the heels of Starbucks' highly publicized mobile pay app launch. The chain also has partnered with mobile payment company Square with a plan to expand mobile payments and ease credit and debit card payment processing ...
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Square Goes Flat for Small Business
Daily Deal Media
Forrester analyst DenƩe Carrington heralded Starbucks' decision to accept Square's payment application as "a major development in the mobile payment and digital wallets arena." But just because Square has been hunting for whales in recent months ...
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Daily Deal Media
7 million physical stores to accept PayPal in Discover deal
Los Angeles Times
"You have to be wherever the consumer wants to shop. That's what gets adoption." ALSO: Mobile payments may be the future, but they're still unsafe · Doughnut app arrives: Dunkin' Donuts accepts mobile payments · Merchant group to create mobile payment ...
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Bank Start-Ups Seize on Ire With Older Players
Wall Street Journal (blog)
Banks are also facing a challenge in the mobile-payment space with the rise of alternative providers looking to take a cut from consumers' e-wallets. So how unpopular are Britain's banks? A survey conducted by analysts Forrester of how customers rate ...
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Make Way For Another European Square: SumUp Launches With $20M+ In ...
TechCrunch
Like others in the mobile payment space SumUp is banking on the growing uptake of smartphones — currently 32% penetration in Europe overall — and the increasing reliance on card transactions — they're growing by 18% annually — to change that.
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Colombia June Industrial Output Rose 2.8% From Year Earlier
Bloomberg
Mobile Payment Madness, What's in Google's Wallet? 2:04 · Mobile Payment Madness, What's in Google's Wallet? China Asks Tourists for Invites, Hotel Reservations to Get Visas · China Adds Visas in Move That Could Stifle Tourism · Older Dads Hand More ...
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S&P 500 Mid-Market Report
Minyanville.com
eBay (EBAY) made a sizable gain today as of 2:45 p.m. EDT, rising 1.17 points, or 2.64%, and it is projected to head even higher amidst news of its partnership with Discover (DFS) to develop a new mobile payment system. Naturally, this news has ...
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PayPal, Discover to partner on in-store payments
PC Advisor
Home Depot fights 'abusive' credit card fees PayPal system · PayPal unveils mobile payments for in-store shopping · Starbucks invests $25M mobile payment venture; looks to cut transaction costs · Crutchfield sees benefits from speedy mobile checkout ...
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Discover And PayPal Join Forces In The War Against Paper Money, Banks
Forbes
Last year, Visa announced a strategic investment in Twitter co-founder Jack Dorsey's mobile payment pioneer, Square. Square made a splash in the industry by providing small credit card readers to smaller businesses, giving them the capability to accept ...
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Forbes
PayPal, Discover and the numbers that matter
MarketWatch
Read more about PayPal and Discover's mobile-payment venture. /quotes/zigman/76117/quotes/nls/ebay EBAY 47.00, +1.15, +2.51%. "Why Discover? Ultimately, it's about ubiquity," said Kerry Rice, an analyst who covers eBay for Needham & Co. "The offline ...
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Blogs8 new results for "Mobile Payment"
PayPal inks Discover deal to bolster mobile payment - BGR
By Brad Reed
PayPal on Wednesday made its big move to upend Google (GOOG) Wallet in the mobile payment platform wars by signing a deal to enable its mobile payment.
BGR: The Three Biggest Letters In Tech
Yes, McDonald's Is Testing Mobile Payment In ... - StorefrontBacktalk
By Frank Hayes
That McDonald's/PayPal trial in France you've heard so much about for the past week? Turns out it's not actually a PayPal trial at all. McDonald's France, which has been experimenting with online ordering since 2010, launched a new version ...
StorefrontBacktalk
PayPal Joins Hands With Discover, Game On Squarebucks ...
By Gaurav Kheterpal
And then, the so-called 'mobile revolution' took the limelight away from online payments to mobile payment. Though PayPal kept pace with technology, the bullishness around Jack Dorsey's Square and several other hot mobile payment ...
TheTelecomBlog.com
SingTel and EZ-Link Launch NFC Payment Service | TechieLobang ...
By Joe Teh
Singapore 22 August 2012 - Singapore Telecommunications Ltd (SingTel) and EZ-Link Pte Ltd (EZ-Link) today announced the launch of a mobile payment service for smartphones using Near Field Communication (NFC) technology. EZ-Link ...
TechieLobang - News, Tips & Tricks
PayPal to offer in-store payments through Discover - The Daily Record
By Associated Press
Earlier this year it unveiled a mobile payments service, PayPal Here, that lets businesses process credit card payments with smartphones. It rivals mobile payment services such as Square, which recently signed a deal to process payments at ...
Maryland Daily Record
LBS Marketing Spotlight: Restaurants | Street Fight
By Asif Khan
Currently, 350 of the chain's 600 locations nationwide are now accepting the new mobile payment method. "This new app puts the Friday experience at guests' fingertips – whether they're looking for the closest Friday's to celebrate and ...
Street Fight
Payvision Partners with Virtual Piggy - Pakistan Press International
By PPI News Agency
"As Virtual Piggy expands internationally, and as the mobile payment market continues to grow it is important for us to work with secure, integrated payment solutions that have the ability to handle the mobile market and have a global reach," ...
Pakistan Press International
Google Wallet cranks up the advertising machine | Android Headlines
By Nathan Snyder - androidauthority.com
A handful of players have entered the mobile payment game, but Google Wallet has been the only one that's really threatened to be competition. With the advent of new mobile payment apps now becoming a hot convenience item, the big ...
Android Headlines

Web4 new results for "Mobile Payment"
PayPal, Discover Team Up for Mobile Payment - VIDEO
Paypal is partnering with Discover to handle the money transferring site\'s in- store payments. It\'s the newest deal in the mobile payment system.
www.newsy.com/.../paypal-discover-team-up-for-mobile-pay...
PayPal inks Discover deal to bolster mobile payment platform ...
From Yahoo! News: PayPal on Wednesday made its big move to upend Google ( GOOG) Wallet in the mobile payment platform wars by signing a deal to enable ...
news.yahoo.com/paypal-inks-discover-deal-bolster-mobile-pa...
Dunkin' Donuts launches mobile payment option | Democrat and ...
Dunkin' Donuts has launched a mobile payment option at all of its outlets.
www.democratandchronicle.com/.../Dunkin-Donuts-launches-...
Mobile Payment Madness, What's in Google's Wallet?: Video ...
Jon Erlichman reports on the players involved in mobile payment madness. He speaks with ...
www.bloomberg.com/.../mobile-payment-madness-what-s-in-...



SingTel Launches NFC Based Payments in Singapore



6 new results for NFC Mobile Payment
CIO-Asia - NFC not just for mobile payments: Six future uses
By now, you're probably somewhat familiar with Near Field Communications ( NFC) technology. And when you hear the term NFC, the first thing that comes to ...
www.cio-asia.com/.../nfc-not-just-for-mobile-payments-six-fut...
Singaporean Mobile Operators Launch NFC Payment on Android ...
By: Dan Balaban Two more mobile operators in Singapore have announced the commercial launch of NFC paymen...
nfctimes.com/.../singaporean-mobile-operators-launch-nfc-pay...
SingTel Launches NFC Based Payments in SingaporeSingapore's SingTel has announced the launch of a mobile payment service for smartphones using NFC technology. The mobile network is working with ...
Singapore Telecommunications
Singapore Telecommunications (Photo credit: Wikipedia)

www.cellular-news.com/story/55988.php
Mobile payments to explode by 2017 | Near Field Communication ...
Mobile payments to explode by 2017. Upstart (blog) (The report—or at least the portion released to the press—does not directly address non-NFC payment ...
https://nfcip.org/2012/.../mobile-payments-to-explode-by-201...
Google Wallet, Isis, NFC Will Push Mobile Payments to $1.3 Trillion ...
By providing a simple way for cardholders to securely add their credit card to Google Wallet directly from the Discover Website, we're extending the opportunity ...
www.technologynewsbrief.com/.../google-wallet-isis-nfc-will-...
Mobile Payments expected to reach 1.3 - Canadian Wireless Trade ...
Even without an aggressive marketing campaign, NFC mobile payments look to take at least $180-million in retail payments globally by 2017. Visit the Juniper ...
canadianwirelesstradeshow.com/.../mobile-marketing-mobile-p...



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