Loyalty Fraud
London-based CellPoint Mobile has launched the Mobile Fraud Suite to help airlines combat, detect and prevent the emerging and growing issue of loyalty fraud in frequent-flyer and airline miles programs.
Bradesco Deploys NCR on Immediate Cash Deposit Solution
Bradesco (BBDO) will begin piloting new technology from NCR Corporation to give customers immediate account credit for cash deposits made at the ATM. The global leader in consumer transaction technologies, will eliminate the use of envelopes for cash deposits, making Bradesco one of the first financial institutions in Brazil to incorporate intelligent deposit into its ATM channel. Both account holders and non-account holders of the bank will benefit from this new technology. Account holders will have the deposit amount instantly credited into their accounts, even on weekends. Non-account holders no longer need to go to a teller to deposit cash. Bradesco and NCR also are working to extend real-time deposits to checks, as well. This new model will help to reduce the waste of envelopes used in ATM deposits, give customers dramatically improved access to their funds, and decrease costs.
VALID Sues Chexar Over a Check Patent
TX-based automated check verification provider VALID has filed a patent infringement lawsuit against Chexar.
The United States Patent and Trademark Office issued the “710 Patent”,
entitled “Monitoring Transactions by a Non-Account Holder,” to
VALID on May 5, 2009. VALID has asked the Court to
permanently stop any further alleged infringement by Chexar and to
award to VALID its monetary damages, attorneys fees, and costs. VALID
also has asked for enhanced damages based on Chexar’s alleged willful
infringement of the ‘710 Patent.
VALID Receives 8th Check Cashing Patent
TX-based automated check cashing and verification solution provider
VALID has been issued an eighth patent for check cashing technology.
Patent 7,529,719 covers VALIDâprocess that enables business to safely
cash checks for non-account holders. The proprietary
engine includes information gathering, risk assessment and transaction
processing and is currently deployed in top banks, financial services
companies and retailers across the country. The system applies
thousands of risk
rules against every transaction instantaneously â one which has
delivered the highest approval rates and lowest loss rates currently
available in the marketplace. The combination of speed, accuracy and low
cost gives VALID customers a clear competitive advantage, particularly
for financial institutions and companies serving underbanked consumers.
Prepaid Cards – a Market Bridging Product?
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EMIRATES & RTA
Through its electronic channels, Emirates Bank has introduced the
Salik toll card re-charging service in conjunction with Roads &
Transport Authority’s (RTA) launch of the new convenience. Customers
can use the Salik service through Banknet and meMOBILE and can
be recharged through Emirates Bank ATMs and CDMs.
Furthermore, the bank is helping with the promotion of the Salik toll
card through pamphlet dispersion at bank branches.
U.S. Biometrics’ Hits the Two-Year Mark
IL-based U.S. Biometrics reports that its “CheckQ” biometric check cashing system has now been in use at Peoples State Bank in Michigan for the past two years. CheckQ is proactive in that it provides a transaction history of that fingerprint – regardless of the name – to the institution BEFORE money exchanges hands. The system captures and compares digital fingerprint templates and has a robust reporting system allowing institutions to study their check cashing business. US Biometrics designs and deploys a wide range of biometric technologies for corporate, financial, government, healthcare and educational clients who require authentication of customers and employees.
NSF Fees Continue to Rise, Albeit Slowly
The average returned check fee has risen 25% since late 1998 and from $26.90 six-months ago to $27.04. Also, the average balance required to avoid fees on an interest account hit a new record high of $2,465. This represents a 7.4% increase over the average $2,294 posted six months ago and the nearly identical $2,295 posted one year ago. The results come from a new study by bankrate. Bankrate says ATM surcharges hit a new high and are more prevalent than ever. The fee banks charge to non-account holders now averages $1.60, with 98% of banks owning ATMs charging a fee.
ATM Fees Rise to Record Levels
A new study has found that the average fee assessed by banks to non-account holders using their ATMs increased from $1.40 to $1.54 over the past six months. Of the banks that own ATMs, 82% charge $1.50 or more to non-account holders, compared to 71% in the spring. The study by Bankrate also found that the percentage of banks with ATMs that assess surcharges hit a record high of 96%. The fee charged by the customer’s bank for using another bank’s ATM hit a record high of $1.37. Of banks offering ATM cards, 69% charge $1.50 or more, up from 64% in the spring. Bankrate estimates that withdrawals from ATMs belonging to other banks will cost a total of $4.3 billion this year.
Travelex to Use Norkom’s Software
Travelex has signed an agreement to use Norkom’s “Anti-Money Laundering & Compliance” software to service all operations across its group. Norkom’s applications addresses issues such as anti money
laundering, cheque and debit/credit card fraud, identity theft, and the
illegal transfer of funds to named individuals and organizations.
Travelex is a money services organization with offices in 34 countries, corporate relationships in 110 countries, and servicing over 29 million customers each year. Norkom has operations in Ireland & the U.K.
Travelex to Use Norkom Software
Norkom Technologies has reached an agreement with Travelex to implement its Anti-Money Laundering & Compliance software to service all Travelex operations. Norkom Technologies is a provider of risk management and compliance software used to detect and combat financial crime. Travelex is the world’s largest foreign exchange specialist, with over 700 retail branches serving 29 million customers worldwide.
Secure Money Transfer
U.S. Bank is introducing an international money remittance service specially designed for individuals who wish to send money to Mexico. U.S. Bank “Secure Money Transfer” was launched last week in Denver and Sacramento, and will be introduced throughout the 24 states in which U.S. Bank operates later this year. As part of Cinco de Mayo celebrations, U.S. Bank will offer the first transfer for free throughout May. “Secure Money Transfer” is more affordable than traditional wire services – $10 for U.S. Bank account holders and $15 for non-account holders. Each transfer may be up to $1,000 not to exceed $2,000 over a 30-day period. There are no monthly maintenance fees and each transfer comes with one free ATM transaction, one free balance inquiry and two free customer service calls.