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« October 31, 2004 - November 6, 2004 | Main | November 14, 2004 - November 20, 2004 »

November 13, 2004

UK Banks Could Refuse Refunds

The Association for Payment Clearing Services (APACS) in the UK says that after consumers have been advised of online risks such as phishing, they may stop providing refunds to those customers who have safety information but ignore it.

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Debit Cards in Australia

The Weekend Australian reports on the debit card market in Australia and a new marketing push by Visa.

Plastic Makes Perfect Gift

Kristen Millares Bolt reports in the Seattle Post-Intellligencer on gift cards.

Gift cards as a modern method for spreading holiday cheer may not have been what St. Nick had in mind when he first began loading up his sleigh, but it's going to allow people to stuff their own stockings. It's a sure bet walnuts and oranges won't be rounding out the toe.

Phishing Frenzy

eWeek reports on a surge in phishing attacks against banks that began on Veterans Day.

How to Get a 0% Loan

MSN Money carries a Bankrate.com story about how to take advantage of some of the current credit card balance transfer offers to get a one year, interest free loan.

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November 11, 2004

VeriFone Teams with McAfee to Protect Point-of-Sale

VeriFone has announced that it is teaming with McAfee to jointly develop the industry's first virus protection solution addressing point-of-sale payment terminals.

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More on UK Interchange

The Guardian reports on the UK Office of Fair Trading's investigation of credit card interchange fees.

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New Zealand Credit Card Fees

The New Zealand Herald reports on investigations into credit card fees in New Zealand.

November 10, 2004

UK Pressures on Credit Card Interchange Fees

The Scotsman reports on action by the UK's Office of Fair Trading announcing an inquiry into Visa and issuing a last-chance warning to MasterCard regarding interchange fees. The OFT's press release on the matter is available online.

Holiday Shopping: It's in the Cards

Deloitte and Touche's Holiday Consumer Survey this year ranks gift cards as the gift purchase of choice, replacing apparel.

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November 09, 2004

Consumers Want Banks to Protect Them

Unisys has announced consumer research results that found that nearly half of US households would be willing to switch their accounts to financial institutions that offer stronger identity theft protection and alert services. The study also reported that one in five US households -- more than 21 million -- have been directly affected by identity theft.

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Chase Links with Amazon.com for Amazon Theatre

Chase announced today that it is sponsoring Amazon.com's new Amazon Theatre.

"Amazon Theater brings the silver screen to consumers' computer screens and discounts and rewards to Amazon.com Platinum Visa(a) cardmembers' wallets. The program also gives Chase an innovative way to market its payment products to Amazon.com's tens of millions of customers during the holiday season when traffic is highest."

American Express Aligns with MSN for Music

American Express has announced an agreement with Microsoft's MSN to deliver free music downloads through the MSN Music Service to American Express cardholders in the US.

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MasterCard Research Finds Online Shoppers Looking for More Security

MasterCard has announced the results of their SecureCode Holiday Shopping Survey conducted by Harris Interactive.

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UK's Cahoot Online Banking Security Issues

The BBC reported last Friday on an investigation of a major security breach at Abbey Bank's Cahoot online banking website. The issue involved "a loophole which meant customers could log in to other people's accounts using just a user-name and bypassing any security information."

Update on GE Consumer Finance

In late September, GE Consumer Finance Americas President and CEO Mark Begor spoke at an investor conference. The slides from his presentation are available online (PDF) and provide some great insights into the business strategies GECF is pursuing.

Checkfree Introduces Payee Verification for Checks

Checkfree Software has announced a new payer verification capability for checks that uses image capture technology to pull payee names off of check images. The new capability allows banks to identify altered or unmatched payee paid exception items. If the results conclude the check has been changed or added to, it is rejected as an exception and may be presented to the company for a "pay" or "return" decision with no loss to the customer or the bank.

US Businesses Plan to Reduce Use of Checks

Visa USA has reported the results of its second annual cash management survey which showed that more than half (51 percent) of financial executives surveyed plan to reduce their organization's reliance on the use of checks for commercial payments. Forty percent of respondents indicated they intend to increase their use of commercial payment cards instead.

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Phishing on the Rise

Don Olderburg reports in the Washington Post on the rise in phishing emails -- and consumers who are learning not to take the bait.

November 08, 2004

Visa USA Reports November Volumes Up Nearly 16% Driven by Debit Growth

Visa USA has announced that spending on Visa branded payment cards during the first week of November 2004 rose to $22 billion, an increase of 15.7% over the same week last year.

Consumer spending on Visa branded credit cards surpassed $10.8 billion while debit spending reached more than $9 billion, a 5.8 and 28.7 percent increase from the same period in 2003, respectively.

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Minimum Remittance Information Standard: EPN 820

The Electronic Payments Network has announced a minimum remittance information standard, EPN 820, intended to improve the straight through processing for business-to-business payments.

Fundtech has announced that it plans to support the new Minimum Remittance Information Standard in its next software release.

S1 to Acquire Mosaic Software

S1 has announced that it has reached a definitive agreement to acquire Mosaic Software Holdings for $37 million in cash at closing and up to an additional $15 million in earn-out payments based upon Mosaic's financial performance through May 2005.

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Gift Cards

Teresa Lindeman reports in the Pittsburgh Post-Gazette on the use of gift cards.

Verified by Visa Gaining Momentum

Laurie Sullivan reports in Information Week on the growing usage of Verified by Visa.

DMNews also reports on Verified by Visa.

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