Experian Unveils Knowledge IQ Fraud Detection

Experian has introduced fraud detection solution that integrates data authentication with consumer challenge questions to create a comprehensive approach for detecting fraud and managing the associated risk. “Knowledge IQ” is the first system to merge two essential elements in the fight against fraud. “Knowledge IQ” resides within, and is powered by, Experian’s well-known “Precise ID” suite of identity authentication and fraud detection tools. “Knowledge IQ” assesses risk by posing a series of challenge questions to an applicant to enable a client to assess the consumer’s identity risk. When a consumer applies for credit, the “Precise ID” platform analyzes the applicant information and, using advanced predictive analytics, returns a score. The score is based on the correctness of the applicant-supplied information to Experian. Based on the client-tailored score threshold, “Precise ID” will either authorize the process to continue or seamlessly interact with “Knowledge IQ” to pose additional challenge questions to the consumer.

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Cardtronics Signs FL’s State Employees CU

Texas-based Cardtronics has entered into an agreement with Florida-based State Employees Credit Union to place its brand on nine ATMs owned and operated by Cardtronics and located in Walgreens stores. Cardtronics’ network, the largest and most comprehensive in the nation, allows banks and credit unions to extend their service offerings and enhance convenience for their customers and members while minimizing operating costs and capital outlays. Cardtronics is the world’s largest non-bank owner/operator of ATMs with more than 25,000 locations.

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Equifax Shuns Authorized User Manipulation

Atlanta-based Equifax says that its “VantageScore” and the “Equifax Risk Score 3.0” have never been impacted by authorized user manipulation. Authorized user information is also excluded in calculating both “VantageScore” and the “Equifax Risk Score 3.0.” The consumer credit monitoring behemoth says it believes it is misleading to embellish one’s credit history in order to obtain financing. The response comes in the wake of individuals paying to become authorized users on credit card accounts of people who have excellent credit. These people use their purchased “authorized user” status to artificially boost certain credit scores to gain access to a loan or loan terms they otherwise would not qualify for.

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American Express Offers Global Travel Shield

American Express announced a new partnership with InsureMyTrip.com to offer packages of “Global Travel Shield,” a collection of comprehensive travel insurance products, to its U.S. cardholders and non-cardholders. Two comprehensive packages of “Global Travel Shield” insurance products will be available at InsureMyTrip.com with prices starting at $32.00 per person. “Global Travel Shield Classic Plan” offers 24-hour travel assistance; emergency medical evacuation/repatriation up to $25,000; emergency medical & dental expense up to $25,000; baggage loss up to $500; baggage delay up to $200; airflight insurance up to $100,000; and trip cancellation/interruption coverage for up to 100% of the trip.

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Pay By Touch Adds Another Check Cashing Client

West Texas National Bank announced that it has adopted Pay By Touch’s biometric check cashing service. Paycheck Secure powered by Pay By Touch is fast and easy to use. To enroll, customers visit West Texas National Bank, where a bank employee will check their government-issued ID, scan their fingerprint and take a digital photograph. The one-time enrollment takes only minutes, and thereafter the customer need only place his/her finger on a scanner at the branch location to cash checks. Pay By Touch services are free for consumers to use and available in more than 2,400 retail locations across 44 states, the UK and Singapore.

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Cash Flow Issues Drive Down Economic Confidence

Economic confidence among small business owners fell again in June after a very sharp drop in April which was driven by a deteriorating outlook on economic conditions for their businesses, rising insecurity about the U.S. economy and increased cash flow issues. About 34% of small business owners feel that economic conditions for their business are getting better, a significant decrease from 43% in May. Small business owners who said that they would rate the overall U.S. economy overall as “excellent” or “good” fell to 38% this month, down from 45% in May. About 38% of business owners said they will spend less on business development, up from 31% in May. More than half of business owners have not had cash flow issues in the past 90 days, nearly unchanged from 53% the previous month. The Discover “Small Business Watch” indicator dipped to 102.5 in June, compared to 110.0 for May and 110.3 for April. Discover’s latest survey also found that when asked about the biggest challenge facing their business, 28% cite finding new business and 21% cite managing cash flows.

Discover Small Business Watch
Aug 06: 100.0
Sep 06: 107.0
Oct 06: 120.0
Nov 06: 130.0
Dec 06: 109.7
Jan 07: 114.3
Feb 07: 113.4
Mar 07: 117.7
Apr 07: 110.3
May 07: 110.0
Jun 07: 102.5
Source: Discover Business Card

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VISA Sponsors the Life Takes Invitational

VISA USA and the 48 Hour Film Project have teamed to launch the “Life Takes Invitational,” offering amateur filmmakers a chance to win a VISA prepaid card worth $10,000. Following 48HFP 2007 tour stops in San Francisco, New York and Los Angeles, a total of 30 teams will be invited to participate in the “Invitational” and will be asked to create a short film that demonstrates their interpretation of what “Life Takes.” VISA will provide the selected teams with a $500 gift card for production expenses along with travel expenses to San Francisco for two team members. In September, VISA along with a panel of entertainment and advertising industry experts will judge the entries. The grand prize winner along with second and third place winners, who will receive $5,000 and $2,500 respectively, will be honored during an awards gala in San Francisco.

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TIO Network’s Gross Profit Soars 84%

TIO Networks reported that quarterly revenue increased 40% to $3.6 million. For the quarter ending April 30th, the Company also posted gross profit of $1.6 million, up 84% from the year ago quarter. TIO reported more than 1.1 million revenue-generating transactions for the quarter. The number of TIO devices deployed or TIO Express locations signed jumped from 912 for 1Q/06 to 2,406 for the most recent quarter. The Company says that new lines of distribution are accelerating its growth potential. TIO Networks operates in more than 2,000 locations and provides secure access to bill payment and other key financial services. For complete details on TIO Networks’ performance, visit CardData ([www.carddata.com][1]).

[1]: http://www.carddata.com

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