About 28 percent of the time, the consumers incorrectly identified the phishing messages as legitimate. What's more, the legitimate e-mails were often dismissed as potential fraud.
"Adding Velosant's clients to our already impressive customer base makes Harbor Payments the clear leader within the EIPP market," said Harbor Payments' CEO, Ashish Bahl. "We are the only player in the marketplace that can offer a fully integrated solution across all collection and disbursement functions including EIPP, EBPP, payment management and disbursement," stated Bahl.
The Board's amendments: (1) set forth the requirements of the Check 21 Act that apply to banks; (2) provide a model disclosure and model notices relating to substitute checks; and (3) set forth bank indorsement and identification requirements for substitute checks. The amendments also clarify some existing provisions of the rule and commentary.
The Board's Federal Register notice is available online.
"Our record results this quarter reflected outstanding growth in cardmember spending among consumers, small businesses, corporations and on cards issued on our network by bank partners," said Kenneth I. Chenault, Chairman and CEO. "Continued investments in the card business helped us to capitalize on competitive opportunities and generated broad increases in the retail, everyday spending, travel and entertainment sectors of the market."
This edition highlights Internet usage trends, threat and vulnerability patterns, and best practices to improve enterprise security. The report features a section devoted to the analysis of phishing attacks, a fast-growing category of criminal scams that trick Internet users into disclosing personal information, leading to identity theft.
To pay you simply wave your cellphone within a few centimeters of a special display found in stores, restaurants and vending machines around Japan. A fairy-like tinkling sound means your purchase is being deducted from the embedded chip using radio-frequency ID technology. It's instantaneous.
The progress e-merchants made against chargebacks over the past year is encouraging. Nevertheless, the battle rages on.
While chargeback ratios have "come down significantly, it's still a big problem," says Visa's McCarthy. Chargebacks for face-to-face transactions are "somewhere in the neighborhood of 7 cents to 8 cents out of every $100 put on a Visa card," he says. "We are still in the 25-cents-to-30-cents range in the e-commerce channel. There's still a big gap we want to close."