A survey of more than 1500 identity theft victims shows that approximately three out of four, or 72%, do not know the source of the crime, according to the Identity Theft Assistance Center. Twenty-eight percent of the 1530 victims helped by ITAC said they knew the source of the crime. Most cases (26.5%) stem from friends, relatives and in-home employees who have access to personal information, followed by computer-related identity crime (21.6%). Lost/stolen wallet, checkbook or credit card accounts for 15.1%, followed by stolen and fraudulent use of the mail (11.6%) and corrupt businesses or employees (11.6%). Breaches of consumer data accounted for 4.7% of the cases.Details
Diebold’s EVP/CFO has received a “Wells notice” from the SEC. Diebold is
also aware that its prior chief financial officer and other former
employees in the company’s finance organization have also
received Wells notices. To the company’s knowledge, the Wells notices
relate to items addressed in the company’s previously filed restated
financial statements. A “Wells Notice” indicates that the SEC staff
plans to recommend that the SEC bring a civil injunction for possible
violation of securities laws. Krakora has stepped down from the CFO
position and will continue to serve the company in a non-financial
reporting capacity pending resolution of this matter. Leslie Pierce,
vice president and corporate controller, is fulfilling the role of
A new study as found that consumers who select HSAs to manage their
health care spending are not simply using these accounts to pay for
their immediate health care needs. They are also funding their HSAs
above and beyond their employer contributions and using them as long
term savings and investment vehicles. Canopy Financial also found that
HSA account balances grew in 2008, despite the economic downturn, and
employee contributions to HSAs significantly outpaced employer
contributions. Moreover, transfers into health investment accounts were
double and triple transfers out of HIAs throughout the year.
Additionally, card payments consistently lagged behind every other spend
category, with the majority of spend out of HSAs being derived from bill
payments and reimbursements.
The “Stop Sticking It To Us” Coalition,
representing over 200,000 Canadian businesses, small, mid and large, is
gathering in Ottawa this week to combat overcharging by VISA and MasterCard.
In the past year, skyrocketing credit card fees and VISA/MasterCard
domination of the debit card business have emerged as major issues in the
United States, Australia and the U.K. The U.S.-based credit card companies have been pushing worldwide to take
over the debit card business and increase service charges on credit card
transactions. In the United States, for example, Visa and MasterCard now
control over 75% of the debit card market. U.S. merchants and customers pay
heavily for the card company’s dominance of that market. A large
retailer with stores in the U.S. reports it pays 70 cents on an average U.S.
transaction. In contrast, the smallest retailer in RCC’s Canadian program pays 7 cents – a
differential of 900%.
USA Technologies’ “ePort Connect” cashless payment
technology has been featured in Automatic Merchandiser Magazine and RFID magazines.
Automatic Merchandiser Magazine features the “ePort” in a special report
on how smart technology is changing the office coffee industry, while
RFID Journal reports on the âflagshipâ ePort G8 and its wireless capability.
LawServer Online has launched “LawServer.com” for consumers to find answers to legal questions
on topics such as credit card laws, bankruptcy, foreclosure and rental
disputes. Founder and CEO Steven Daily is a former senior attorney with Discover
and offers extensive credit card company experience to help consumers understand how consumer credit card
laws really work, how to protect their credit, and ways to avoid getting
ripped off by banks that are unscrupulous.
“LawServer” organizes information by topic, and provides real-time updates
about laws by email and RSS. Legal details by state are provided with
interactive maps. Daily was senior corporate attorney for Discover Card from 1997
to 2007, advising on marketing, state government relations, and
technology projects. Before joining Discover, Daily litigated cases for
business clients at the Chicago law firm Schwartz Cooper, Chtd., where
he was named partner in 1996.
Voluntary and involuntary credit card attrition have soared this year to a new high. Voluntary attrition, the number of accounts canceled by a cardholder, hit 8.88% in February, compared to 8.03% in the prior month and 7.21% one-year ago. Involuntary attrition, the number of accounts canceled by an issuer, posted a 17.25% ratio in February, compared to 16.04% in the prior month and 9.89% one-year ago.
Sep 08: 6.65%
Oct 08: 6.81%
Nov 08: 6.99%
Dec 08: 7.34%
Jan 09: 8.03%
Feb 09: 8.88%
Source: CardData (www.carddata.com)
Telecom provider Elephant Talk has submitted a letter of intent to acquire
controlling interest in theft prevention provider ValidSoft Limited.
This strategic transaction will combine ValidSoft’s best in class
proprietary software with Elephant Talk’s telecommunication platform to
create the best
electronic fraud prevention total solution on the market. ValidSoft’s
patent pending software is primarily based on accurately detecting real
electronic fraud while minimizing false positives detection. A false
causes many legitimate transactions to be denied which results in a
for customer dissatisfaction with the card issuing bank. Since
accurately detect electronic fraud, and eliminate up to 95% of false
software offers card issuing banks significant operational cost savings,
satisfaction, greater customer protection, higher transaction completion and
significantly reduced fraud. Elephant Talk Communications is
positioning itself as an international
telecom operator and enabler/systems integrator to the multimedia
facilitating the distribution of all forms of content as well as mobile
and fixed telecom
services to global telecommunications consumers.
AZ-based Veryant has been selected by OH-based Donatos Pizzaria to
implement its “isCOBOL Application Platform Suite” POS system. Donatos
phased strategy to move from its legacy COBOL application to a new
Java-based system. This plan eliminates an abrupt transition and
permits deployment of POS
terminals that will display the legacy applications alongside the newly
designed GUI interface. With isCOBOL APS as the bridge between the old
and new, Donatos can
minimize the impact of the migration by allowing users to continue using
a familiar application. It will also provide the flexibility and freedom
necessary to execute the transition plan on the companyâs timetable. The
new system will present a modern GUI interface, but will still preserve
the companyâs application investments and allow the old and new systems
to access the same ISAM data files.
ideaEDGE’s Socialwise has finalized the production version of the companyâs “BillMyParents” payment system and is ready to go prime time. Launched in December, “BillMyParents” is a secure way for kids to shop online, while enabling parents to track and maintain control of expenditures. To prepare for launch, Socialwise has completed extensive testing of the “BillMyParents” youth payment system and related Application Programming Interfaces that will be integrated into popular social network applications and online e-Commerce environments. The company is launching with several leading social network application publishers/developers and online web-based casual gaming companies that cater to the teen demographic. Socialwise expects that BMP will be fully integrated with these partners within 60 days.Details
AXS, the Singapore-based “Electronic Service Delivery Network” operator has selected Hypercom to provide a high security end-to-end technology upgrade for AXS’ more than 560 automated self-service kiosks. These AXS Stations will for the first time enable ATM card holders to pay for an array of services 24/7 at the hundreds of kiosks
strategically located throughout Singapore. The high speed, high security Hypercom integrated solution consists of the “Optimum T4220” Ethernet terminals embedded in each kiosk working in tandem with Hypercom’s “MegaNAC 180” network access controllers and EFT-Master electronic funds transfer server software at the back-end to
expedite direct debit transactions between the AXS data center, the
cardholder’s financial institution and the AXS Station.
Payment service provider Bling Nation has appointed Luke Helms,
vice-chairman at BoA, to serve on the Board of Directors.
Helms began his career with San Francisco, Calif.-based Bank of
California in 1968. Prior to his advisory role with
Bling Nation, Helms served as vice chairman of Cleveland, Ohio-based
KeyBank and vice chairman of Charlotte, N.C.-based Bank of America Corp.
and Bank of America NT&SA. In 1993, Helms became vice-chairman of Bank
of America with responsibilities that included retail banking in
California and all affiliate banks in 10 Western states.
Through its Community Payments Service, Bling Nation enables financial
institutions to more profitably and securely support payments between
their local demand deposit account (DDA) customers and their merchant
customers by bypassing the current global debit payment model and
replacing it with an efficient, cost-effective and local payment network.