The Prepaid Press Expo announced its slate of speakers for “The Prepaid Press Expo ’13” to be held at in Las Vegas August 12-13. Starting with a Keynote Address by Eric Dumois, Sr. Product Manager, Financial Services, MetroPCS. Dumois manages and executes the MetroPCS Financial Services portfolio, which includes general purpose reloadable products, mobile banking solutions and mobile commerce strategy. He has successfully created and launched numerous prepaid card products including personal use and gift cards, international long distance programs, and custom prepaid programs. Other sessions will include speakers from a diverse group of companies that bring first-hand expertise and knowledge of the prepaid market, including AccountNow, American Express, CARD.com, InComm, iSend, NetworkIP, Nielsen, Plastyc, Transaction Wireless, and many other prepaid providers and professionals.
The Prepaid Press Expo announced its slate of speakers for “The Prepaid Press Expo ’12” to be held at the Paris Hotel, Las Vegas, August 6-8, 2012. Two days of conference sessions will include speakers from a diverse group of prepaid companies, including: InComm, NetworkIP, Fiserv, Prepaid Resources, Auris Technologies, Lunex Telecom, CHARGE Anywhere, Giftango Corporation, Paymentez, First Data and many others. Top analysts from Mercator Advisory Group will lead “Focus on Payments,” a special three-session program covering topics relating to the Alternative Financial Services Market.
According to a new survey from the Association for Financial Professionals, the incidence of payment fraud increased between 2006 and 2007 with nearly 71% of respondent organizations having indicated either attempted or successful acts of fraud throughout the year. Moreover, findings showed that large organizations were more likely to have been targets of payments fraud than were smaller organizations, with 81% of organizations of over $1 billion in annual revenue were victims while only 58% of organizations with annual revenues under $1 billion were victims, 94% of respondents indicated attempted or actual check fraud and of the establishments surveyed, the median financial loss to payment fraud was $13,900. In response to this, preventative efforts being taken include Segregating responsibilities among different employees, using multi-factor authentication tools, deleting online user IDs and assigning dual system administrators for online cash management services.
A new survey shows that checks represent a declining share of B2B payments and that businesses are increasing their adoption of all electronic payment methods including ACH, cards and wire transfers. The 2007 survey released by the Association for Financial Professionals and underwritten by the Electronic Payments Network shows that the typical organization makes 74% of its B2B payments by check, down from 81% in 2004. A majority of organizations use purchasing cards, especially for small dollar purchases. Three out of five organizations reported increased usage of purchasing cards over the past two years. In addition, 43% of wire transfer users increased their wire volume during that time. The research concluded that the barriers to increased use of electronic payments include: information technology and integration constraints, inability of trading partners to send or receive automated remittance information, and difficulty in convincing customers and suppliers to adopt electronic payments.
A new survey has found that 93% of organizations have been victims of attempted check fraud. Other payment methods targeted for fraud include: ACH debit fraud (35%); consumer credit card fraud (17%) and corporate card fraud (14%). The study, released by the Association for Financial Professionals, found that 86% of survey respondents report that their organizations had adopted positive pay services prior to 2006 to protect against check fraud. Almost two-thirds of the victims of attempted or actual check fraud reported that the fraud involved altered payee names on the checks they issued. AFP also discovered that half of organizations that were financially responsible for ACH fraud losses in 2006 did not use ACH debit blocks or filters and another 22% failed to reconcile their accounts or return fraudulent ACH debits on a timely basis.
Omaha-based First National Merchant Solutions announced an extension of its 14-year credit card processing relationship with NE-based The Buckle and its 350 locations in 38 states. First National Merchant Solutions provides a variety of payment processing solutions to meet the unique needs of merchants. These solutions include credit and debit card processing, secure Internet commerce processing, Electronic Benefit Transfer processing and check guarantee, authorization and collection. First National Merchant Solutions is a top 10 payment processor with more than 50 years of experience providing first-rate service and solutions to businesses across the nation.
The United Nations World Food Program’s “Fight Hunger: Walk the World” initiative has seen its contributions triple by offering direct access to payment processing through GlobalCollect. The initiative led by the World Food Program said the results were encouraging after three months of donations and subsequent payment processing made online through their Web site http://www.fighthunger.org. GlobalCollect has had successful track record with collection and reconciliation of payments, invoice printing and distribution in over 200 countries.
A new survey on check, ACH and credit card fraud shows that 54% of organizations that experience card fraud suffer financial losses, primarily because they are a “card-not-present” merchant who assumes liability. The research by the Association for Financial Professionals also found that 68% of the organizations were targets of payments fraud last year but only a minority actually lost money as a result of check and ACH debit fraud. An organization that was a victim of ACH debit fraud in 2005 was more likely to suffer a financial loss than an organization hit by check fraud. About 27% of organizations that report an incident of ACH debit fraud lost money because of the fraud, as opposed to 19% of the victims of check fraud. AFP notes that 54% of organizations made material changes to their payments controls as a result of Sarbanes-Oxley.
A highly regarded consumer credit management training program, usually offered internally at major banks and financial institutions, such as Chase and Wells Fargo, is now open to executives from all financial institutions. The “Consumer Credit: Managing Risk and Reward” is slated for New York City, September 21st through the 23rd. The seminar is led by former Citibank and Ford Motor executive David Lawrence and his partner, Arlene Solomon. Mr. Lawrence is also the author of “The Handbook of Consumer Lending” and co-author, with Ms. Solomon, of the 2002 book, “Managing a Consumer Lending Business.” The three-day program uses case studies, exercises, and a computer-based profit-modeling game to ensure active involvement. The faculty at this offering will also include Alan Schiffres, of Portfolio Management Associates, for the front end of the credit cycle and scoring, and Don Griffin, of The Center for Business Solutions, for collections.
As part of a recent settlement of a lawsuit filed in San Francisco over payphone fee disclosure, AT&T will begin distributing $50,000 worth pre-paid calling cards to the city’s low-income and homeless persons, tourist bureaus, and foster children. The pay phone surcharge is a fee approved by the Federal Communications Commission that long distance carriers must reimburse pay phone owners for pay phones calls where no coin deposit is made. The price of the pay phone surcharge is also a crucial factor in consumers’ choice of which calling card to buy.
A highly regarded consumer credit management training program, scheduled for April, is open to executives from all financial institutions. The program, ‘Consumer Credit: Managing Risk and Reward’, is headed by former Citibank and Ford Motor executive David Lawrence. Mr. Lawrence is also the author of ‘The Handbook of Consumer Lending’. The seminar is usually offered internally at major banks such as Bank of America, Chase, CitiGroup and U.S. Bancorp. The program uses case studies, exercises, and a PC-based profit-modeling game to ensure active involvement. The seminar will be held in New York City, April 6-8. For additional information/reservations call (212) 866-2395. or e-mail [[email protected]]
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A highly regarded consumer credit management training program, scheduled for June, is open to individuals from all financial institutions. The program, ‘Consumer Credit – Managing Risk and Reward’, is headed by former Citibank and Ford Motor executive David Lawrence. Mr. Lawrence is also the author of ‘The Handbook of Consumer Lending’. The seminar is usually offered internally at major banks such as NationsBank, Chase Manhattan and U.S. Bancorp. The program uses case studies, exercises, and a computer-based profit-modeling game to ensure active involvement. The seminar will be in New York City, June 16-18. For more information 1-212-866-2395.