Card Scam’s Ferraris to be Auctioned

The lavish assets of the principals involved in a three year credit card scam will be auctioned off this weekend in Tampa. A federal district court ordered the auction sale of four Ferraris including a rare “F40”, two Mercedes Roadsters, a BMW 300i and fine jewelry. In November 2003, the FTC filed charges against Peoples Credit First and its related companies for marketing an unsecured general purpose credit card in exchange for a $45 advance fee payment. However, applicants only received a catalog card good towards overpriced merchandise. The scam produced $10 million in revenue over the three year period.

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eMue to Develop an Exclusive OTP DisplayCard

eMue Technologies and Innovative Card Technologies have inked a deal to develop a specialized version of the “OTP DisplayCard.” eMue has developed a unique mutual authentication solution that mitigates identity fraud across multiple business channels, including the internet and telephone, in addition to providing stronger authentication for online transactions. Innovative Card Technologies’ ISO-compliant DisplayCard enables cardholders to generate and display a dynamic passcode for one-time use, proving the presence of the card for
dual-factor authentication. Upon completion of the development agreement, Innovative Card Technologies will manufacture the specialized “DisplayCard” exclusively for eMue. Deloitte Touche Tohmatsu Australia
recently acquired an interest in eMue.

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Inteligensa Launches Keycorp’s MULTOS in Latin America

Inteligensa has launched Keycorp’s “MULTOS” product range to its Latin
American customers. Keycorp’s range includes products from the “SDA
MULTOS” step/one to high end 64K DDA “MULTOS” and a range of
contact/contactless new products to address emerging markets such as
“MasterCard Paypass” and e-passports. Inteligensa works on the development and implementation of systems and secure networks for payments and identification. “MULTOS” provides a smartcard platform used by nearly one hundred financial institutions worldwide. Keycorp Limited is a global provider of secure electronic transactions and is a founding member of the “MULTOS” consortium, which has responsibility for developing the “MULTOS” multi-application smart card operating system.

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Virtual Credit Card Patent is Awarded

NY-based Innovation Fund has been granted a patent on “Virtual Credit Cards.” Using this technology a person can go to a bank website and create a virtual credit card in the name of a family member, employee or friend. The amount of money is subtracted from the primary credit cardâ™s available balance at the senderâ™s discretion, and the new “Virtual Credit Card” number (with an encrypted Pin) can be immediately emailed to the recipient. Since more transactions are done on the phone in the travel and recreation industries, the recipient can start making use of this transferred money in seconds, as opposed to the several day lag required by many forms.

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Fair Isaac Restructuring to Cut 200 Jobs

Fair Isaac confirmed last week that it is cutting approximately 200 now redundant positions in product management, delivery and development functions. FIC says the job cuts along with other actions will yield annualized pre-tax savings of $24 million, with one-time severance and related costs of $5.7 million. The restructuring initiative was initially outlined in the company’s second-quarter 2006 earnings call. Specific organizational changes include establishment of “Integrated Client Networks,” groupings or segment of clients with similar needs, such as those in a common industry, business profile or geography; integration of the company’s EDM Applications through enhanced product roadmaps, product definitions and packaged deliverables plus transition of targeted engineering, quality assurance and maintenance functions to the company’s major development center in India.

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Trintech Forms a Healthcare Business Unit

Trintech Group has formed a “Healthcare Business Group.” The new unit will assist healthcare providers, payers and financial institutions optimize the “Claim-to-Payment” transaction process, including transaction reconciliation and workflow management of exceptions. Ed Gallo, formerly with NDCHealth, will serve as the SVP of the Healthcare Business Group. Trintech’s product solutions include “ReconNET,” “AssureNET GL,” and “Bank Fee Analysis.”

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Experian Welcomes New Country Manager

Experian has announced that Gilberto Vasconcelos
has been named country manager of Brazil. Vasconcelos will be
responsible for developing and leading the company’s expansion and
growth initiatives in Brazil.Vasconcelos has more than 20 years’
experience in leadership positions in the banking, telecommunications
and information solutions industries. Most recently, Vasconcelos served
as president of Equifax do Brazil. In this role, he was responsible for
managing Equifax activities within the country.

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IPS Payroll Card Volume Quadruples in 06

Chattanooga-based Innovative Processing Solutions reports that its transaction volume has nearly quadrupled for the first five months of this year compared to the same period last year. The payroll card specialist says it has more than 205,000 card orders in the pipeline for delivery in the second half of 2006. The Company says it is starting to see accelerating demand for its flagship product, “Paycheck Direct.” The firm also announced it is opening a Central Texas office next month to serve the Hispanic community.

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BMW Takes the MINI Innovation to Cards

The term “Mini VISA” has taken on a new meaning with the launch this morning of an innovative card for BMW’s “MINI” automobile. The new “MINI VISA” enables cardholders to design a credit card in their own car’s image plus earn up to $5,000 towards a future “MINI” purchase or lease. The patent-pending Web-based “Configurator” permits applicants to design their new card from a choice of four body styles, 36 wheel choices, 21 exterior body color choices and 24 exterior roof choices. The “MINI Motoring Rewards” program allows users to accrue unlimited points in a billing cycle. One point is earned for every $1 spent in net purchases, with points doubling on motoring-related purchases including gasoline, car washes and bridge/road toll fees. Points are redeemed in $50 increments which requires 5,000 points. The new card is being issued by MINI Financial Services, a division of BMW Financial Services North America. BMW North America also issues a VISA card in the USA.

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TNB Promotion Attracts $4MM for CUs

Dallas-based TNB Card Services reports that the San Antonio City Employees FCU gained more than $475,000 in new credit card balances as part of TNB’s “Post-Holiday Balance Transfer” promotion. About 35 credit unions participated in the promotion. The overall promotion generated more than $4 million in new credit card balances for the participating credit unions during its three-month (February-April) period, with a per-customer average balance transfer of $3,800. Interest rates ranging from 0% to 7.9% were offered in the promotion.

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RedBedlam To Use Ukask for New Video Game

RedBedlam has announced a partnership with “Ukash”. “Ukash” works like
mobile phone pre-paid electronic top-ups and enables consumers to
pre-pay for online purchases using cash. Roma Victor players will be
able to use “Ukash” to buy the in-game virtual currency (Sesterces),
which will allow players to improve their characters and enhance their
gaming experience. Ukash vouchers are available in over 120,000 stores
across Europe. The company has plans to make Ukash available in 12
countries by the end of 2006. As simple to use as mobile top-ups,
customers can exchange cash for a Ukash voucher and then spend the value
online in an identical way to existing credit card holders. RedBedlam
is a provider of interactive online role playing video games. Ukash is
an e-commerce cash payment method.

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IRS Renews and Expands the OPC Card Deal

The IRS has renewed its electronic tax payment processing contract with Official Payments Corp. and has expanded the tax return types eligible for card payment by both individual and business taxpayers. OPC began processing federal tax payments made by credit card in 1999 with today’s renewal representing the exercise of the fourth of four optional one-year contract renewals. Beginning in 2007, individuals can pay “Trust Fund Recovery” penalties and “Trust Fund Recovery” penalty installment agreements for prior tax periods starting in 1997. Also in 2007, business taxpayers will be able to pay prior tax years Forms “940” and “941” payments from 1997 onward on a payment card. Additionally, business taxpayers will be able use a card to pay their Form “944” “Employer’s ANNUAL Federal Tax Return” for 2006. This year, the IRS began accepting credit card payments made by businesses for balance due business returns on Form “940” and Form “941.” OPC currently has more than 2,000 federal, state, and local governments and agencies including the IRS, educational institutions, utilities and commercial clients. OPC is a subsidiary of Tier Technologies.

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