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Table of Contents

Lead Story

Payments technology twists, turns, surprises


Industry Update

Fed puts payments in crosshairs

SEAA's welcome return to New Orleans

It's curtains for AmEx key fobs

Visa IPO largest in U.S. history

Interchange fuels ACH interest


GS Advisory Board:
Payments experts weigh in on Visa's IPO - Part II

Advanced functions and the future

Tracy Kitten


Tick tock: Time to comply with PCI

Biff Matthews
CardWare International


Street SmartsSM:
A passion to share

Jason Felts
Advanced Merchant Services

SAQ sun sets on smaller merchants

Michael Petitti

Make a plan to avoid failure

Jeff Fortney
Clearant LLC

Pinpointing compliance issues

David Mertz
Compliance Security Partners LLC

The pinch of PIN debit

Ken Musante
Humboldt Merchant Services

Search for talent made easier

Curt Hensley
CSH Consulting Inc.

Company Profile

Greystone Business Resources Corp.

New Products

Online friend in fraud fight

Company: Compliance Coach Inc.

Customer care for the little guys

InfoStreet Inc.


Destination: Sanity





Resource Guide


A Bigger Thing

The Green Sheet Online Edition

April 14, 2008  •  Issue 08:04:01

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New Products

Online friend in fraud fight

Product: CompliancePal

According to regulatory software and services company Compliance Coach Inc., identity theft affects 8.3 million U.S. consumers every year, reflecting $15.6 billion in financial losses. It is no wonder, then, that merchants are under ever increasing scrutiny by card Associations and government agencies to protect cardholder data. Along with the Payment Card Industry Data Security Standard, the federal government is getting into the mix with the FACTA (Fair and Accurate Credit Transaction Act) Identity Theft Red Flags Rule.

Financial institutions and creditors such as auto dealerships, phone companies, pay day businesses, and even property management firms and landlords - more than 2 million U.S. companies that take credit applications or offer credit - must comply with certain federal guidelines by Nov. 1, 2008. All such businesses must:

What is more, businesses are required to periodically update identity theft prevention programs and make annual reviews of their compliance status. "If you're a small to mid-size business ... and you're trying to focus on your day-to-day revenues and your business, this is a lot of work," Compliance Coach's Chief Executive Officer Sai Huda said.

According to Huda, CompliancePal - the first online, on-demand software application that guides businesses through all the necessary steps to becoming compliant - does that work for them, leading businesses through five steps:

  1. Assessing identity theft risk
  2. Mapping of red flags to appropriate detection and response procedures
  3. Composing a personalized Identity Theft Prevention Program
  4. Implementing training program
  5. Formalizing the businesses' Compliance Status Report

Huda said if a business is noncompliant and a breach happens, that business could be fined up to $25,000 per violation. But the pain doesn't stop there. Negative publicity, loss of business and possible lawsuits may ensue. "Just to get your name back takes a long time and a lot of money," Huda said. "That is a huge intangible risk to any business."

Without a service such as CompliancePal, it would cost a business at least $10,000 in lawyers, consultants and the allocation of internal resources to gain compliance, Huda added. Huda is exploring a variety of partnerships and distributorships for the product. "Obviously, we want to reward anybody that can get this to the audience that needs it.

"We're open to a variety of commission structures. It could be a percent of each sale. It could be volume based, or incentives."

Compliance Coach Inc.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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