ACCOUNT HACKERS IMPLEMENT ‘REVERSE-ENGINEERING’ ATM SOFTWARE

Sophisticated criminals are using ‘reverse-engineering’ techniques to gain access to individual bank accounts and to banking software systems, giving rise to a threat of widespread theft and fraud. Highlighted by Automated Teller Machine Industry Association (ATMIA) in its recent report examines the threat of ‘reverse-engineering’ of ATM software by criminal gangs. ATMIA sees evidence that criminals are targeting ATM software as a new frontier of fraud. Software reverse-engineering (RE) will be highlighted as one of the most dangerous threats in ATMIA’s new ‘Best Practice Manual’ to be published on 20 October.

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Increases in ATM fraud thanks to Cash trapping

EAST (the European ATM Security Team) posted a 69% increase in ATM related fraud attacks thanks to a surge in reported cash trapping activity across eleven countries. Total incidents increased from 6,649 in the first six months of 2010, to 11,220 for the first six months of 2011 (of which 6,756 were due to cash trapping). During a cash trapping attack criminals prevent cash from a genuine transaction being dispensed – and then remove it when the cardholder has left the ATM. Over the same period incidences of card skimming fell by 33% to the lowest level since 2008.The majority (77%) of ATM related card skimming losses continue to be international (losses outside national borders by criminals using stolen card details) with most occurring in countries outside of Europe.

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MasterCard Rebrands World Signia

MasterCard rebranded its “World Signia” affluent customer solution “World Elite” across Europe. With this, the Company expanded its merchant-supported “World Elite Privileges Program” to include global travel, more than 5,000 luxury hotels, two leading car hire companies, private jets and lifestyle experiences – including spas, golf and fine wine – from major global brands. With this, “World Elite” cardholders can tap exclusive offers from over 40 Privileges partners, including The Savoy London, Mandarin Oriental and Raffles Hotels & Resorts. World Signia cards are currently issued by RBS, NatWest, Coutts and Barclays in the UK.

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Mint Unveils Remittance Subsidiary

Mint Technology has formed its “Mint Money” (“M-Money”) subsidiary, established to address the opportunity within Mint’s existing cardholder base for Money remittances within the UAE and internationally. Mint’s core business is in the UAE and is the largest non-bank financial firm servicing over 400,000 foreign labor employees with a payroll card. Mint will first launch its Microfinance program in Q1 2012 followed closely by its Money Remittance and Mobile top up programs.

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Average Credit Card APR Breaks 15%

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Enter the recession, average credit card APRs hit 16% before dropping to a record low 12.64% back in 2010. Since January 2011, however, rates have been consistently trending upward to now sit at a record high 15% for October, up .04% from last month and .17% since January. With this, low…

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Ignite Sales and Diebold Partner, Focus on ATM cross-sales

Ignite Sales customer-centric bank product sales and marketing solutions partnered with Diebold integrated self-service, security systems and services to offer Diebold customers its Sales Product Recommendation Guides. The Ignite Recommendation Guides Software-as-a-Service solution matches and recommends the most relevant bank products to a specific client’s need, enabling banks to more easily and cost effectively upsell and cross-sell products while increasing customer satisfaction. The engine extracts information from data and uses it to predict future trends and behavior patterns, using quantitative methods to derive insights from data and then drawing on those insights to create profiles of propensities-to-buy.

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Business Bank of Texas Implements Jack Henry e-payment

Jack Henry & Associates technology solutions and payment processing services for financial services organizations and its iPay Technologies division is supporting the Business Bank of Texas with its “iPay Biz 2.0” online bill payment suite. Business Bank of Texas is a four-year-old bank focused solely on business banking in Austin, Texas. It leverages the Web as a virtual branch, offering small- to multibillion-dollar businesses and entrepreneurs 24-hour service. Unlike traditional retail bill pay solutions, iPay Biz 2.0 offers a true business-driven solution that strategically enhances the bank’s existing treasury cash management offerings. Can now manage multiple accounts and set multi-user entitlements that designate fully customizable access, payment thresholds, and PIN changes. Biz 2.0 also features recurring payment options, P2P (person-to-person) payments, B2B (business-to-business) payments, and the ability to send payroll deposits to multiple accounts.

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Harland Clarke Card Services Achieves PCI DSS

Harland Clarke Marketing Services at its production facility have received PCI DSS certification with Verizon Business assessment required for certification. Harland Clarke’s Card Services business also received an Attestation of Compliance with PCI standards from Verizon Business. Within Harland Clarke implements a defense-in-depth strategy, which combines physical control measures with logical control measures, uses a layered security model to provide end-to-end security of client and customer information, and mitigates risk across the supply chain.

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CIT Launches Online Bank Offering

CIT Group launched its CIT Bank online FDIC-insured consumer bank. Offerings include a range of certificates of deposit (CDs) that offer competitive rates, depending on the product type, and are designed to help consumers meet their savings goals. The Bank CDs will have no account opening or monthly maintenance fees. They include ACHIEVER CDs, which offer consumers a one-time opportunity to increase their savings potential and JUMBO CDs, which offer consumers higher certificate of deposit rates for larger deposits.

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Global Payout Appoints Board Member

Gil Hooper has been appointed to the Board of Directors of Global Payout, bringing with him an extensive background as an international payments sales and marketing professional. He is seasoned as an exec in international banking, debit card issuing and processing, eWallet systems, cross border remittance and mobile payment applications and is currently the CEO of Boundless Payment Solutions and the Managing Partner of 3G Consulting. He also advises leaders in the banking, debit card and the evolving mobile payments industries.

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