Former Discover Card Head Joins BofA Board

Bank of America has tapped Robert Scully, previously with Morgan Stanley, to serve as on the Board of Directors.
Scully, 59, served as a member of the office of the chairman of Morgan
Stanley focusing on the firm’s key clients.
While co-president at Morgan Stanley, Scully was responsible for asset
management, the Discover card business and merchant banking activities.
Prior to that, he served as chairman of global capital markets and was
vice chairman of investment banking where he was responsible for talent
development, senior client relationships and strategic initiatives.
Before joining Morgan Stanley in 1996, Scully served as a managing
director at Lehman Brothers and at Salomon Brothers.
He received a bachelor’s degree from Princeton University in 1972 and an
MBA from Harvard Business School in 1977.

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UIC & PCI

The UIC “PP795” has been formally PCI approved on August 19th. As the first signature capture device to achieve approval under the newly strengthened ‘PCI 2.1’ requirements, the “PP795” implements MSR security to protect card data in the terminal. Features of the capture device include affordability; programmability; high quality signature capture; OPOS/JavaPOS compliance; secure remote key management; PCI 2.1 approved and EMV certification; six languages versatility; ergonomics; Micro SD card options; and contactless payment options. UIC (Uniform Industrial Corporation) offers Electronic Commerce/Data Collection in various industries and will be shipping in Q3 2009.

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BLUE BAMBOO & REDFIN

The Secured Financial Network subsidiary, RedFin Network, has renewed and expanded agreements with Blue Bamboo. The “Strategic Distribution Partnership” will deliver Blue Bamboo’s payment solutions and mobile POS devices to the North American market, offering a consistent, low price option to ISO’s, Reseller’s, and unique application developers. The Blue Bamboo “H50” all-in-one wireless terminal and its “P25-M” blue-tooth printer/card reader provide the user flexibility and competitive payment hardware configurations. Blue Bamboo designs and markets feature-rich products for the POS terminal and peripherals industry while The RedFin Network payment gateway specializes in providing (PCI) Certified Payment Technology for business and resellers in need of card and ACH processing services.

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HACKER ARRESTS

The U.S. DOJ has been able to put a face on the massive breach of Heartland Payment Systems committed early this year. It is the largest alleged credit and debit card data breach ever charged in the U.S. Following an investigation by U.S. Secret Service, a Miami man, along with two Russian co-conspirators were indicted for conspiring to hack into computer networks supporting major American retail and financial organizations, and stealing data relating to more than 130 million credit and debit cards. Among the corporate victims named in the indictment are Heartland Payment Systems, 7-Eleven, and the Hannaford Brothers supermarket chain. The DOJ says alleges that beginning in October 2006, Albert Gonzales and his unnamed co-conspirators researched the credit and debit card systems used by their victims; devised a “SQL Injection Attack” to penetrate their networks and steal credit and debit card data; and then sent that data to computer servers they operated in California, Illinois, Latvia, the Netherlands and Ukraine. In May 2008, the U.S. Attorney’s Office charged Gonzales for his alleged role in the hacking of a computer network run by a national restaurant chain. In August of 2008, the Justice Department announced an additional series of indictments against Gonzales and others for a number of retail hacks affecting eight major retailers and involving the theft of data related to 40 million credit cards.

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NBPCA Cites Virtues of PPCs for Students

The Network Branded Prepaid Card Association (NBPCA) non-profit,
inter-industry trade association is suggesting branded prepaid cards are
useful financial tools for budgeting, safe spending and avoiding debt.
Established to advance network branded prepaid cards, NBPCA is namely
targeting college students with its advice and empowering them to manage
their money. The association is promoting prepaid cards as safe,
convenient alternatives to using cash and checks for purchases and
paying recurring bills. It is loaded when the card is purchased, can
have money added in a variety of convenient ways, and cannot be
overdrawn. Additionally, the NBPCA is advising students to understand
the terms and conditions; record the card number and the customer
service telephone number; become familiar with the security and loss
prevention features of the card; check your card balance regularly; and
to load funds and track spending often.

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Discover Card Expands Acceptance to India

Global acceptance of the Discover card is now expanding into India
according to this week’s CardFlash International. Venture Infotek and
the Diners Club International business unit of Discover Financial
Services have signed a long-term merchant acquiring agreement. Diners
Club and Discover cardholders will be able to use their cards at Venture
Infotek’s 165,000 merchants in India. Venture Infotek will provide
single source electronic payment services for the acceptance of Diners
Club and Discover cards across key merchant categories like Restaurants,
Hotels, Airlines, Travel agents and major retail outlets in India.
Diners Club currently has acceptance in more than 185 countries with 14
million merchant locations. Discover Cards are currently accepted in
Canada, Central America, Mexico, the Caribbean, and China.

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IKOBO VISA

Visa Europe reports that debit card transactions rose 19% in the second quarter, compared to 2Q/08. Overall transactions increased 14% with a total of 1.75 billion card transactions.Debit cards accounted for 1.33 billion of the total transactions. This compares to 1.53 billion card transactions in the same period the year before, of which 1.11
billion were on debit cards. The highest percentage increase was in restaurants, which saw a 20% rise in the number of card transactions and a 28% increase on debit cards. Card transactions in bars and nightclubs increased 16% overall and 24% on debit cards. In supermarkets and other food stores there was an increase of 18% on all card transactions and 21% on debit cards. In Europe, there are over 360 million Visa debit, credit and commercial cards.

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Inc. Names eCommLink Among Fastest-Growing

eCommLink prepaid debit card processor has been ranked 3022 on Inc.
magazine’s annual 5000 fastest-growing private companies in America.
eCommLink’s ranking is based on percentage growth in company net sales
over a five-year period, in which the company’s revenue has doubled in
each of the last 3 years. Revenue is also expected to
increase dramatically thanks to recent investments in its prepaid debit
processing platform. eCommLink provides secure transaction options for
prepaid card programs in the physical, virtual, and mobile space through
its flexible prepaid processing platform. The Inc. 5000 list debuted in
1991 and makes available all ranked companies available on Inc.com.

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RedFin Network to Market Blue Bamboo POS

The Secured Financial Network subsidiary, RedFin Network, has renewed
and expanded agreements with Blue Bamboo. The “Strategic Distribution
Partnership” will deliver Blue Bamboo’s payment solutions and mobile POS
devices to the North American market, offering a consistent, low price
option to ISO’s, Reseller’s, and unique application developers. The Blue
Bamboo “H50” all-in-one wireless terminal and its “P25-M” blue-tooth
printer/card reader provide the user flexibility and competitive payment
hardware configurations. Blue Bamboo designs and markets feature-rich
products for the POS terminal and peripherals industry while The RedFin
Network payment gateway specializes in providing (PCI) Certified Payment
Technology for business and resellers in need of card and ACH processing
services.

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