A new survey on check, ACH and credit card fraud shows that 54% of organizations that experience card fraud suffer financial losses, primarily because they are a “card-not-present” merchant who assumes liability. The research by the Association for Financial Professionals also found that 68% of the organizations were targets of payments fraud last year but only a minority actually lost money as a result of check and ACH debit fraud. An organization that was a victim of ACH debit fraud in 2005 was more likely to suffer a financial loss than an organization hit by check fraud. About 27% of organizations that report an incident of ACH debit fraud lost money because of the fraud, as opposed to 19% of the victims of check fraud. AFP notes that 54% of organizations made material changes to their payments controls as a result of Sarbanes-Oxley.Details
JCB and MasterCard have reached an agreement to share a common contactless communications protocol, the “MasterCard PayPass ISO/IEC 14443 Implementation Specification”, which provides for a global standardized technology for contactless payment services. VISA made an announcement to support the protocol in March. The common communication protocol ensures global interoperability for contactless payment products, and as a result it is anticipated that the pace of deployment of contactless terminals will accelerate. JCB rolled out the “QUICPay” contactless payment product in Japan in April, a scheme supported by Sony’s “FeliCa” chip specification.Details
Phoenix-based Hypercom and CA-based U.S. Bankcard Services have teamed to offer the first multi-language card payment terminal featuring Chinese and English graphics and text. The new dual-language Hypercom “T7Plus” compact countertop POS terminal will be targeted at an estimated 60,000 Chinese-American retailers. The “T7Plus” with “Big 5” Chinese character font software is configured specifically to facilitate its operations by merchants in either Chinese or English languages. “Big 5” is a character encoding method used in Taiwan and Hong Kong to enable traditional Chinese characters to be rendered on computers. In 2003, Hypercom was selected by Industrial & Commercial Bank of China, the Bank of China, China Construction Bank, the Agricultural Bank of China and domestic payment network China UnionPay as a preferred card payment technology provider. U.S. Bankcard Services is a major “Merchant Service Provider” for credit card processing nationwide.Details
AL-based Regions Financial Corporation is now offering a free “Regions Access VISA CheckCard” to customers who purchase one of the four new checking product packages. The Regions’ debit VISA offers 10,000 “VISA Extras” bonus points, double “VISA Extras” points for every dollar spent on qualifying purchases, and up to four times the “VISA Extras” points per dollar spent on signature transactions by frequently using their Regions debit card. Regions operates 1,300 offices and a 1,600-ATM network across a 16-state geographic footprint in the South, Midwest and Texas.Details
Reykjavik Saving Bank (SPRON) is expanding the “e-Card” program to Norway, Denmark and Finland, through a network of partnering issuers, acquirers and retailers. The “e-Card,” powered by Welcome’s “XLS” payment technology, was successfully launched in Iceland where it increased its market share by 10% in a very saturated card market in less than two years. In Iceland the “e-Card” offers cardholders 0.5% cash back from the bank and additional 0.65% to 15% cash back from retailers. Cardholders can spend their cash back anywhere among 200 merchants participating in the “e-Card” program. Card spending is now about 30% above average in Iceland, and as of last year, transaction numbers were running more than 40% above average.Details
Japan’s JCB, with 56 million cardholders, is launching the “JCB Discover Aloha Hawaii Project” on April 1st in conjunction with Hawaii Tourism Japan. The campaign gives visitors using the JCB card in Hawaii a chance to win a grand prize of a free return trip to the Islands and many other attractive prizes provided by alliance partners. JCB cardholders can also ride selected Waikiki Trolley routes for free when showing the JCB card. Plus, cardholders receive a pocket-sized brochure which lists 124 stores, restaurants, and other merchants giving JCB cardholders special discounts and other premiums.Details
CUNA Mutual Group reports that credit unions have incurred $100 million in plastic card fraud losses in 2005, a 15% increase over 2004 losses, and a 50% increase over those in 2003. CUNA has developed the Plastic Card Security Best Practices based on work with credit unions, card processors and industry experts.Details
ePassporte has announced the acceptance of “DirectPay EU,” a new funding option for its European cardholders. Provided by 2000Charge, “DirectPay EU” enables over 200 million EU bank account holders the ability to move funds from their European bank accounts to their ePassporte accounts, using the bank transfer system. ePassporte offers “Virtual VISA” and “VISA Electron” cards online in real time for use over the Internet and at POS merchant locations wherever VISA is accepted. 2000Charge is a payments processor offering merchants a
range of secure regional payment options preferred by various cultures
around the world.
Public Bank Berhad has started JCB merchant acquiring business this month.
This new license agreement for merchant operations in Malaysia between JCB
International and Public Bank was signed in September 2005, marking the
fourth JCB merchant acquiring partnership in Malaysia. With the launch of
acquiring business with Public Bank, JCB brand business will continue to
grow in Malaysia, offering more convenience to JCB
cardmembers from abroad and to the increasing number of JCB cardmembers in
Malaysia. The Public Bank Group is one of Malaysia’s largest integrated
banking groups offering a comprehensive array of financial services.
This is the fourth JCB merchant acquiring partnership in Malaysia.
Specialty food expert Balducci’s has selected Wincor’s “StoreForward POS” software as the POS application for a chainwide rollout and will install Wincor’s “BEETLE POS” systems in new stores including its Food Lover’s Market stores in Manhattan and Washington, D.C StoreForward POS is a robust, server-based Java point-of-sale (POS) software application that features a server-based architecture for greater system uptime and reliability; a powerful accounting system that provides real-time access to critical sales information, down to the store level; and a built-in SQL database with flexible, easy-to-use reporting functions.Details