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« June 13, 2004 - June 19, 2004 | Main | June 27, 2004 - July 3, 2004 »

June 26, 2004

PayPal Hacks

O'Reilly is preparing to publish a new book on PayPal titled PayPal Hacks. A full description of the book is available online.

Credit Cards for eGovernment Authentication

DMeurope.com's eGov Monitor reports that the UK Cabinet Office is exploring the use of verified credit cards as a means of authenticating eGovernment transactions. READ MORE »

Wachovia Moves Call Center to Oregon

Wachovia has announced plans to consolidate two east coast call center operations into a new 500 person call center being built in Salem, Oregon.

Protection Rackets Hit Online Gambling

Hiawatha Bray reports in the Boston Globe on how some online gambling sites are being attacked by network vandals who then demand payments to stop the attacks. READ MORE »

Fighting a Sub-Prime Lender

E. Scott Reckard and Susan Anasagasti report in the Los Angeles Times on litigation against Wells Fargo regarding terms of a debt consolidation loan. READ MORE »

Servicemembers Civil Relief Act

The Office of the Comptroller of the Currency has issued an advisory letter to US national banks regarding the Servicemembers Civil Relief Act that was signed into law last December. Among other things, the Act caps interest rates that can be charged by creditors to servicemembers at six per cent. READ MORE »

RBS to Lend through Coffee Shops in Germany

The Financial Times reports on plans by the Royal Bank of Scotland's Comfort Cards division to expand its consumer lending presence in Germany through a partnership with Tchibo.

Library System Adds Stored Value Feature

Checkpoint Systems has introduced CheckPASS, a new resource management system for libraries that includes stored value features. READ MORE »

The Conman is Alive and Well

The Scotsman reports from the UK on the seemingly endless ways conmen are taking advantage of consumers and their financial services partners.

An earlier story explores the introduction of chip cards and PINs to the UK market.

So how does it work? There are two elements involved in making card transactions secure. The first is to ensure that the card is genuine; the second that the person presenting the card is the true owner. The chip does the former and PIN does the latter. The chip protects your card from the counterfeit, skimming or cloning fraudster, whilst the PIN prevents someone using your card if it’s lost, stolen or intercepted in the post.

Overdraft Protection Can Be Expensive For Consumers

Eileen Alt Powell of the AP reports on the costs some consumers are charged for overdraft protection. A few weeks ago, Federal regulators issued proposed new guidance to financial institutions regarding these kinds of overdraft protection programs. READ MORE »

Curbing Credit Card Marketing to Students

Michael Gormley of the AP writes about the issues associated with students and credit card debt. READ MORE »

June 25, 2004

From Coin Counting to Deposits

Steve Bills reports in the American Banker on Coinstar's strategies including placing coin counting machines in bank branches as well as networking its machines to allow consumers to electronically transmit the value of all of their counted coins directly into their checking accounts. READ MORE »

PayPal Announces Buyer Credit

At the eBay Live! Community Conference being held this week in New Orleans, PayPal announced PayPal Buyer Credit in partnership with GE Consumer Finance. PayPal members can apply for Buyer Credit online at https://www.paypal.com/buyercredit. READ MORE »

June 24, 2004

MasterCard SideCard

The Star reports from Malaysia on RHB Bank's issuance of the first MasterCard SideCard in that country.

More more information on the MasterCard SideCard, click here.

E-Checks' Share of Online Payments Growing

Internet Retailer covers on a recent Celent Communications report highlighting the growth in usage of electronic checks for online payments. The report said currently e-checks represent 7% of online payments and forecast that percentage growing to 9% next year. READ MORE »

eBay Australia Hires Alastair MacGibbon

CSO Online interviews Alastair MacGibbon, former chief of the Australian High Tech Crime Centre, about his decision to join eBay Australia as director of trust and safety.

Versatile Smart Card to Debut in Korea

The Korea Times reports on the upcoming launch of a new feature-rich smart card payment system.

June 23, 2004

Coinstar Testing Starbucks Card Issuance

Coinstar has announced that it is testing issuing Starbucks Cards from its coin counting machines without paying a coin-counting fee.
According to Coinstar research, the average individual has an estimated $99 in change collected in jars, cups, piggy banks and/or collecting dust under rugs, cushions and furniture. That same individual adds an additional $5.50 in change to a "container" each week. By transferring your coins into a Starbucks Card, you can treat yourself or someone you know to a delicious Starbucks experience.

Cards Replace Coupons for Food Stamps

The New York Times reports that the Bush administration has completed one of the biggest changes in the history of the food stamp program, replacing paper coupons with electronic benefits and debit cards.

Consumers Union Urges Consumer Protections on Payroll Cards

Consumers Union and many other consumer organizations have asked the Federal Reserve Board in a letter to take steps to clarify that payroll card users are entitled to the same kinds of protections that consumers have with bank debit cards under the federal Electronic Funds Transfer Act, including liability limits and error resolution rights. READ MORE »

Gas Rewards Credit Cards

Kathy Chu reports on the Dow Jones Newswire about the increased interest in credit cards that pay rewards on gasoline purchases as fuel prices have continued to climb. READ MORE »

SunTrust Introduces "Next-Generation" Payroll Card

SunTrust has announced the Skylight Debit Card Account that it claims offers distinct advantages over other stored value payroll card programs. READ MORE »

Latest Phishing Trends

The Anti-Phishing Working Group has released its latest summary of monthly trends (PDF) indicating a significant slowdown during May in the growth rate of attacks.

PayPal Introduces new SDK for Developers

PayPal has announced the availability of a new PayPal Web Services software development kit (SDK) for Microsoft platforms. READ MORE »

Music Store for the People

Dawn Chmielewski reports in the San Jose Mercury News on Mperia, an online music portal for independent musicians where payments are handled by micropayments provider BitPass.

June 22, 2004

Using EPN's UPIC to Receive Payments

Wachovia and the University of Florida have announced their success in using the Electronic Payments Network's (EPN) Universal Payment Identification Code (UPIC) for receiving grant payments electronically.

Credit Cards in Thailand to Use Chips

Thailand's The Nation reports on plans by Visa International to issue new smart cards in Thailand later this year.
Philip Yen, Visa International executive vice president and general manager, said yesterday that most of Thailand’s acquiring banks were now ready to accept Europay-MasterCard-Visa (EMV) chip-card transactions.

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