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« May 16, 2004 - May 22, 2004 | Main | May 30, 2004 - June 5, 2004 »

May 29, 2004

May 28, 2004

Higher Standards

A brief article in CSO Magazine reports on the shift in how courts are viewing liability with respect to certain "foreseeable events".
Security breaches have never been more highly scrutinized by the courts and regulators, and they are redefining what companies should have seen coming—be it a stolen aircraft or a computer virus. Implementing the right policies, procedures and technology now can limit your company's liability in the future.

Anyone involved in protecting personal financial information of any kind should tune into what's happening with respect to higher standards being required to avoid potential downstream liability.

May 27, 2004

FTC Halts Bogus Pharmacy Card Fraud

The Federal Trade Commission has filed suit in federal court to halt an effort that drained millions of dollars out of thousands of consumers’ checking accounts for “discount pharmacy cards” the consumers didn’t know about, didn’t order, and didn’t get. The Washington Post reports on this story in Friday's edition.

National Processing Reviewing Strategic Alternatives

Merchant acquirer National Processing has announced it is reviewing strategic alternatives for the company, perhaps including the sale of the company. National Processing is 83 percent owned by National City Corp.

Phishing Takes a Dangerous Turn

Jeremy Wagstaff reports in today's Wall St. Journal on the evolution in sophistication of phishing attacks (subscription reqd.) -- and the people that develop them.

By the way, Jeremy is also a very prolific weblogger. Check out his "Loose wire" blog.

Experian-Scorex, TSYS Partner to Fight Fraud

Experian-Scorex and TSYS have announced an expanded partnership with the implementation of a new transaction fraud scoring model which is now embedded in the TSYS CardGuard fraud detection system.
Experian-Scorex designed the transaction fraud model using existing CardGuard members. The design process included the study of over 2000 attributes and extensive segmentation analysis. The score uses a combination of up-to-date historical information and a long-term profile of each customer to ensure accuracy and reliability.

May 26, 2004

Glenbrook Adds New Partner: Bryan Derman

We're proud to announce that Bryan Derman is the newest Glenbrook partner. READ MORE »

Rethinking Online Marketing

Glenbrook Partners' Russ Jones has published an opinion piece titled "Rethinking Online Marketing - The Impact of Phishing and Spam on Marketers".
Marketers have spent much of the last decade shifting the focus of their marketing campaigns from traditional channels to the Internet. While results were initially rewarding, with each passing month this new channel becomes noisier, more crowded, harder to manage, and substantially less effective. A new form of online fraud (phishing) and a HUGE surge in unsolicited email (spam) have combined to create the perfect storm for online marketers.

May 25, 2004

Lessig on Chase

Stanford Law School Professor Lawrence Lessig shares his frustration with how Chase handled his credit card account. Readers also add their comments on his experience.

Stanford Ecommerce Best Practices Conference

The Stanford University Law School is hosting a conference on June 25 titled "How to Deal with the Uncertainties of Online Business". Speakers include executives from Visa International, Google, Yahoo!, Apple, Microsoft and partners from a number of law firms.

May 24, 2004

WSJ: Micropayments

The Technology Report in this morning's Wall St. Journal (subscription reqd) includes "A Dollar Here, A Dollar There...", a report on micropayments.

Wells Fargo Reports 50 Percent Growth in Internet Payments

Wells Fargo has announced that it handled $3.8 billion in Internet payment volume for over 61,000 online merchants in the first quarter, up 50 percent over the same quarter last year. Wells Fargo is also PayPal's payment processor.
"According to figures published by the U.S. Department of Commerce, Wells Fargo's e-commerce processing accounts for 15 percent of the nation's total online shopping volume."

Thank the Phishers!

Hiawatha Bray comments in today's Boston Globe on how the surge in phishing attacks is the best news yet in the war against spam.
But how is this good news in the fight against spam? It's obvious, really. The old-style spammers only made life difficult for Internet users and service providers. The phishermen are messing with the real big boys -- the nation's banks and credit card companies. Phishing could cost them billions, and scare consumers away from Internet commerce altogether. ''The banks and the big e-commerce companies are desperate for a solution," said Dave Jevans, chairman of APWG. And desperation backed by money is a powerful thing.

Meanwhile, Tumbleweed and the Anti-Phishing Working Group this morning announced a new "Phishing Attack Trends Report" for April 2004 reporting that email fraud and attacks grew by 180% during April, averaging 38 new attacks each day.

MasterCard, Oracle and Corporate Card Payment Data

MasterCard and Oracle have announced a partnership that will allow MasterCard's enhanced transaction data to be integrated into selected applications within Oracle's E-Business Suite.

May 23, 2004

Costs of Identity Theft Protection Services

AP writer Brian Bergstein asks whether the identity theft protection services now available are the best approach to dealing with the problem. READ MORE »

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