Trojan Horse Virus Targets Card Data

While the number of phishing attacks has settled down, they have gone to a new level with a new “Trojan Horse” virus being spread that is designed to capture credit card. The infection makes slight changes to a Web site so that visitors pull in a sliver of code that can capture the user’s keystrokes and then send the data to a Web site in Russia for potentially fraudulent use. VA-based Cyveillance reported over the weekend that 641 Web sites were still infected with the “JS.Scob Trojan” virus as of June 27th. The virus, which exploits vulnerabilities in Microsoft’s “Internet Explorer” Web browser and “IIS 5.0” Web server software, enables criminals to steal personal information, including passwords, credit card numbers and social security numbers, from individuals who visit an infected Web site. The Company says this newest form of phishing is far more devious than email-based attacks since a key-stroke logger is installed completely passively on the individuals computer, without the victim falling for a scam.

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Offshoring by Financial Institutions Up 38%

The number of global financial institutions that moved specific functions offshore increased by 38% from a year ago. By the year 2010, more than one-fifth of the financial services industry’s global cost base will have shifted offshore, according to the second annual global financial services industry offshore survey conducted by Deloitte Research. Overall, the top 100 global financial services institutions will offshore approximately $210 billion of their cost base, with an average cost savings of more than $700 million by the end of 2005. The primary destination for financial services offshoring continues to be India, which, according to the Deloitte report, receives approximately 80% of all financial services offshoring activity. Other results from the survey found that 90% of the companies surveyed have not brought operations back onshore, and that more than 50% have contingency plans should they face a serious problem.

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Americans will take Road Trips this Weekend

A new survey released by VISA USA shows that most travelers will be taking low-cost road trips to visit family this summer. Despite high gas prices across the country, car travel was selected by 65% of respondents planning summer vacations this year, nearly double the number of vacationers planning plane trips. The survey revealed that other popular destination options for the budget traveler were beach and camping trips. Further, 80% of travelers say they have travel budgets to keep an eye on the household bottom line.

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Cards Asia Sets its 2005 Conference Date

The tenth annual “Cards Asia” conference has been scheduled for April 27-29, 2005 at Suntec. This is the biggest trade gathering for the smart card technology and RFID-related industry in Asia. The cards conference will focus on retail payment and transaction, EMV migration, multi-application, card fraud, ID cards and more. An RFID/Cards technical seminar will be held on the exhibition floor. For more information visit: stella.tan@terrapinn.com.

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On Track Innovations Signs Deal with Fuelomaster

On Track Innovations has signed a distribution agreement in Guatemala as another step in its launch of “EasyFuel” wireless solution for petroleum payment management and loyalty
programs for oil companies, commercial transport and transportation fleets,
and private motorists. OTI signed the distribution agreement with Fuelomaster, a Guatemalan
company that will distribute EasyFuel throughout the country. Fuelomaster
will target gas stations for fleets, as well as the retail gas station market.
Fuelomaster is already in negotiations with fuel companies and big fleets
that have expressed interest in EasyFuel for use across Central America.
EasyFuel wireless solution represents the next generation of OTI’s
Gasoline Management System, providing easy, quick and cost-effective
installations, minimum maintenance and fast turn around at the pump.

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AMEX CARDS

Banco de Venezuela/Grupo Santander has teamed with American Express to issue a line of AmEx-branded “Classic,” “Gold,” and “Platinum” cards.
American Express already has partnerships with CorpBanca and Banesco within the country. Under the latest agreement, Banco de Venezuela/Grupo Santander will be responsible for issuing the AmeEx cards, extending the credit, and handling all customer service and marketing for the cards. Banco de Venezuela/Grupo Santander will also be responsible for authorizations, billing and credit management, accounting and fraud control. Banco de Venezuela/Grupo Santander has about two million customers. American Express has established card-issuing partnership arrangements in more than 90 countries. In Latin America alone, American Express has established 22 partnership agreements in 17 markets.

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