First Data Corp. and Ingenico S.A. signed a five-year agreement to develop, produce and supply next-generation electronic funds transfer (EFT) POS terminals enabled with smart card and signature capture capabilities. The terminal program was to support First Data's 2.6 million merchants, 1,400 card issuers and millions of consumers globally.
Fraud was the focus of the Bank Administration Institute show, as banks faced an estimated 447,342 check fraud cases for the year, averaging $1,518 gross loss per incident. Visa Inc. reported 19 billion checks valued at $3.5 trillion were written at the POS. MasterCard Worldwide cited card-not-present transactions in 80 to 85 percent of credit card fraud cases reported.
AutoSmart Inc. introduced the AutoSmart Card, a chip-embedded card designed to record vehicle maintenance, operation, service and regulatory compliance. The patented application provided car buyers, sellers and owners with a portable, permanent, updatable, secure and certified record of a vehicle's operation, repair and service history.
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