AmEx Deploys Consumer Anti-Fraud Solution

American Express launched its “ID Protect Premium” comprehensive identity theft prevention service. Assisting consumers in detecting and preventing fraud before it occurs, the service provides enhanced safeguards such as continuous monitoring of black market chat rooms for personally identifiable information, daily credit monitoring for any changes made to a consumer’s credit profile, and access to Norton(TM) Internet Security Online to combat malware. The American Express “ID Protect Premium” offers consumers resolution assistance, customer support and up to $1,000,000 of identity theft insurance. It also gives new sign ups one-time access to reports from top credit bureaus.

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Diebold to Build NewHeadquarters in Ohio

Diebold now plans to construct a new, consolidated corporate campus which to form an expanded world headquarters in the Akron/Canton region. The completed headquarters will combine five of its current locations into a single location and help drive the company’s need for a truly world-class facility that better aligns the organization. The consolidated facility, for which Diebold will receive approximately $100 million in total related incentives from state and local entities, will retain approximately 1,500 jobs in Ohio for 18 years. The company expects to spend about $100 million on the facility consolidation project, roughly equal to the total value of the planned incentive package.

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Zoot & ID Analytics Enhance Demand Deposit Account Opening

Zoot advanced instant credit decisioning and loan origination solutions partnered with ID Analytics to provide financial institutions with new options for demand deposit account (DDA) opening. To better assess applicants at account opening, banks leverage ID Analytics’ “ID Score” fraud score combined with “Credit Optics” supplemental credit score. The “ID Score” solution discerns legitimate consumers from fraudsters, while “Credit Optics” fine-tunes credit decisions and enables banks to more accurately determine the best product, pricing, or credit line decision. Additionally, Zoot’s “zInitiate” account opening solution utilizes an open marketplace of unique, predictive data providers, including ID Analytics, to optimize the evaluation of all consumers during DDA opening.

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US Bank Makes Available New Payment Analytics

U.S. Bank has made available its payment analytics tool, allowing clients to monitor their corporate card transactions and identify and minimize misuse and abuse. U.S. Bank Payment Analytics transforms an organization’s expense control practices from reactive to proactive by flagging all rule violations and co-relating seemingly unrelated events that together represent an effort to work around corporate standards. U.S. Bancorp has $308 billion in assets, operates 3,069 banking offices in 25 states and 5,310 ATMs.

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PFSweb Renews +/- $94.0mm Credit Facilities

PFSweb end-to-end e-commerce solutions renewed its financing agreements with Comerica Bank (Comerica), Wells Fargo Bank, National Association (Wells Fargo), IBM Credit LLC (IBM Credit), IBM Belgium Services B.V.B.A. (IBM Belgium), and BNP Paribas Fortis (BNP Paribas) totaling approximately $94.0 million of available credit. The Company’s Priority Fulfillment Services, Inc. subsidiary (PFS) renewed its $10 million asset based financing facility with Comerica for 18 months through September 2012. This agreement allows PFS to increase total borrowing levels to $12.5 million during seasonal peak periods of November through February. PFSweb develops and deploys comprehensive end-to-end eCommerce solutions for Companies around the globe.

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Evolution Benefits to Hosts Client Conference

Evolution Benefits (EB) electronic payment and benefit administration software solutions will host its annual User Conference April 18-20 in St. Louis, Missouri to provide practical ideas and information that will allow “PayDirect” users to achieve cost and quality objectives while demonstrating value to customers. Evolution Benefits executives will oversee keynote presentation on industry trends and address plans to further enrich the System’s capabilities. Evolution Benefits electronic payment and benefit administration solutions for the employee benefits market include its “Benny” benefits debit card and the “PayDirect” software suite.

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MasterCard Board Announces $1.0B Increase in Class A Share Repurchase

MasterCard announced its Board of Directors has amended its existing share repurchase program authorizing the Company to repurchase an incremental $1.0 billion of its Class A common stock in open market transactions. The incremental $1.0 billion share repurchase authorization increases its Class A share repurchase program to an aggregate of $2.0 billion. The Company had completed the repurchase of approximately 3.15 million shares of its Class A common stock at a cost of approximately $788 million through April 11, 2011.

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CO-OP & Tennessee CU League Expand Marketing Agreements

CO-OP Financial Services and the Tennessee Credit Union League expanded their 15-year marketing partnership. Providing additional services to 240 credit unions affiliated with the Tennessee Credit Union League, the partnership will add CO-OP Signature Debit Processing, CO-OP ATM/PIN POS Debit Processing and CO-OP ATM Terminal Driving for management of credit union ATM terminals and programs. The Tennessee Credit Union League represents the CO-OP Network and its 28,000 surcharge-free ATMs nationwide, 9,000 of which are deposit-taking.

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Fraud rates up 11% in 2010

Experian research now shows frauds attempted against financial services providers increased 11% in 2010 while 20 in every 10,000 applications for credit and other financial products made last year were discovered to be fraudulent, up from 18 in 2009. The year also saw a 25% uptick in in fraudulent applications for current accounts while 7 in every 10,000 loan applications were flagged as fraudulent in 2010, up from five in 2009. Identity fraudsters were responsible for 60% of these cases. The most dangerous place for a consumer’s identity; London, England.

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Bango mPayment Expands, Serves over 200mm BANGO

Bango has further expanded its mobile payment platform by adding carrier billing in Canada for a North American total of over 200 million customers. Bango additionally provides mobile credit card and PayPal for payments that cannot be charged to the carrier bill. Bango m-payment specializes in the migration of e-commerce services from desktop PCs to the mobile phone and tablets. Developers and publishers using the Bango platform to reach their mobile customers benefit from one-click payment to the carrier phone bill. The Bango platform reaches over 600 million paying mobile users worldwide, in 120 countries, through smartphone apps.

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ValidSoft’s Fraud Solutions Recognized

Elephant Talk Communications’ ValidSoft subsidiary (www.validsoft.com) was highlighted recently in WallStreetCorner.com financial news report. It noted Elephant Talk and ValidSoft’s strategic solution for mobile payment applications can work in the cloud, especially in connection with Near Field Communication (NFC). There is a growing market for stronger card security due to new forms of privacy attacks, including “spear phishing” aimed at consumers’ email accounts, he added. Also ValidSoft can help eliminate credit card and bank card fraud. Its “VALid-POS” and “VALid” multi-factor authentication platform allow the card issuer to integrate and market the solutions as services to its member banks as part of its processing platform. Those member banks handle about 28 billion transactions a year, and they experience costs of about $2 billion a year due to fraud, ValidSoft has noted.

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SERVERSIDE UPGRADES IMAGE CHECKING SERVICE

Serverside Group has upgraded its existing Image Checking service to allow images selected for card creation to be screened prior to printing and made available the “ImageValidator” optional upgrade. The “ImageValidator” is an image checking tool that enables issuers to achieve greater certainty about the origin or appropriateness of an image in much less time. The “ImageValidator” instantly indicates whether an image, or similar image, has been checked before; informs the image checker of all previous decisions made for an image if it has been checked before, avoiding duplication and ensuring consistency; and searches the internet for other instances of the uploaded card image and provides links to any found images. The new tool is powered by TinEye.

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