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« April 2, 2006 - April 8, 2006 | Main | April 16, 2006 - April 22, 2006 »

April 15, 2006

Fraud Prevention: Engaging More Than The Enemy

Glen Fest writes for Bank Technology News about an "Online Banking Safety Scorecard" survey from Javelin Strategy and Research of Pleasanton, CA. A key message from the survey is that banks are missing opportunities to involve their customers in both detecting and preventing fraud. Glenbrook's Russ Jones wrote an opinion piece on this subject three years ago titled "Identity Theft: I Should Be The First To Know".

Health Care Credit Cards Curb Costs, But Increase Debt

Kelley M. Butler writes for Employee Benefit News about banks and health plans teaming up to develop health care credit cards that they hope will reduce the increased out-of-pocket costs for employees.

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Revealed: How Credit Cards Are Plundered on the Net

Jonathan Richards reports for the Times from London on how credit card details are being sold in Internet chat rooms. According to Richards, "every day at least 400 credit card numbers, along with other personal information including three-digit security codes, PINs and dates of birth, are sold by the gangs."

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April 14, 2006

The World's Most Innovative Financial Services Company

Business Week and the Boston Consulting Group have published their latest ranking of the world's most innovative companies. Which financial services companies made the list? Who's the most innovative? Read on...

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More About MoniLink And The Mobile ATM

While doing some additional research on the MoniLink being introduced in the UK, we recently came across a white paper by MobileATM Ltd. describing the Mobile ATM opportunity (PDF).

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Average Indian Household Pays 42 Bills A Year Online

The Hindu Business Line reports from India on findings of a recent study by the Internet and Mobile Association of India (IAMAI) that the " average Indian household in the top 10 cities in the country pays up to 42 bills online annually, most of it to finance, insurance, telecom and utilities companies. And the community of Internet-savvy Indians paying bills online is expected to increase from the current 0.3 million in 2005-06 to 1.8 million by 2007-2008."

HSBC Acquires Boscov's Credit Card Portfolio

HSBC - North America's retail services business has announced that it has entered into a strategic alliance to acquire the credit receivables and to manage the ongoing credit program of Boscov's Department Stores, the largest full-line, family-owned independent department store chain in the United States.

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Bank of Tokyo-Mitsubishi UFJ, KDDI Forming Mobile Bank

Yomiuri Shimbun reports from Tokyo that the Bank of Tokyo-Mitsubishi UFJ and KDDI are planning to establish a new bank which will enable customers to pay for goods and services using their mobile phones.

Yodlee Money Center To Debut This Summer

Mark Calvey reports for the San Francisco Business Times on plans by Yodlee to launch a Money Center personal finance service this summer through major banks.

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April 13, 2006

HSBC, First Direct To Launch MoniLink Mobile Banking In UK

The UK's MoniLink has announced that HSBC and First Direct will be the first banks to offer mobile phone banking later this year on the MoniLink network, a new UK mobile banking platform from the UK's cash machine network, LINK.

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Triple DES Upgrades May Introduce New ATM Vulnerabilities

In a press release today, Redspin, an independent auditing firm based in Carpinteria, CA, suggests that the recent mandated upgrades of ATMs to support triple DES encryption of PINs has introduced new vulnerabilities into the ATM network environment - because of other changes that were typically made concurrently with the triple DES upgrades.

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APWG 2006 Spring General Meeting

The Anti-Phishing Working Group is holding its Spring General Meeting next Tuesday, April 18, in Chicago. The focus of this meeting will be on eCrime: next-generation phishing, crimeware and email authentication. The meeting agenda is available online.

IRS Seeking Reporting On Card Payments To Small Businesses

Brian Tumulty reports for the Gannett News Service on a proposal by the IRS to require credit card companies provide the iRS with annual reports on the volume of credit card transactions of individual small businesses to allow the IRS to better identify potential underreporting of tax payments.

More On European Commission's Payment Card Inquiry

Tobias Buck reports from Brussels for the Financial Times on comments made yesterday by Neelie Kroes, the European Union competition commissioner, regarding the payment cards inquiry the European Commission is pursuing where she said the industry was making "outrageous profits" and operating in a closed manner. We also explore the specific questions the Commission is asking for comment on by the public.

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MobileLime's Mobile Wallet Receives CTIA E-Tech Award

MobileLime has announced that its Mobile Wallet was selected as the 1st place winner of the Wireless Emerging Technologies Award at last week's CTIA WIRELESS 2006 for the Consumer Messaging Application (SMS/MMS) category.

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April 12, 2006

Wells Fargo Continues Enhancing Its Guided By History Blog

Wells Fargo Bank has launched an interactive, multimedia tour of the San Francisco earthquake and its aftermath on its Guided By History blog. Originally launched in mid-March, Guided By History is devoted exclusively to disaster and earthquake preparedness. Later this week, the blog will feature a series of 7 podcasts produced by Wells Fargo's historians. Next week, the week of the anniversary of the great quake, the blog will be providing live coverage of the events occurring throughout San Francisco looking back at the quake.

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Smart Card Alliance Launches Career Center

The Smart Card Alliance has announced the launch of the Smart Card Career Center, a new a new online resource for recruiting new employees from the membership of the Smart Card Alliance.

MasterCard Responds To EC's Sector Inquiry Into Payment Cards

MasterCard has announced that it has noted the publication by the European Commission of the initial findings in its Sector Inquiry regarding payment cards, is studying this lengthy report and will be responding with comments within the Commission's required deadline. MasterCard says it is unable at this time to comment further on the specifics of this paper.

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TIO Networks, Tranax Form Alliance For Hybrid ATM Initiative

TIO Networks, formerly Info Touch Technologies, and Tranax Technologies have announced a strategic partnership to pursue the self-service market including launch of a joint hybrid ATM initiative.

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May Is Direct Payment Month

NACHA, Electronic Payments Network and the Federal Reserve Banks have announced that May is Direct Payment Month - where the industry focus will be on increasing consumers' use of electronic payments by highlighting the financial security and control benefits of these services to overcome lingering consumer adoption issues. But, what is Direct Payment you ask?

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Visa Reports 15 Percent Spending Growth On Cards In Asia

Visa International's Asia-Pacific Region has announced that domestic spending by Visa cardholders across the region reached US$53 billion during the fourth quarter of 2005, representing a year-on-year growth rate of 15
percent.

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A Look At VantageScore

Advantage Credit has announced some results from a recent teleconference it hosted to explore the new VantageScore, a new consumer credit score jointly developed and introduced recently by Experian, TransUnion and Equifax.

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Payments News Adds Near Field Communication News View

Payments News has added a new "news view" that shows on one page all of the previous articles on Payments News involving Near Field Communication. (For a brief, comprehensible intro to NFC, see this Wikipedia article.)

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Annals of Entrepreneurship: Doing It Fast and Cheap

Mark Calvey writes for the San Francisco Business Times about how the landscape has changed for entrepreneurs in terms of what they can accomplish faster and cheaper. The article profiles PropertyBridge, an Oakland, CA-based startup founded by Ryan Gilbert that is helping landlords accept card payments for rent.

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Tokyo Taxis To Start Accepting Felica-based Cell Phone Payments

Digital World Tokyo reports on plans by three of the largest taxi fleet operators in Tokyo to begin accepting payments made by cell phones equipped with Sony's Felica chip and using either BitWallet's Edy system or East Japan Railway's Suica system.

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A Look At Managing Regulatory Compliance Obligations

Research carried out by Datamonitor on behalf of Norkom Technologies reveals a significant shift in the way financial services providers will manage their regulatory compliance obligations and their efforts to stem financial crime.

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EU Competition Concerns About Payment Cards Industry

According to a press release issued today by the European Commission on its sector inquiry into the payment cards industry, "businesses and consumers do not yet benefit from a fully competitive Internal Market in payment cards."

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EU Finds Card Fees Are Too High

Adam Cohen reports for the Wall St. Journal on initial findings by the European Commission that fees for credit cards and other electronic payments are unreasonably high.

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