SAINSBURY ATMS

Sainsbury’s Bank has launched a major campaign to fight ATM skimming. The bank is shelling out GBP 3.5 million on security for its 885 cash machines. The value of cash machine fraud in the U.K. during the first three months of this year was GBP 21.4 million, an increase of
54% when compared to the corresponding period in 2005. Sainsbury’s
Bank’s analysis of industry data reveals that between 1996 and 2005,
the value of cash machine fraud grew by on average 37% a year. It also
estimates that between 2000 and 2005, the amount of money stolen through
this crime increased by a staggering 260%. ATM “skimming” accounts for the greatest proportion of cash machine fraud in the U.K. The practice of “skimming” involves attaching a small electronic device to the card entry slot of a cash machine to record a card’s details without the cardholder’s knowledge. The criminal is then able to produce a counterfeit card and withdraw money at a cash machine. Sainsbury’s Bank opened for business in early 1997 as a joint venture with Halifax Bank of Scotland (55% Sainsbury’s, 45% Halifax Bank of Scotland).

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ABS 60-Day Delinquency Edges Upward

Credit card charge-offs, among “prime” asset-backed securities, edged down during July, but, the 60+ day delinquency ratio edged upward. However, the persisting effects of the federal bankruptcy reform act enacted last fall will eventually push charge-offs for U.S. credit card asset-backed securities to historical levels as delinquencies begin filling the vacuum created by personal bankruptcy filings. According to FitchRatings, “prime” charge-offs for July were 3.44%, 14 basis points lower than June and compared to 5.98% one-year ago. The “prime” 60-plus day delinquency index for July was 2.30%, compared to 2.28% in June.

ABS PRIME CHARGE-OFFS HISTORICAL
Ju1 05: 5.98%
Jun 06: 3.58%
Ju1 06: 3.44%
Source: FitchRatings

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Ecount Fuel Card Soars by 500%

PA-based Ecount reports that demand for their “Fuel Card” program has soared 500% over the last year The Ecount Fuel Card is different than most gas cards. It can be used for gas and more, everywhere Visa(R) debit cards are accepted. Ecount provides customized prepaid programs for corporations looking for a simple and convenient way to deliver electronic payments. PSS World Medical, Inc. is a national distributor of medical products to physicians and elder care providers through its two business units.

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PPI Powers AltaPoint’s CreditWare

Payment Processing is powering “CreditWare,” AltaPoint Data System’s integrated credit card processing component to AltaPoint 7.0. AltaPoint provides software support solutions for the electronic medical records and practice management industry. Payment Processing, Inc. (www.paypros.com) is the industry leader in providing integrated payment processing solutions. AltaPoint Data Systems was founded in 1996 by entrepreneur/developer Douglas E. Lyman.

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CU Credit Card Sales Slow in Q2

BROOKWOOD CAPITAL has completed its research on credit union credit card portfolio sales activity for the second quarter of 2006. In total, 17 credit unions with credit card portfolios of over $1 million in outstanding balances sold their portfolios in the second quarter. Total balances sold during the quarter were approximately $114 million. This brings the totals for the first half of 2006 to 30 portfolios sold with total balances of $212 million.

On an annualized basis this shows a slight slowing of portfolio sales activity from 2005 when 65 portfolios sold for a total of $481 million in outstandings during the entire year. However, with several large sales in process, Brookwood believes that year end figures remain likely to match or exceed 2005 totals.

Brookwood Capital specializes in assisting credit unions in the financial analysis and strategic review necessary to properly consider these decisions. Inquiries can be directed to: Timothy Kolk, Managing Partner, Brookwood Capital, 20 Grove Street, Peterborough, New Hampshire 03458. (603) 924-7215.

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SLIM CD Stays PCI Compliant

FL-based SLIM CD has successfully completed it’s annual PCI service-provider onsite audit and has been recognized by VISA for safely handling cardholder information for a fourth consecutive year. The Slim CD Pro package includes a stand-alone desktop application, a web-based virtual terminal, and a shopping cart. The SLIM CD services include gateway services, data on demand, fraud detection services and backup dial-in connectivity. SLIM CD, Inc is a wholly owned subsidiary of Online Commerce Corporation (OCC), a privately held E-Commerce service provider.

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Stolen Cards Fuel Streisand Sales

More than one thousand tickets to Barbra Streisand’s upcoming national concert tour were fraudulently purchased from Ticketmaster using stolen credit card information and have since been invalidated even though they are being offered on resale Web sites such as eBay. The tour’s national promoter, Michael Cohl, Ticketmaster and Ms. Streisand’s manager, Martin Erlichman, cautioned consumers today that these fraudulently purchased and invalidated tickets purchased from unauthorized resellers will not allow the ticket holder to gain admission to the venue on the night of the show.

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United Bank Card Promotes the T4100

NJ-based United Bank Card, one of the nation’s largest and fastest growing payment processors serving approximately 50,000 merchants, has “Class A” certified Hypercom’s “Optimum T4100” multi-application card payment terminal. UBS says the “T4100” is a better, more powerful device than any other card payment terminal in its class, and it is moving quickly to get this product to its customers. The “T4100” enables retailers to bring to the checkout line a dynamic combination of credit/debit card authorization and value-added services such as prepaid cards, loyalty cards, age and/or ID verification and more.

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Covestic is MC SDP Certified

WA-based Covestic has successfully completed the MasterCard “SDP” Vendor Compliance Testing Program. The MasterCard SDP program is designed to ensure that merchants and service providers are storing credit card account information in accordance with the PCI Data Security Standard. These requirements help to identify potential areas of vulnerability in a merchant or service provider network and ensure the security and privacy of payment card information. Covestic is a leading business and I.T. consulting firm delivering industry-leading expertise and solutions that address the operational challenges of businesses.

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TNB Buys Two More CU Portfolios

Dallas-based TNB Card Services has purchased the credit card portfolios of Vision One CU of Sacramento and Albuquerque VA CU. TNB issues credit cards for more than 90 credit unions. It began its agent issuer program in 2002. Vision One CU is aimed primarily at optometrists. For Albuquerque VA CU, the merger with Rio Grande Credit Union, also based in Albuquerque, triggered the sale. Rio Grande sold its card program to TNB in early 2005, and the additional accounts from Albuquerque VA also became part of TNB’s agent program. TNB serves more than 450 financial institutions and manages more than 1.6 million cards nationwide.

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Biz Check ARC and POP Set to Go

Under rules developed and issued by NACHA, business checks up to $25,000 are eligible to be converted into ACH transactions through Accounts Receivable Conversion (ARC) or Point-of-Purchase (POP) transactions. The new rules effect September 15th. ePayments Corp. says the new rules are both an opportunity and a threat for businesses and institutions processing such transactions. For businesses and organizations writing checks, ePayments says it’s important to understand how to opt out of having checks electronically converted. For organizations accepting checks, it’s important to understand which checks received can and cannot be processed electronically, and the impact that electronic processing will have on cash flow. NACHA estimates that 2.3 billion checks were converted into ACH payments in 2005.

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Enlightenment VISA Cards Launched

Los Angeles-based Conscious Enlightenment and First Hawaiian Bank have launched eight new VISA credit cards. The “Enlightenment VISA Reward Card” allows socially and spiritually conscious businesses and organizations to offer their services and products as part of the rewards program. “Enlightenment Card” members can earn points that can be redeemed at retreats, workshops and classes that are available around the world. Points can also be redeemed for merchandise, gift certificates and much more. The no-annual fee card offers a 6.99% introductory fixed rate on purchases during the first six months. Thereafter, a variable rate of prime +7.99% applies. The default interest rates is 18%. Conscious Enlightenment’s current group of companies includes: Conscious Choice, Common Ground, and Whole Life Times, YogaMates, Monthly Yoga DVD.com, Organic Media Design, and Golden Bridge Yoga.

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