Accertify LLC, a provider of credit card fraud solutions to online merchants, and ID Insight Inc., a next-generation verification, authentication and fraud solutions provider, are teaming up to help Web retailers reduce fraud losses and identify transactions involving identity theft.
Under the partnership, Accertify will provide ID Insight's AddressWatch and Safe2Ship as a part of its Interceptas solution to help merchants detect cases of credit card account takeover linked to fraudulent changes of address. ID Insight assesses and manages risks associated with address manipulation, the single most common element in virtually all identity theft cases.
"Each year nearly one in seven American households changes its residence," said Jeff Liesendahl, Chief Executive Officer of Accertify. "Nearly all identity theft and account takeover cases also include a change of address. The challenge for merchants is to determine when changes are legitimate or the result of fraud."
According to the Smart Card Alliance, a recent Associated Press story and subsequent news reports contained an important error, and the alliance wants to correct the record.
The alliance claims the stories inaccurately linked security questions raised by a University of Virginia graduate student about a radio frequency-enabled chip used primarily in transit applications with the contactless smart card technology used in financial payment cards. The RF-enabled chip used in the university's research is not the same product used in contactless credit/debit cards and electronic passports.
The student's research was presented at a hacker's conference in Germany. Like many types of computer chips, a broad range of RF-enabled and contactless smart card chips are available, and system operators choose the right overall balance of features, including security, when they design fare collection systems.
Additional information on contactless financial payment card security can be found at http://www.smartcardalliance.org/pages/publications-contactless-payment-security-qa.
The simultaneous rise of mobile banking and mobile phones in South Asia, Africa and Latin America is not only bringing benefits to lesser developed countries, but it is also creating new opportunities for money laundering, according to a report released by the U.S. Department of State's Bureau of International Narcotics and Law Enforcement Affairs.
"The United States currently has few safeguards against abuse of m-payments," the report stated. Noting that American mobile payment service providers must register with the Financial Crimes Enforcement Network, or FinCen, the report also mentioned that "most money service businesses do not comply with registration requirements and there is little enforcement of the regulations."
Today, so-called digital smurfs will use illicit money to buy prepaid cards or credits from telecommunications companies. After that, they can send money via text message to the cell phones of recipients using existing mobile banking channels.
BankCard Central Inc., an electronic payment solutions and merchant services provider, launched a new company Web site that focuses on educating merchants on credit card processing, payment card security and business development while highlighting its capacity as a full-scale merchant services provider.
"We believe it is our job to help merchants make the right decision and look out for their best interests," said Richard W. Noble, CEO of BankCard Central.
"Our philosophy is to be honest, straightforward and give merchants a safe haven to get accurate information. No games, no gimmicks." Resources that merchants can find on www.bankcardcentral.com include quick tips, articles, business calculators, a monthly newsletter and partnerships with Web sites such as www.restaurantpartner.com and www.mymarketingoffice.com.
Bolstered by the acquisition of 7-Eleven Inc.'s automated teller machine (ATM) business, nonbank ATM network operator Cardtronics Inc. reported fourth quarter financials that show an improvement in most operating measures. Company executives insist its efforts to improve the performance of 7-Eleven's Vcom kiosks will start paying off this year.
The self-service Vcom kiosks "historically have generated losses," said Cardtronics President and CEO Jack M. Antonini. Cardtronics is addressing that issue by moving some of the machines around and replacing poor performers with regular ATMs in several 7-Eleven stores.
Chase Paymentech Solutions LLC officially opened the doors to its European headquarters in Dublin, Ireland. Within three years, the new office will provide operational support for a 100-person team across Europe, which will be responsible for expanding Chase Paymentech operations, marketing initiatives and customer support activities outside the United States.
Inaugural operations at the new facility were celebrated by an opening ceremony and tour by Irish Prime Minister Bertie Ahern; Michael Duffy, Chase Paymentech President and CEO; and Shane Fitzpatrick, Managing Director of Chase Paymentech's European operations.
Digital Check Corp., provider of desktop scanners for the remote deposit capture (RDC) and branch automation industry, is offering a financing program for the distributed check capture (DCC) market. RDC QuickStart offers financing options for Digital Check resellers to help accelerate adoption of DCC solutions and is available through DCC Finance, a division of Digital Check.
RDC QuickStart provides 24-, 36- and 48-month financing terms. Merchants benefit by gaining protection against equipment obsolescence and 100 percent financing for total solution costs. At the end of the term, clients can choose to continue on a monthly payment plan, buy the scanner at fair market value, or upgrade their devices and enter into a new agreement.
TSYS Healthcare, a division of TSYS Systems Services Inc., introduced a benefits payments solution that offers its subscribers the ability to pay from multiple health care tax-advantaged accounts, as well as credit and cash accounts through a single card.
Fringe Benefits Management Co. signed an agreement in September 2007 that will make it the first third-party administrator to use this solution.
VeriFone, a major POS equipment and solutions provider, was selected by Hang Seng Bank Ltd. of Hong Kong to provide contactless payment solutions in support of the enJoy Card rollout. The Hang Seng enJoy Card is a co-branded credit card with retailer Jardine Matheson Group (JMG) and the first credit card in Hong Kong to use Visa Inc.'s payWave contactless payment technology.
VeriFone will supply the EMV-certified QX110 contactless reader and NURIT payment systems for use at merchant sites in the JMG. Merchants participating in the co-branded card collaboration include JMG's Wellcome supermarkets, Marketplace by Jasons, ThreeSixty, Olivers Delicatessen, Manning's, General Nutrition Centers Inc., Inter IKEA Systems BV and Pizza Hut Inc.
Wachovia Corp. is expanding its operations in Northern California and plans to exit the Visa Rewards program in favor of an in-house program.
Steve Boehm, President of Wachovia's Card Services division, anticipates the company's rewards program to be up and running ahead of 2008's holiday shopping season.
First Data Corp., a leading payments industry acquirer, entered into an agreement with Cathay General Bancorp, a California state-chartered bank, to deliver merchant services to Cathay Bank. This partnership will enable Cathay Bank to offer a full suite of products and services to its customers including checks and credit, debit, and gift cards.
Cathay Bank is one of the oldest banks in the United States founded by Chinese-Americans. To help with a smooth transition, First Data will supply sales executives who speak Mandarin to fully meet the requirements of its growing reach and client base.
MagTek Inc., a provider of electronic transactions technology, was selected by Schools Financial Credit Union to implement PIN selection and PIN verification at the teller window with MagTek's IntelliCAT System. The solution offers multifunction capabilities for PIN-based transactions, including first time PIN selection, PIN replacement for existing cards and PIN verification for secure teller line identification.
With IntelliCAT, the credit union can offer members opening new accounts the option of selecting their PINs before their cards are ordered. Existing members wishing to change the PIN on their cards can visit a branch where any teller can accommodate the PIN change immediately using the IntelliCAT system.
Merchant e-Solutions Inc., an e-commerce company providing traditional and Internet-based payment services to community banks and merchants, signed a letter of intent with 2Checkout.com Inc. (2CO) to process all domestic and international credit and debit transactions through Merchant e-Solutions' Global Acquiring Platform (GAP). GAP is expected to further enhance the turnkey e-commerce solutions that 2CO provides by allowing 2CO's customers to sell merchandise in U.S. and Canadian dollars, euros, pounds, yen and dozens of other currencies.
NCircle Network Security Inc., specialists in agentless security risk and compliance management solutions, signed two new payments industry partners: NetBoundary Corp. and QLogitek Corp.
These new partnerships enable merchants, regardless of their size and location, to have access to nCircle's Payment Card Industry (PCI) Data Security Standard (DSS) certified scan service.
NCircle's PCI partner program allows value added resellers, managed service providers, merchant banks, merchant level salespeople and security consultants to help customers achieve continuous PCI compliance.
Using the nCircle certified PCI scan service as the underlying platform, nAble PCI partners can now deliver online quarterly PCI scanning capabilities as well as advisory and consulting services to their customers.
Secure Payment Systems Inc., a provider of value added payment services and transaction processing, signed an agreement to offer its check and gift and loyalty card processing services through American Bancard LLP and its sales offices.
"We are proud to be working with such a diverse and professional organization such as American," said Steve Eazell, Director of National Sales and Marketing for Secure Payment Systems. "We are fervently committed to working with organizations with the commitment to providing value and service to their customer base and look forward to helping expand their revenue stream with our expansive suite of products and services."
TrustedID Inc., a provider of identity theft solutions, selected Edentify Inc., an identity management and data analysis solutions company, to enhance its proactive consumer identity protection solution, IDFreeze.
IDAlert, which continually monitors consumers' identity records and can detect early signs of identity fraud, will be added to TrustedID's IDFreeze service. IDFreeze is designed to stop identity theft before it happens and allows customers to freeze their credit reports at Equifax, Experian and TransUnion.
Chase Card Services, a division of JPMorgan Chase & Co., finalized the acquisition of Unicorn Financial Services Inc. and is introducing an expanded set of patient financing products known as ChaseHealthAdvance.
Rising medical and dental costs have created a need for new and adaptive health care financing options.
Medical practitioners will have access to all of CCS' financial products such as business banking, cash management and credit card processing.
Global Cash Access Inc. has executed an agreement to acquire Certegy Gaming Services Inc., formerly known as Game Financial, from Fidelity National Transactions Services Inc., a subsidiary of Fidelity National Information Services Inc.
GCA will replace CGS's cash currently held in CGS's ATM machines and cages located at its customer premises.
"We see this move as essential for us to continue to compete effectively in the highly competitive electronic payments market, with its many players, several of whom are much larger than GCA," said Scott H. Betts, President and CEO of GCA.
Clear2Pay NV/SA, an international technology provider of next-generation payment solutions for financial institutions, named Jean de Crane as Chief of Operations of Clear2Pay.
De Crane recently joined Clear2Pay and will work for the global operation from its head office in Mechelen, Belgium. He recently worked was CEO for Captor NV. Prior to that he was in international management and business development roles for Financial Architects and Free Internet Chase Server.
Galileo Processing Inc., a next generation financial payment solutions provider, tapped Todd Brockman to be its next President.
Brockman will be responsible for setting and driving company strategy, business planning, developing and managing strategic partnerships as well as branding and managing business growth initiatives. He will join the company's executive team immediately.
An overwhelming majority of consumers, 85 percent, eat burgers once a month or more, and 44 percent eat burgers at least once a week, according to recent research from Chicago-based Technomic Inc.
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.Prev Next