The Hong Kong Monetary Authority has released the findings of
its 4Q07 credit card survey showing card receivable increases of
8.8% and total card accounts up by 1.6% for the quarter.
Moreover, the total customers charged on credit cards amounted
to HK$24.6, up .2 billion from 3Q07, while charge-offs decreased
by HK$38million since the previous quarter. Other findings show the
delinquency ratio dropped to 0.35% while rescheduled receivables
remained at HK$52 million for a combined ratio decline of 0.42%.

Details Sponsors 2008 NASCAR

SKI Motorsports has signed TX-based to become an associate sponsor for their 2008 NASCAR campaign. SKI & Company is a boutique marketing communications company servicing the sports and entertainment communities with a large motorsports and high performance automotive industry practice. is a money service provider for payment gateway services for merchants and consumers requiring processing of funds, credit cards and pin debit.


Debt Reduction Firms Settle with FTC

Two debt reduction companies have settled with the FTC over charges alleging that they violated federal law by falsely claiming that they could reduce consumers’ credit card interest rates or the amount of their credit card debt. The settling defendants are Debt-Set and Resolve Credit Counseling. The settlement orders contain suspended monetary relief of $1 million. The defendants have paid $390,000 to-date. The FTC alleged that the defendants falsely promised to obtain lump-sum settlements, such as “fifty cents on the dollar” or “50 to 60 percent” of consumers’ total unsecured debt, or to negotiate with creditors for lower interest rates.


Mobilians and NHN USA Team for M-Payments

Mobile payment provider Mobilians and NHN USA will launch a new payment service that will provide NHN USA’s online gaming customers the ability to make secure online purchases. NHN USA Customers will soon be able to charge online gaming items and subscriptions to their monthly phone bill. The service is targeted at consumers who do not have credit cards and to parents who want peace of mind, allowing secure purchase transactions without the use of a credit card. Mobilians is a mobile payments and e-commerce company while NHN USA is a subsidiary of NHN, a provder of search engine-based portal and multiple game sites.


AmEx Women Entrepreneur Promo Names Winners

Awarding women based on their ability to build and sustain companies with the growth potential of $1million or more in annual revenues, the American Express “Make Mine a Million $ Business program” offers select winners coaching from “Count Me In”, up to $50,000 in financing from AmEx, a Cisco “Smart Business Communications” network, FedEx discounts, a $500 Marriott gift certificate, a Dell Notebook PC and free flights on Jet Blue air carrier. The 3rd annual ceremony was held on January 23, 2008 at Universal Studios Hollywood and, among a pool of 1,200 women, 20 were chosen and 10 received awards based on poise, business acumen and growth potential joining the 112 existing “Make Mine a Million $ Business” winners awarded by Count Me In since 2005. Among the 2008 winners were Miracle Wanzo, who was awarded the grand prize for her convincing speech on lingerie, Lee Gilbert for her assertion that CycleAware, the company which she founded, makes bike riding safe and Lynette Jee as Hawaii’s best purveyor of tea.


Card Fraud Tops the FTC ID Fraud Survey

A new report states that credit card fraud was the most common form of reported identity theft at 23%, followed by utilities fraud at 18%, employment fraud at 14%, and bank fraud at 13%. The Federal Trade Commission annual list of top consumer fraud complaints found that of 813,899 total complaints received in 2007, 32% or 258,427 were related to identity theft. Consumers reported fraud losses totaling more than $1.2 billion; the median monetary loss per person was $349, the FTC report states. In 2007, the FTC received almost 140,000 more consumer fraud complaints than in 2006. These additional complaints came from numerous data contributors, primarily the Better Business Bureaus.


Transoft Adds Three Sales Executives

Transoft International has recently appointed Michael Barrows, Brendan Burge and Eduardo Rius as sales executives across North and Central America in response to increasing demand in the region for automating currency supplies at ATMs, branches and money centers. The new executives will represent Transoft’s “OptiCash”, “OptiNet” and “OptiVault” automated solutions. Eduardo Rius has been appointed as part of the company’s Mexico expansion, Michael Barrows joins the Transoft team from Jack Henry as a representative for its AMP products and will be specializing in cash forecasting while Brendan Burge joins the company from Namsys as a vault management sales person.


MoneyGram Renews the ACE Cash Contract

MoneyGram has teamed with ACE Cash Express to offer MoneyGram services at its 1,735 stores. Both companies have agreed to a multi-year extension of its contract to offer MoneyGram payment services at its locations across the U.S. ACE’s contract, which includes MoneyGram’s money transfer, ExpressPayment and money order services, would have expired at the end of 2009. ACE first offered MoneyGram’s money transfer service in 1989.


Vanco Receives PCI Level 1 Certification

MN-based Vanco Services has successfully passed its annual audit as a “PCI Level 1 Compliant Service Provider”. Vanco Services is one of fewer than 400 large-volume processors designated as a PCI Level 1 Compliant Service Provider. On its website, Visa maintains the complete list of Level 1 Compliant Service Providers along with their most recent validation date and the name of the audit firm that performed the assessment. The Payment Card Industry — an organization whose founders includes Visa, MasterCard, American Express and Discover Financial Services — requires that large volume payment processors verify their adherence to well-defined security standards through an independent audit that includes both quarterly network scans and annual onsite assessments. Vanco Services is a provider of electronic payment solutions to businesses and organizations.



Cryptomathic Security Solutions Provider has joined the MULTOS
Business/Systems consortium, the first Public Key Infrastructure to do
so. Cryptomathic will contribute marketing and technical expertise to
the consortium’s “MAOSCO Business Advisory Group” and will lend
input to forum meetings, affording the MULTOS organization additional
specialists’ knowledge regarding encryption standards to its
Furthermore, with this contribution, Cryptomathic’s input will support
MULTOS products such as “CardInk”, “Key Management System” and
“Certification Authority”. The organization’s security solutions are
across many industry sectors, helping companies build security, while
MULTOS smart card platform has issued over 100 million smart cards in
32 countries and is composed of 19 different manufacturers.


Card Delinquency Rises 39BPS in January

Credit card delinquency soared in January by 39 basis points hitting its highest level since November 2003. Delinquency, the amount of dollars 30-days past due as a percentage of gross outstandings, is now 84 basis points above year ago levels. According to CardData ([][1]) delinquency hit 5.40% in January, compared to 5.01% in the prior month and 4.56% one-year ago. Earlier this week Capital One reported that delinquency for its U.S. Cards rose to 5.05% in January, compared to 4.95% in the prior month and 3.79% one-year ago. The issuer also reported that charge-offs hit 6.65% in January, compared to 5.74% in the prior month and 4.01% one-year ago. (CF Library 2/13/08)

Jan 07: 4.56%
Feb 07: 4.63%
Mar 07: 4.66%
Apr 07: 4.72%
May 07: 4.67%
Jun 07: 4.62%
Jul 07: 4.64%
Aug 07: 4.70%
Sep 07: 4.74%
Oct 07: 4.79%
Nov 07: 4.88%
Dec 07: 5.01%
Jan 08: 5.40%
Source: CardData (