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« February 29, 2004 - March 6, 2004 | Main | March 14, 2004 - March 20, 2004 »

March 13, 2004

PayPal Alerts Customers

PayPal yesterday alerted customers in a press release that third parties may have obtained limited transaction information of selected customers through the PayPal site after obtaining the passwords of several PayPal merchants. READ MORE »

March 12, 2004

Suspected Credit Card Leak

MSNBC is reporting tonight that BJ's Wholesale Club revealed Friday that it is investigating a possible computer system break-in that may have exposed its customers' credit card account information.

PNC's IT Infrastructure

PNC Financial Services Group CIO Timothy Shack discusses PNC's IT infrastructure in an article in Optimize magazine.

FTC Issues New Consumer Phishing Alert

Yesterday, the Federal Trade Commission issued a new consumer alert regarding phishing attacks.

Late Fees, Overlimit Fees, Interest Rate Increases

Lucy Lazarony reports on about card issuer practices with respect to credit card late fees, overlimit fees, and interest rate increases based upon a card issuer noticing a cardholder's late payments to other creditors.

Offshoring of Personal Data

The American Banker this morning reports on legislation introduced by Senator Bill Nelson of Florida intending to better protect personal information sent overseas as part of offshore outsourcing activities. READ MORE »


Pete Barlas reports on phishing for Investor's Business Daily.

March 11, 2004

The Cashless Corner Store

Heidi Brown writes in Forbes about the Bank One/Starbucks Duetto Visa card.

Visa USA Launches Check Card Sweepstakes

Visa USA has announced "Pick Up Your Pen", its third annual sweepstakes designed to help increase consumer's use of Visa Check Cards.

UK Companies Hit by Rise in Hacking and Phishing Attacks

Andy McCue reports in about early results from a DTI study on security breaches affecting businesses in the UK. Adds Discount Club has announced Club O, a new discount club for Overstock shoppers. Membership costs $29.95 a year and members receive an additional 5% savings on all purchases (excluding travel deals), $1 shipping for every order, priority customer service treatment, and a $10 credit for every person a member refers who joins Club O.

March 10, 2004

Slashdot Discussion on Phishing Using SSL Certificates

Slashdot has picked up the discussion on Netcraft's earlier article about a rogue phishing web site using an SSL certificate to fool users into thinking it was secure.

Meanwhile, more phishing attacks are being reported in Australia.

Investigators Warn About Card Fraud, Identity Theft

Kristen Zambo reports in a local story from Naples, Florida about card fraud and identity theft.

Charter One to Open Banking Centers in Wal-Mart's

Charter One announced this morning that it plans to open 67 in-store banking centers inside Wal-Mart's across Ohio, Illinois, Indiana, Michigan, Pennsylvania, and New York.

WSJ: Citibank Takes Risk Issuing Cards in China

Joel Baglole reports in this morning's Wall St. Journal on Citibank's recently announced entry into credit card issuing in China (subscription required). READ MORE »

March 09, 2004

MoneyGram Launches Internet Money Transfer Service

MoneyGram has announced the launch of an Internet-based money transfer service including a new partnership with Yahoo! PayDirect for international money transfers and online access to MoneyGram's ExpressPayment urgent bill payment service. READ MORE »

Microsoft Operating Systems Dominate in POS Systems

A new study by IHL Consulting Group concludes that 70 percent of total shipments of retail point-of-sale systems in North America last year run on Microsoft-provided operating systems. The report also said that the overall market value for pont-of -sale hardware, software, peripherals and maintenance for North America increased 6 percent in 2003 to $7.1 billion.

Citibank Launches Secured MasterCard Tied to 18-Month CD

Citibank has introduced a new secured Citi MasterCard for consumers lacking credit histories that would support issuance of a standard credit card. READ MORE »

Credit Card Fraud in Malaysia

The Star Online reports on credit card fraud in Malaysia including the planned use of encryption to better protect transmissions of credit card information.

New Push for Plastic Payments

Ari Weinberg reports in Forbes on the growth in electronic payments and the battle between card issuing banks and merchants over acceptance costs.

eBay and Pitney Bowes Link Up

The Wall St. Journal is reporting (subscription reqd) that eBay has selected Pitney Bowes to provide technology for eBay's new Internet-postage venture with the US Postal Service. More details on the arrangement are available in a press release issued by Pitney Bowes this morning. The new solution enables customers to select a shipping option, print the shipping label and pay for the postage via their PayPal account.

March 08, 2004

PayPal Agrees to Better Disclose Account Holder Rights

New York State Attorney General Eliot Spitzer has announced an agreement that will require PayPal to better disclose the rights of account holders when an affiliated merchant fails to deliver merchandise. READ MORE »

SSL = Secure?

Netcraft is reporting on a recent phishing attack that included the use of a server SSL certificate by the attacker.

The FTC has been recommending to consumers that they always check for the presence of the SSL "lock" in their browsers as one way to protect against phishing attacks. This particular phishing attack demonstrates that even fraudsters know how to secure their websites with SSL server certificates!

PayPal Probed for Anti-Fraud Efforts

Reuters is reporting that federal and state investigators are looking into whether PayPal may have violated consumer protection laws in its efforts to fight online fraud. READ MORE »

APACS Announces Latest UK Fraud Statistics

APACS has announced the latest statistics on payment card fraud in the UK (PDF) showing the first decline in fraud in eight years. Interestingly, the decline in fraud was attributed solely to lower levels of fraud on UK cards used abroad. ID Fraud attributed to both fraudulent card applications and account takeover activity increased 45% over 2003 although it still represents only slightly more than 7 percent of total fraud losses.

Using SMS for Mobile Payments in Finland

A report from Helsinki on a new SMS-based mobile payments system. The system involves banks participating as funding/loading partners rather than posting the payments made to the user's mobile phone bill. [Tnx: Simon Lelieveldt]

ACH Interbank Fees

Jennifer Kingson reports in this morning's American Banker on a controversial proposal that NACHA is considering that would compensate receiving banks in the ACH system for their costs anytime an ACH transaction is returned to the sending bank.

As the use of the ACH for telephone and Internet-based payments has grown, a disproportionate share of returned items are falling into those two categories. The fee question is scheduled for further discussion at NACHA's upcoming Payments 2004 conference in Seattle later this month.

Credit vs. Debit

Ari Weinberg reports in Forbes on the growth in debit card volume in the US vs. credit card. READ MORE »


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