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« January 29, 2006 - February 4, 2006 | Main | February 12, 2006 - February 18, 2006 »

February 11, 2006

ChoicePoint's Recovery

Bill Husted writes from tomorrow's Atlanta Journal-Constitution about what a difference a year has made to suburban Atlanta-based ChoicePoint.

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Loyalty and College Savings Cards

Jane Kim reports for the Wall St. Journal on college savings cards linked to 529 college savings plans - and how much work is involved to maximize the potential benefits received.

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UK Completes Transition To Chip and PIN On Cards

Alastair Jameson reports for The Scotsman on the final transition this Tuesday to Chip and PIN card usage in the UK. The combination of a chip on the card that's much more difficult to counterfeit than a magnetic stripe plus requiring the cardholder's PIN to authorize a transaction is designed to reduce the potential for fraud at physical point of sale and ATM locations.

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California Attorney General, FBI Probe Debit Card Fraud

David Lazarus reports for the San Francisco Chronicle updating his earlier reports about a major case of debit card fraud affecting the accounts of as many as 200,000 consumers that reportedly resulted from a data security breach at a retailer whose computer systems were compromised.

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Mobile Banking Gains Relevance in Germany

Mobile Banking has staged a remarkable come-back in Germany, a study by researchers at the University of Hamburg recently concluded. The rapid acceptance of mobile financial services has created new opportunities and challenges for providers of financial services including banks. An upcoming workshop scheduled for March 2 in Hamburg is set to deliberate the strategic implications of increased customer mobility for banks and other related institutions.

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"Maxed Out" Credit Card Documentary To Debut at 2006 SXSW Film Festival

Curtis Arnold reports for CardRatings.com on the upcoming world premier debut of "Maxed Out", a documentary about credit card use, at the South by Southwest (SXSW) Film Festival in Austin, Texas on March 10-18.

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PayPal Aims At Developer Integration

Sean Michael Kerner reports for InternetNews.com on PayPal's efforts to work with developers including a newly launched PayPal Integration Center intended to help webmasters and developers integrate PayPal acceptance into their web sites.

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February 10, 2006

VeriSign Service to Protect Against Online Identity Theft

VeriSign has announced the VeriSign Fraud Detection Service targeted at preventing online identity theft.

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Security Breach May Affect 200,000 Debit Card Holders

David Lazarus reports for the San Francisco Chronicle updating his story from yesterday's edition about numerous people having their debit cards canceled and replaced this week. According to Lazarus' sources, a "leading retailer in the office-supply business" had a security breach that affected nearly 200,000 consumers.

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TextPayMe: Eliminating the IOU

Rachel Metz reports for Wired News on mobile payments company TextPayMe.

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February 09, 2006

Second Thoughts on Multi-Factor Authentication

Scott Berinato has written a very thoughtful article for CSO Magazine on the strong authentication "guidance" released last fall by the FFIEC in which he comments on "seven ways in which it isn't quite what it appears to be."

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Choke Point: A Look At Ecommerce Fraud Management

Senior Editor Sarah Scalet writes a comprehensive article for CSO Magazine exploring the ins and outs of ecommerce merchant payment card fraud management.

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Fed Sending Check Images Via SVPCO Image Network

SVPCO - Electronic Clearing Services, the electronic check and check image exchange business of The Clearing House Payments Company L.L.C., has announced that the Federal Reserve is now sending check images to financial institutions via the SVPCO-Image Payments Network.

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MasterCard IPO May Be Postponed

Robin Sidel reports for the Wall St. Journal that MasterCard may delay its initial public offering until sometime in the second quarter. Sidel's report said no specific reasons were given by the association for any delay. MasterCard's last update to its registration statement filed with the SEC was on December 6, 2005.

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Analysis of 2005 Data Breaches

ID Analytics has announced findings from its analysis of publicly-available information on 70 data breaches that occurred in 2005 showing that few of the breached identities appeared to be misused for criminal financial gain.

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Some BofA Clients Find Debit Cards Canceled

David Lazarus reports for the San Francisco Chronicle that numerous Bank of America customers have had their debit cards canceled and reissued reportedly resulting from a security breach at a third-party unrelated to Bank of America.

February 08, 2006

American Express Update

American ExpressAmerican Express held a financial community update presentation today.

The slides and text from Chairman and CEO Ken Chenault are available online as are the slides and text from Al Kelly, Group President, Consumer, Small Business & Merchant Services.

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Priceless.com from MasterCard

Update - 3/5/06: See MasterCard - Write A Priceless Ad for details on the contest announced on tonight's Academy Awards broadcast.

MasterCard's TV advertising this week - including the TV ads for PayPass - seems mostly to be pointing to http://www.priceless.com.

Next Generation Payment Systems At Demo '06

Daniel Terdiman reports for CNET News.com from the Demo '06 conference about two companies who claim to handle secure payments while on the go without physical credit cards, cash or checks: Portland, OR-based mobile payments startup PayWi and San Francisco-based fingerprint biometric focused Pay By Touch.

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Seeking Mobile Commerce in India

SiliconBeat.com from Matt Marshall and Michael Bazeley of the San Jose Mercury News reports on Silicon Valley legendary investors Ram Shriram and John Doerr prowling in India for, among other things, mobile commerce investment opportunities.

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LoanBack - A Finance 2.0 Company

Here's another new approach to democratizing consumer finance: LoanBack, launched back in December. LoanBack takes a much simpler approach than Zopa and Prosper.com - LoanBack is designed primarily for documenting friends and family lending.

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GE Consumer Finance Readies China Launch

Tony Munroe reports for Reuters on comments by David Nissen, chief executive of GE Consumer Finance, regarding opportunities in China that it's pursuing in partnership with Shenzhen Development Bank .

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Bank of America Visa Prepaid Card for U.S. Olympic Team

Bank of AmericaBank of America, an Official Bank Sponsor of the 2006 U.S. Olympic Team, and Visa, also a sponsor of the United States Olympic Team, have announced the creation of a prepaid card for all U.S. athletes and USOC staff members participating in the 2006 Torino Olympic and Paralympic Winter Games. The prepaid card, featuring the image of a flag bearing the U.S. Olympic Rings, will be used by each athlete and staff member for their daily per diem at the Games.

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Perspectives: Credit Card Portfolio Profitability

Andrew Reinbach, editor of Electronic Payments Week, has recently written about the pressures that credit card issuers are facing with respect to the profitability of their portfolios. Here's his analysis - posted with permission.

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Motorola M-Wallet: Using Your Cellphone as a Credit Card

Motorola M-WalletSara Silver reports for the Wall St. Journal on plans by Motorola to add an "M-Wallet" to its cellular phones to enable payment using the phone at POS checkouts and the transfer money to others similarly equipped. According to the story, Motorola plans to distribute the service through wireless carriers who will price and market it to their customers.

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More on Life Takes Visa

Eric Dash reports for the New York Times on Visa USA's new Life Takes Visa advertising campaign that "hopes to rebrand the company as the payment partner in people's lives."

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Visa Commercial Consumption Expenditure Forecast

Visa Commercial has released the global Commercial Consumption Expenditure (CCE) forecast for 2006 that shows steady growth in business and government spending worldwide. Using the CCE index, Visa Commercial predicts global CCE in 2006 will be US $64.8 trillion, which represents a 6.6 percent increase over 2005 estimates of US $60.8 trillion.

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