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« November 27, 2005 - December 3, 2005 | Main | December 11, 2005 - December 17, 2005 »

December 10, 2005

Credit Card Issuers Soliciting The Newly Bankrupt

Timothy Egan reports for the New York Times on how credit card issuers are pursuing newly bankrupt consumers - because it's harder for them to escape new credit card debt.

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HSBC Targets 1 Million Chinese Card Holders By Mid-2006

HSBC told the Reuters news agency that it hopes that its collaboration with the Chinese mainland bank Bank of Communications will deliver 1 million Chinese card holders six months from now.

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New Bankruptcy Law Backfiring On Credit Card Issuers?

Liz Pulliam Weston reports for MSN Money on how credit card issuers and other lenders may be finding the recently enacted changes to the bankruptcy law costing them more.

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High School Cafeteria ID System Uses Biometrics

Mason Adams reports for the Roanoke Times on the upcoming implementation of a biometric fingerprint reading system at the cafeteria of Roanoke's Patrick Henry High School.

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December 09, 2005

Visa Can Sit Out Mastercard's IPO For Awhile

[Update - October 11, 2006: Visa this morning announced plans to reorganize and, eventually, to pursue an IPO].

James Kelleher reports for Reuters on whether Visa's in any hurry to follow MasterCard in going public.

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Pay By Touch Completes Acquisition of CardSystems

Pay By Touch has announced it has completed the acquisition of substantially all the assets of CardSystems Solutions, Inc. for $47 million in stock and cash.

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More on Money Orders - The UK Experience

Following up on our Ask Glenbrook post yesterday about US Postal Money Order volumes, Dave Birch from Consult Hyperion emailed the following about the experience with money orders in the UK:

Postal order sales rose 6% last year (to £338 million) with increasing use in the 15-24 age range. This is attributed to the Internet and, specifically, on-line auctions (Stokes, P. "Internet shoppers security fears trigger a postal order comeback" in "The Daily Telegraph": p.13, 29th Dec. 2004).
Given the comment about online auctions, one wonders about PayPal's relative effectiveness for auction payments in the UK market.

comScore Reports Growth in Online Servicing of Credit Card Accounts

comScore Networks has released a new report documenting adoption levels and implications regarding the growth in online credit card account management.

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First Data Appoints Bailis to Run Card Issuing Unit

First Data Corp. has announced that David P. Bailis has been appointed to oversee the company's Card Issuing Services unit. The company also said that the previously announced strategic review of its U.S. card issuing business is continuing.

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Competing For China's Credit Card Market

ChinaDavid Von Emioh and Yi Wang write for the McKinsey Quarterly on China's credit card market basically recommending that foreign card issuers will need to partner with domestic Chinese banks to be successful. In addition, because of the lack of skills in China to run credit card businesses, foreign card issuers will need to bring in that talent as well.

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When Privacy Glitches Are Good For Business

rsalogo.pngDeclan McCullagh of CNET News.com interviews RSA Security CEO Art Coviello on how the data breach headaches experienced by other companies are a boon to RSA.

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Retailer DSW Settles FTC Data Security Litigation

In the seventh case by the Federal Trade Commission challenging data security practices by retailers and others, shoe retailer DSW entered into a consent agreement with the FTC earlier this month.

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December 08, 2005

CNN: Paying By Plastic Gets Faster

Steve Hargreaves reports for CNN Money on contactless payments.

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Card Exec Bill Campbell Steps Down At JP Morgan Chase

Reuters reports that Bill Campbell, J.P. Morgan Chase & Co.'s head of card services, is stepping down and moving into "a part-time role" within the company. Rich Srednicki, the CEO of card services, will now lead Chase's card business unit. Campbell will remain a representative of Chase on Visa's board of directors.

Financial Services Industry Launches New Financial Information and Bankruptcy Resources

The Financial Services Roundtable has announced new consumer education efforts, including a new Web site to provide consumers with additional resources and accurate information on financial management and the new bankruptcy system and guidelines.

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'Real' And Large, Contactless Rollouts Are Coming

Stephen Neff, VP of Legic Identsystems, writes for Contactless News on 2006 being a boom year for the contactless smart card industry.

Ask Glenbrook: Postal Money Order Volumes?

Here's a quick "Ask Glenbrook" question we received:

"What were the volumes of US Postal Money Orders sent last year?"

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Data Breach Analysis Shows Low Rate of Identity Misuse

ID AnalyticsID Analytics has announced findings from a detailed analysis of four data breaches involving approximately half a million consumer identities. The results reveal that few of the breached identities from the analysis appear to have been misused for criminal financial gain.

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December 07, 2005

Mercator: The Impact Of Identity Theft On Internet Banking

Mercator Advisory Group has announced its next monthly teleconference briefing (Wednesday, 12/14 beginning at 11 AM EST) will focus on the impact of identity theft on Internet banking. The briefing will be hosted by Tim Sloane, Director of Mercator's Debit Advisory Service.

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Blue Cross Blue Shield Bank Not a Threat to Banks - Yet

DiamondCluster partner Aamer Baig says that recently announced plans by Blue Cross and Blue Shield to launch a new bank to administer consumer-directed health plan savings accounts shouldn't be view as a serious competitor to banks -- at least, not initially.

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iovation Announces AccountLock

iovation.jpgiovation has announced the release of AccountLock, a "family of authentication products that guard against unauthorized account access while offering multiple levels of user control, visibility and implementation stages depending on institution's needs."

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Three Themes In Consumer Payments For 2006

Glenbrook's 2006 Consumer Payment ThemesAt Glenbrook, we're tracking three themes in the US payments world that we expect will be increasingly important for 2006.

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New Edge Networks Connects to American Express

NewEdgeNetworks.jpgNew Edge Networks has announced that it has established a direct network connection to American Express, enabling merchants to process transactions directly with the card network.

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EMV: "The Main Tool in Fighting Card Fraud"

Frost & Sullivan has announced a new report examining "World Credit and Debit Fraud" that concludes that EMV migration has been the main tool to fight increasing fraud cases globally.

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More Americans Plan to Use Less Credit Card Debt

Almost one-third of Americans (32%) plan to use less credit card debt when buying gifts this holiday season, up from 28% who planned to use less debt in 2004, according to the Cambridge Consumer Credit Index. Another 32% do not plan to use credit cards at all this holiday season, down from 38% who swore off plastic last year.

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