Security Innovation is QSAC PCI DSS Certified

MA-based Security Innovation has been certified as a “Qualified Security Assessor Company” for the “Payment Card Industry Data Security Standard.” To become a QSAC, Security Innovation sent employees to be trained and certified as Qualified Security Assessors (QSA) by the PCI Security Standards Council. Security Innovation can now conduct PCI assessments, as well as help clients prepare for assessments and address any problematic areas encountered. Security Innovation is an independent application security firm that offers education, risk assessment and risk mitigation solutions.

Details

Ecora Software Joins the PCI SVA

NH-based Ecora Software has joined the “Payment Card Industry Security Vendor Alliance.” As a member, Ecora will assist other vendors in educating the business community on the requirements and business value of the Payment Card Industry Data Security Standard (PCIDSS), a global benchmark intended to improve security throughout the entire payment card transaction process. Ecora provides enterprise-wide configuration data in easy-to-understand reports for regulatory compliance and enabling IT best practices. The PCI Software Vendor Alliance assists members of the payment card industry, composed of merchants, banks and point-of-sale vendors in educating the business community on the requirements and business value of the Payment Card Industry (PCI) Data Security Standard.

Details

OPC Powers Higher Education Payments

Official Payments Corpoartion is expanding payment processing services to 19 new U.S. college and university clients for credit card, debit card and electronic check acceptance via the Internet, telephone, kiosk and over-the-counter. OPC has relationships with Datatel and other top ERP systems providers in the higher education industry. OPC enables seamless integration with these ERP systems, as well as with legacy systems, for such services as viewing balances and making payments. OPC’s clients are comprised of nearly 2,600 federal, state, and local governments and agencies including the IRS, educational institutions, utilities and commercial clients.

Details

MiCash Prepaid MasterCard Partners with FSV

WA-based MiCash has partnered with FSV Payment Systems to market its “MiCash Prepaid MasterCard” which is issued by MetaBank. Through this partnership, MiCash will market the MiCash Prepaid MasterCard card through various distribution channels. This alliance offers immediate benefits with new, real-time tracking and financial reporting, along with processing technology. MiCash is a federally-licensed Money Service Business (MSB) that meets all state and federal laws, including Anti-Money Laundering, Bank Secrecy and USA PATRIOT Act regulations. FSV Payment Systems is a provider of host-based stored value and prepaid card solutions.

Details

WSAA Show Slated for Mid-Oct in Anaheim

The Board of the Western States Acquirers Association has selected Anaheim, California to be its next site for the “2007 Annual WSAA Show,” October 17th to 18th. Attendees are defined as Financial Institutions, Independent Sales Organizations, or Individuals that primarily sell acquiring related services. The WSAA Board of Directors is looking forward to continued success as the show expands and grows as a premier networking and educational event for the Western States and is taking suggestions for topics and subjects to be covered on the agenda. The Western States Acquiring Association is a not-for-profit, non-membership organization, independently formed and dedicated to keeping the acquiring industry educated and informed on the ever changing needs of our industry.

Details

Fiserv Acquires a Financial Crime Fighter

Fiserv acquired Netherlands-based NetEconomy, a financial crime management and compliance solutions provider to financial institutions in 58 countries. Fiserv will offer a holistic enterprise risk, compliance and fraud solution integrated with all Fiserv core account processing platforms. NetEconomy provides solutions for anti-money laundering, fraud prevention and compliance. Fiserv provides information management systems and services to the financial and insurance industries and reported more than $4.5 billion in total revenue for 2006.

Details

TCH and FSTC Launch a M-Payment Initiative

The Clearing House Payments Company and the Financial Services Technology Consortium announced a joint initiative to identify ways banks, mobile operators and handset manufacturers can work together to facilitate the use of mobile devices for making payments. The initiative will focus specifically on two areas: 1) Mobile proximity payments, which are payments made at attended or unattended point-of-sale terminals using near field communications (NFC) or other contactless technologies, and 2) Mobile person-to-person (P2P) payments, which involve the movement of funds from one individual/account to another. Members of The Clearing House participating in the initiative so far include LaSalle Bank, BB&T, BofA, Citi, Chase, Comerica, HSBC, KeyBank, National City, PNC, U.S. Bank, Wachovia, and Wells Fargo.

Details

First Data Names a New General Counsel

First Data has officially named David Money as EVP/General Counsel and Secretary of the company to replace Michael Whealy, who is retiring following an automobile accident. Money filled a series of increasingly responsible positions in the legal departments of First Data and its predecessors. For eight years prior to joining First Data, Money was a partner in the law firm of Jones, Waldo, Holbrook and McDonough in Salt Lake City. Money was awarded his Juris Doctor degree from the University of Utah.

Details

Lloyds TSB Launches First Alerts to Fight Fraud

Lloyds TSB bank will introduce automated telephone alerts, called “First
Alert”, for their debit card customers. The service has been available
to credit card customers since 2005 and, due to effectiveness, is now
being extended to debit card customers. “First Alert” is designed to
work alongside Lloyds TSB’s fraud detection systems and automatically
calling to warn customers of suspicious transactions on their current
accounts. The introduction of this program for debit cards comes at a
time when cases of counterfeit fraud are on the rise. Fraud using cloned
cards have risen by 3%, while card not present fraud, where cards are
used over the phone, Internet or mail order, have increased 16%.

Details

CMB & JCB to Offer Co-Branded Hello Kitty Cards

JCB signed agreements with China Merchants Bank for the new
co-branded “JCB CMB Hello Kitty Fan’s” credit card. This card issuing
alliance with CMB, whom currently has more than 10 million cards issued
in China, is JCB’s fourth in the region. Rapid growth in the Chinese
credit card market has made the country one of the most important
markets for JCB issuing. Members of the “Hello Kitty Fan’s” credit card
can earn reward points to exchange for selected Hello Kitty items,
receive a 50% discount for monthly selection of Hello Kitty products,
and enjoy a special website exclusively for cardmembers on the CMB
website. The card also offers International acceptance and dual currency
settlement.

Details

CARD FRAUD

Card fraud among British credit card issuers dropped nearly 3% last year following a 13% decline in 2005, largely due to the migration to the “chip & PIN” program. However, “card-not-present” fraud continues to be the biggest fraud category, growing 16%, but down from the prior year’s 21% gain. According to APACS, the UK payments association, total card fraud losses hit GBP 428.0 million in 2006, compared to GBP 439.4 million for 2004, and the peak of GBP 504.8 million in 2004. APACS notes that losses as a percentage of plastic card turnover equated to 0.095% in 2006 – significantly less than the 0.141% figure in 2004. “CNP” fraud rose to GBP 212.6 million last year compared to GBP 183.2 million for 2005. The rate of increase for “CNP” fraud has fallen for the second time since 2003 in part due to the increased use by retailers of checks on cardholder addresses and the three extra digits on the signature strip and online initiatives like “Verified by VISA” and “MasterCard SecureCode.” APACS also says that the introduction of “chip and PIN” has made it more difficult for fraudsters to commit card fraud in the UK, with losses at UK retailers falling by GBP 146.7 million over the past two years. However, criminals are still targeting UK cards with the aim of copying the magnetic stripe data. They use this data to create counterfeit magnetic stripe cards that can potentially be used in countries that haven’t upgraded to “chip and PIN.” This has caused a 43% increase in fraud abroad losses over the last 12 months.

Details

Level-4 Advise ATM Operators On Software Upgrade

Level Four’s business-development director,Martin MacMillan, advises
ATM operators to exercise caution in overhauling systems to Microsoft’s
“Vista” software. What Macmillan promotes is testing solutions that
“exhaustively check” ATM applications or operating system changes that
are made. Given the early stage in the operating system’s lifecycle, he
also urges a “wait-and-see” policy for operators to see Vista proven in
the self-service field.

Details