Discover Ranks Best for Resolving Identity Fraud

Discover ranks best in identity fraud resolution among the top U.S. credit card issuers for the second year running. This, according to the latest Javelin Strategy & Research’s annual assessment of identity safety in the credit card industry, ranks among the top 23 card issuers in the categories of identity fraud prevention, detection and resolution based on research from issuers’ websites and calls to customer service representatives. Pushing it to the top, available security features for Discover cardmembers include a $0 Fraud Liability Guarantee; Proactive account monitoring for suspicious activity; Fraud alerts via phone, e-mail or text; Dedicated fraud specialists; Credit score monitoring; Paperless statements; and Fraud prevention education tips.

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SelectCore launches Iridium MasterCard m-banking app

SelectCore prepaid telecom and financial services transaction processor for the under-banked consumer market launched its mobile banking app for Iridium MasterCard. The Blackberry app is available free of charge to registered Iridium Cardholders on a secure platform and will soon be available to iPhone and Android users. Downloaded instantly from the cardholder’s online account, the new mobile banking app allows cardholders to check their account balance, view recent transaction history and money-share between other Iridium cardholders in real-time.

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Datapipe Unveils PCI Certified Cloud

Datapipe managed services and infrastructure for IT and cloud computing made public its PCI DSS 2.0 Level 1 Service Provider certified cloud computing platform. Coupling a custom PCI certified cloud infrastructure with a suite of managed security services to enable PCI compliance, Datapipe’s PCI Certified Cloud is not a “mixed-mode” deployment. Layering enterprise grade managed security services on top of this elite cloud maintains the integrity of the environment and provides a truly unique offering and is in addition to Datapipe’s recently announced Intrusion Detection Service (IDS) deployed on Amazon Web Services in partnership with Alert Logic.

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Casualty of Durbin?

Laredo, Texas-based International Bancshares will close 55 grocery store branches and lay off 500 people in what the article calls a response to the Durbin Amendment. The Amendment, effective Oct. 1, puts a cap on what banks can charge merchants for debit card transactions. The bank is closing the branches in order to continue offering free checking to its customers after relying on revenue from debit card fees to cover the cost of free products and services for consumers.

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PCI DSS QSA Reveals Top 10 PCI Compliance Challenges

PCI DSS QSA Charles Denyer reveals his top 10 Challenges and Recommendations list regarding PCI compliance, which is a must-read for any merchant, service organization or any other entity involved in the processing, storing, or transmitting of cardholder data. The “Top 10 PCI List” addresses provisioning, hardening, securing and locking-down all in-scope “system components;” anti-virus; two-factor authentication; web application firewall (WAF); audit Trails and Logging; log Server | Syslog; File Integrity Monitoring; Intrusion Detection System; Policies and Procedures; and Operational Commitments from Internal Personnel.

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Debit MasterCard Rewards Program Introduced

The MasterCard “Money On The Go” program offers a Prepaid Debit MasterCard with a 1:1 ratio of reward points, with each point worth a $1.00. Redeemable towards 80,000 brand name products offered at its on-line reward site, the “Money On The Go Network” gives members a one dollar reward point for every dollar loaded onto their Mongo Prepaid MasterCard and members can redeem up to 1,000 reward points every month at their on-line rewards mall. But that’s not all! The “Money On The Go” has also included their LeisureXpress and SaversXpress benefits that save members 20-50% off at over 200,000 national recognized retailers.

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Community & Southern Bank Adds NCR ATMs to Network

Community & Southern Bank, a financial institution with more than forty branch and ATM locations throughout Georgia, will deploy 35 new NCR “SelfServ ATMs” to replace existing units and expand into new sites. Eighteen of the new NCR SelfServ ATMs will include NCR’s Scalable Deposit Module (SDM) technology, the only technology on the market that allows consumers to deposit both cash and checks simultaneously in any orientation through a single slot. The new SDM technology, designed for NCR SelfServ ATMs, delivers a consumer deposit experience that is twice as fast as other ATMs. Community & Southern Bank is using NCR “APTRA” software with “Promote,” “Exchange” and “Edge” to further enhance ATM capabilities.

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PenFed Removes ATM surcharge fees

The Pentagon Federal Credit Union stopped charging ATM fees in all of its military installations worldwide on Sept. 1. Even if a non-PenFed ATM or debit card is used in one of PenFed’s on-base machines, the credit union won’t assess an additional service charge against the cardholder. The credit union provides worldwide service to the Army, Marine Corps, Navy, Air Force, Coast Guard, Department of Defense and Department of Homeland Security personnel, members of the VFW, employees or volunteers of the American Red Cross, and others in the defense community and their families.

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AllPay Deploys Direct Debit for Recurring Accounts Receivable

AllPay used its powerful database program to help customers manage their company’s billings and receivables, maintain a schedule of payments and create an encrypted draft file for their bank. The Company drafts customer’s recurring receivables directly from their clients’ bank account saving them 1.5% – 3% on every dollar they would normally process via credit card. Combining AllPay approach and encryption security, it allows customers get their funds faster with guaranteed data security and no high fees to handle their funds.

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Consumers FCU Implements VSoft RDC

Lake County, Ill.-based Consumers Credit Union implemented the VSoft merchant RDC, home/office and mobile RDC, and branch item capture solutions. Offering a full suite of RDC solutions with flexible delivery models to support, facilitating core conversion and future growth, VSoft’s merchant, home/office and mobile capture products give members the convenience of making transactions from their office, store, home or any location using any smartphone or tablet device. VSoft’s branch item capture product will be deployed as an outsourced, ASP model to capture, correct and balance transaction, thus reducing back-office and transportation expenses.

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RewardsNOW to Host Webinar on Loyalty Programs

RewardsNOW marketing solutions company for loyalty programs, is hosting a complimentary webinar offering crucial insight into the importance of loyalty and reward programs given the Durbin amendment and the Federal Reserve Board’s recently released final regulations for debit interchange. Scheduled for October 6, from 1-2 pm EST, the presentation will address how loyalty programs for major financial institutions (FIs), credit unions and community banks will be impacted by the new regulations. They will also present the business case for using loyalty programs for banks large and small. Presenters will look at ways that FIs might use these reward programs to offset losses from interchange caps.

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Chase Shows Parenting More Costly Than Expected

According to the Chase Blueprint-Parents Survey, 62% of moms feel that raising a child is more expensive than they had expected, and are subsequently taking a proactive approach to saving money and managing their spending each month like couponing (98%), stocking up on sale items (74%) and managing their credit cards (64%). Chase Blueprint conducted the survey with Parents and American Baby to better understand how moms are approaching key personal finance decisions related to planning for and raising a child. Chase Blueprint is available for free on many Chase credit cards and can help design plans to manage the necessary purchases that arise. This is a critical life stage for families that requires extensive planning and when it comes to money, is important to get right. Ninety-five percent have cut back on spending for themselves and their partners since having children, including 52 percent who have made drastic cutbacks in their personal spending. Among those moms who feel raising a child is more expensive than expected, 61 percent made drastic cuts to their personal spending as a way to counter balance those extra expenses.

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