iovation Addresses Fraudulent mTransaction Flags

iovation is set to lead the Mobile Anti-Fraud Roundtables at the Mobile Shopping Summit on October 25 in New York. The Mobile Shopping Summit brings together mobile and payment executives from retail, entertainment, travel, retail banking, and utilities businesses to network and discuss the latest advancements, technologies, and opportunities in mobile commerce. iovation provides a real-time service that exposes online fraudsters and the devices they are using to steal from online businesses. iovation has processed 8 million device reputation checks on mobile devices alone, proactively returning 44,000 “deny” or “review” responses based on the customer’s uniquely configured business rules in a recent 90-day period. Of those mobile devices checked, 43% were iPhones, 21% were Android, and 12% were BlackBerries. The Company protects online businesses and their end users against fraud and abuse through our industry-leading combination of shared device reputation and real-time risk evaluation.

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AHNLAB AOS

AhnLab integrated security solutions has added the Korea operations of Citibank to its client roster. AhnLab Online Security offers banks online banking protection. CitiBank Korea has adopted the four key products which comprise AOS: AOS Secure Browser, AOS Anti-Virus/Spyware, AOS Anti-Key Logger, and AOS Firewall. They act in harmony to block even the most sophisticated intrusion attempts such as web modulation and memory hacking. With AOS defending against cybercriminals, CitiBank Korea is expected to provide protection for its customers against all kinds of threats such as ZeuS and any other malicious codes.

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Pinnacle Deploys Fiserv Online Billing and Payment

Pinnacle Bancorp has selected the “CheckFree RXP” online bill payment service from Fiserv to expand its online billing and payment capabilities and improve customer satisfaction, usage and loyalty. With the number of households using bill pay having increased from 5 million to 33 million since 2000, “CheckFree RXP” is especially useful to allow Pinnacle customers to schedule payments, keep tabs on their finances with payment reminders and process using same-day settlement. The platform also allows users to receive, view and pay electronic bills (e-bills) from more than 400 national and local companies and is updated through “Feature Packs” regularly scheduled additions that automatically ensure the Fiserv network of financial institutions and their customers have immediate access to dynamic online payment tools. Fiserv supports online bill payment services for 76% of the consumers who pay bills online through their financial institution and delivers 93% of the electronic bills received through the online banking channel.

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Ixaris Launches Open Payments Platform

Ixaris global electronic payments has introduced its “Ixaris Opn” application development and operating platform on the Visa, MasterCard and Swift networks. Allowing banks to tap payments online and developers to create payment applications for specialized market segments, “Ixaris Opn” lets clients offer their customers payment services through a publicly-accessible application development and operating platform. The platform avoids cumbersome integration with banks’ own IT systems, thereby freeing them to bring new payment services to market. The development community can use the platform to create customized payment apps that can incorporate mainstream payment networks such as Visa or MasterCard prepaid cards, and bank transfers via SWIFT. Ixaris specializes in developing innovative global applications based on Visa and MasterCard prepaid card schemes with payment applications offering easy access to electronic payments for consumers unwilling or unable to access credit card services.

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Acculynk Internet PIN Debit Grows Y/Y

Since Acculynk introduced its “PaySecure” software-only service for PIN debit payments on the Internet, providing consumers the choice to authenticate their online transaction with their bank-issued PIN on its graphical PIN-pad, the service has grown exponentially. The service now encompasses partnerships with nine U.S. EFT networks that are making “PaySecure” available across their issuer base. With this, banks can reduce fraud and charge-backs, simple enablement, and increased transaction volume from security-conscious consumers, and those that prefer PIN debit or have PIN-only debit cards, has led to the adoption of PaySecure by thousands of issuers. Acculynk is now building on its “PaySecure” Internet PIN debit product to provide more features and extensions.

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General Patent Settles Contactless Card Suit

General Patent Corporation (GPC) patent licensing and enforcement firm on behalf of Leighton Technologies settled a lawsuit regarding the latter’s six “Contactless Cards” patents with Amherst, N.Y.-based AllSafe Technologies. With this, AllSafe agreed to settle its lawsuit with Leighton Technologies and take a license for the Leighton patents as the result of the settlement of a declaratory judgment lawsuit, Allsafe Technologies, Inc. v. Leighton Technologies LLC, U.S.D.C., Western District of NY (Buffalo), 1:10-cv-00077. HID Global Corporation of Irvine, Cal., and Oberthur Technologies Group of Levallois-Perret, France, had previously signed non-exclusive licenses for the Leighton patents.

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Fifth Third Inks Wyoming Bank Processing

Wyoming National Bank has signed a contract with Fifth Third Processing Solutions for electronic funds transfer services that include ATM and debit card transaction processing, fraud protection and debit card portfolio marketing. The Fifth Third Processing Solutions’ product suite also includes ATM terminal driving and monitoring, ATM and debit card transaction authorization and processing, credit issuing and processing services, national and regional gateway services, comprehensive ancillary services including fraud detection, card production, rewards programs and other consultative services.

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Epicor Named Number One POS Vendor

Epicor Software enterprise business software solutions has been named the leading vendor of POS software to top specialty soft goods retailers in “A Retailer’s Guide: POS Software” for Softgoods Retailers. The report evaluated vendors of POS software installed among the top 250 retailers in the specialty soft goods space and ranked the top 10, with Epicor topping the list. Vendor rankings were based on the following criteria: Number of POS licenses, the combined revenue of their customers, and total number of customers in the top 250. When it comes to POS software solutions for soft goods retailers, the report found Epicor has more retail clients, installations, and managed retail revenue than Micros, Oracle, JDA, SAP, or any other POS software provider.

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AmEx and HandsOn Kick off Philanthropic Project

American Express has introduced its ‘Travel with Your Mind’ philanthropic program in the Twin Cities. Designed to help support schools through a series of travel-themed beautification projects and multi-cultural initiatives across several U.S. cities, ‘Travel with Your Mind’ is inspired by its ongoing commitment toward education and desire to promote cultural awareness, American Express, working with HandsOn Twin Cities, selected Capitol Hill Magnet School as the 2010-2011 beneficiary, at which the first project in the Twin Cities will take place on Saturday, October 16, the first of the three projects planned during the 2010-11 school year. With Delta Air Lines employees, local parents, students, teachers and community members, the initial project will oversee painting globally-themed murals, landscaping school grounds, and installing woodchip barriers, bike racks and benches.

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Chase Card Credit Loss Drops $3.5b Y/Y

JPMorgan Chase reported 3Q/10 net income of $4.4 billion, an increase of 23% compared with $3.6 billion in the third quarter of 2009 and with $2.7 billion in the second quarter of 2009. Chase Card Services reported a net income of $343 million compared to a loss of $303million last quarter and loss of $672million loss the year ago quarter. Chase Card Services reported net revenue of $4.3million, compared to $4.2million last quarter and 5.2million the year ago quarter. Additionally, the division reported a provision for credit losses of $1.6 billion, compared with $5.0 billion in the prior year and $2.2 billion in the prior quarter, thanks to lower net charge-offs and a reduction of $1.5 billion to the allowance for loan losses due to lower estimated losses. Meanwhile, the net charge-off rate was 8.87%, down from 10.30% in the prior year and 10.20% in the prior quarter; the 30-day delinquency rate was 4.57%, down from 5.99% in the prior year and 4.96% in the prior quarter.

CHASE NET INCOME
3Q/08 $292 million
4Q/08 -$371 million
1Q/09 -$547 million
2Q/09 -$672 million
3Q/09 -$700 million
4Q/09 -$306 million
1Q/10 -$303 million
2Q/10 $343 million
3Q/10 $735 million
Source: CardData.com

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Discover & FNBA Ink Merchant Acquiring Agreement

Discover Financial Services has signed a merchant acquirer agreement with First National Bank Alaska, allowing the Bank to accept Discover cards through its entire merchant portfolio. The agreement provides an integrated package for merchants to accept Discover and benefit from the millions of cardmembers and billions in spending each year and completes a multi-year effort to secure agreements and implement merchant acquiring programs with all of the top 100 merchant acquirers in the United States. This milestone means Discover is now accepted at millions more merchant locations than ever before for cardholder use across the country.

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Citi Deploys AhnLab Online Banking Security

AhnLab integrated security solutions has added the Korea operations of Citibank to its client roster. AhnLab Online Security offers banks online banking protection. CitiBank Korea has adopted the four key products which comprise AOS: AOS Secure Browser, AOS Anti-Virus/Spyware, AOS Anti-Key Logger, and AOS Firewall. They act in harmony to block even the most sophisticated intrusion attempts such as web modulation and memory hacking. With AOS defending against cybercriminals, CitiBank Korea is expected to provide protection for its customers against all kinds of threats such as ZeuS and any other malicious codes.

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