iovation Reaches a Major Milestone

OR-based device reputation service iovation has reached two billion
reputation checks for its online business customers. The “Device
Reputation Authority”
(DRA), iovation’s global fraud database, offers information delivered
in real-time to determine
whether or not they have seen a given
device before and if that device has a history of fraud or abuse at any
site that uses the service. These checks have resulted in the
identification of over 140 million unique device reputations, an
impressive growth of nearly 500% from just one year ago. iovation
maintains a large
and growing database of device reputations that reflect actual online
fraud—e.g. a credit card chargeback. The growth of that database has
allowed the company to create a device-based risk service that
complements and provides significant uplift to existing identity-based
fraud management tools. DRA also exposes previously hidden
relationships between accounts and devices
in customers’ systems. Customers will know if one applicant has
applied for credit ten times in the past hour, or created ten new
accounts. Exposing these relationships is essential in catching fraud
rings and money laundering rings, where the associations between devices
and individuals aren’t apparent with standard fraud management systems.

Details

IKOBO VISA

M2 Global has expanded its card-based “iKobo Money Transfer” service to businesses and mass payments. “iKobo for Business” and the “iKobo Mass Payments” will enable small and medium sized businesses to
transfer money internationally to pay commissions, payouts, incentives,
rewards and other payments to employees, contractors and other
affiliates who receive their funds on a reloadable “iKobo Visa Prepaid
Debit” card. The card product also offers patented security
and fraud mitigation technology. M2 Financial, M2 Systems and M2 International, develops, acquires, operates and licenses software enabling platform interoperability and the initiation and settlement of electronic payments.

Details

Prepaid Discover/MC Taxi Card Goes National

A new prepaid card has emerged that offers taxi-specific services anywhere in the USA. The new “Taxi on Demand” cards are the creation of TransCard, MasterCard, Discover, STAR and Chattanooga-based company Taxi on Demand. The cards can only be used for taxi services. The “TOD” prepaid card comes in denominations of $35, $50, $100 and $200 and accommodates cardholders with access to cab companies in the physical vicinity accepting of the card through a toll-free call center number. The card was originally designed to target the college demographic and now is available nationwide. TransCard is a top ten, stored-value processor and a global provider of transaction-based processing services since 1993. TransCard became part of Discover’s PULSE network this month. In March, TransCard won “Best-in-Category” designation at the third-annual Paybefore Awards. (CF Library 3/19/09; 7/1/09)

Details

MOBYA INSTANT-PAY

mobya has made available its second phone application,”InstantPay,” for
the iPhone and Android platforms to allow users to initiate a payment
request for a loan or a sale. When users loan or sell an item, the
application promotes record keeping on their cell phone, the debtor
receives an email with a link allowing for repayment to the lender,
which can be fulfilled using a credit card or PayPal account. The
payment is then disbursed through the “InstantPay” application, which
can also be used to create a payment requests at a later time, keep
track of who has given you money and sending payment requests.
Additionally, it is free to download, free to use and is available now
on the App Store and the Android market. France-based mobya was launched
in 2009 to develop innovative and practical mobile apps for next
generation phones.

Details

June Leading Economic Index Points Positive

The Conference Board “Leading Economic Index” for the U.S. increased for the third
month in a row by 70 basis points and now stands at 100.3. Positive “LEI”
contributors include; interest rate spread, building permits, stock prices, weekly
initial claims (inverted), average weekly manufacturing hours, index of supplier
deliveries (vendor performance), and manufacturers’ new orders for consumer goods
while negative contributors include real money supply, manufacturers’ new orders
for non-defense capital goods and index of consumer expectations. CB says the
recession has been losing steam since the spring, although very large job losses
continue. Nevertheless, confidence is slowly rebuilding. Financial markets are less
volatile. Even the housing market is stabilizing. If these trends continue, expect
a slow recovery this autumn.

Details

WATCHDATA & CEPAS

Having already issued more than ten million multi-application smart
cards to various card issuers across the country, Watchdata smart card
and contactless technology solutions has announced its compliance with
the Singapore Standard for Contactless ePurse Application (CEPAS) and is
now the only card vendor authorized to supply the CEPAS-compliant cards.
Having met the strict testing criteria to provide such multi-application
smart card that is more secure, fast, efficient, flexible, interoperable
and cost effective, Watchdata has introduced such products as the
“TimeCOS” contactless smart card to conform to the “CC EAL5+” highest
level of security. Watchdata smart card and contactless technology
solutions conducts operations in Asia-Pacific, Europe, Latin America,
Africa and the Middle East.

Details

BARCLAYS SEAMILES

Carnival Cruise Lines will not be renewing its co-branded credit card
agreement with SeaMiles cruise loyalty and Barclays Bank Delaware come
December, 2009. SeaMiles intends to pursue opportunities through its
existing program with Chase with the “SeaMiles Chase Visa Rewards Card.”
Carnival “SeaMiles” recently partnered with Dania Beach Florida Cruise
Division to offer the Chase member benefits. SeaMiles offers cruise
patrons multiple rewards-earning opportunities with maximum flexibility
based on “Any Cruise Line…Any Time”. The cruise loyalty issuer has
already awarded more than two billion unit credits to its members
(CardFlash International 6/16/2009).

Details

Credit Capacity Index Risk Tool is Unveiled

A new forward-looking risk management tool has been unveiled that rank-orders consumers based on their ability to take on future debt. The new “Credit Capacity Index” was developed by Equifax and FICO.
It can provide value at different points across the credit account life cycle. The companies say that it can help credit card issuers avoid future credit defaults by predicting which cardholders can handle incremental debt if extended a higher credit limit. FICO optimized the “CCI” to be used in tandem with “BEACON 09” credit scores. Used together, “CCI” and “BEACON” can help lenders differentiate consumers who present the same repayment risk on their current obligations but vary in their capacity to assume new debt or incremental credit balances. The new tool is available through Equifax.

Details

MAY LEI

The Conference Board Leading Economic Index (LEI) for Germany increased
by 0.9% while The Conference Board Coincident Economic Index (CEI)
decreased 0.2% in May. With the May increase, the Conference Board LEI
for Germany now stands at 87.2 (2004=100), which increased 1.1% in April
and declined 0.9% in March, while the CEI now stands at 101.5
(2004=100), which decreased 0.2% in April and decreased 0.2% in March.
Positive LEI contributors include; new orders in investment goods
industries, new residential construction orders, yield spread, stock
prices and inventory change series while negative contributors include
consumer confidence, gross enterprises and properties income.

Details

Workers’ Compensation Visa Card Goes National

The nation’s leading card product delivering workers’ compensation
benefits has received approval, or non-objection, from more than 30
state workers’ compensation boards and industrial commissions.
The new “InsurCard Prepaid Visa,” issued by The Bancorp Bank, is now
approved in 38 states. NYC-based Stroock & Stroock & Lavan worked with
the state regulators to draft amendments to the laws to accommodate
payment by means of the “InsurCard.” The new program offers improved
fraud protection and cash control. In February InsurCard teamed with
First Insurance Company of Hawaii to offer the “InsurCard Visa Prepaid
Card” to pay out insurance claims. InsurCard is a wholly owned
subsidiary of Service Network Design. The Payment Solutions Group is the
prepaid division of SD-based The Bancorp Bank. (CF Library 2/25/09)

Details