EMV TRANSACTION

Moneris Solutions this week demonstrated Canada’s first full data EMV
chip transaction under VISA Canada’s “Chip Migration Program.” Exactly
two years ago, VISA announced its initiative to migrate to EMV smart
cards in Canada. VISA expects all Canadian issuers to be EMV-ready by 2010. This week, Moneris President and CEO Jim Baumgartner carried out the first EMV transaction at CreArtive Custom Framing in Toronto. Moneris has been in full support of EMV chip developments in Canada since VISA Canada announced its chip migration plans in 2003. Moneris is the first acquirer to receive certification by VISA Canada to process and settle chip transactions. (CFI Library 6/26/03)

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First Data SVP Becomes a TNB EVP

Dallas-based TNB Card Services has hired Scott Wagner, formerly SVP/Client Development at First Data, as EVP, managing the day-to-day operations of the company. Wagner brings more than 20 years of experience in corporate and entrepreneurial business management to TNB. Wagner was most recently senior vice president, client development, at First Data Corporation, Inc. He also has a bachelor’s degree in finance and banking, and a master’s degree in finance and investment from the University of Nebraska. TNB Card Services is owned and directed by credit unions and provides full-service credit and debit card processing for 450 financial institutions and manages more than 1.6 million cards.

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Call Center Security Breach is Exposed

A British reporter was able to purchase credit card information on 1,000 U.K. cardholders in India for $5,000. The Sun newspaper reporter says the information was supplied by Delhi call center staff working for major British credit card issuers. The Sun says the information was provided on a CD and included names, dates of birth, telephone numbers, addresses, passwords, answers to security questions, as well as the CVV/CVC security code. The reporter said the supplier usually charges about $7500 for information on 1,000 accounts and said he could supply 2,000 accounts per month.

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ADCB Deploys Fair Isaac’s Debt Manager

Abu Dhabi Commercial Bank is implementing Fair Isaac’s “Debt Manager” collections and recovery solution to support its retail banking
receivables business. The solution will help Abu Dhabi Commercial Bank
fast-track the entire recovery process, reduce collections costs and
optimize operational efficiency by increasing collector performance and
productivity. “Debt Manager” is a highly configurable, flexible software
application capable of managing millions of accounts with thousands of
users operating at a single site or across multiple locations. ADCB is
among the top banks in the UAE, with assets of AED 38.393 billion.

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Select Payment Processing Signs Olan Mills

Jack Henry’s Select Payment subsidiary has landed Olan Mills Portrait Studios as a client for electronic check processing. Olan Mills makes high-quality, affordable portraits available to families everywhere through traditional studio and department store locations throughout the United States. Jack Henry & Associates, Inc. is a provider of integrated computer systems and processor of ATM/debit card/ACH transactions for banks and credit unions.

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STM Offers a Single Chip for POS Terminals

Geneva-based STMicroelectronics has launched the world’s first chip to integrate all functions for detecting physical and environmental
intrusion required by the major security standards. The new security
supervisor chip family for the POS terminal market consists of the
“STM140x” series of chips. The “STM140x” is designed for use in the
“High Security Module” of point-of-sale terminals, standalone cash
dispensers and card authorization systems worldwide, as well as in
electronic cash registers, PC-based cash drawers, vending machines and
signature-capture devices. The “STM1403” is available now and the
“STM1404” is expected to be available in sample quantities in the third
quarter. The “STM1403” is priced between $1.50 and $1.65 each.

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Super A Foods Offers a DRFS STV Card

Super A Foods, a Los Angeles area grocery chain for Hispanics is now offering prepaid stored value debit cards from Direct Card Services. Super A Foods will promote and market the debit card through 140,000 printed pieces of grocery advertisements and offers each week, mailed directly to Super A’s customers who are Spanish-speaking residents. Direct Response Financial Services, Inc. provides financial, technology and marketing solutions in the emerging stored value marketplace and specializes in the delivery of branded and co-branded stored value products

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PRESTIGE Wins More Major Awards

Transport for London’s “PRESTIGE” has won two more major awards.
The integrated smart card ticketing system was delivered by the TranSys
consortium, whose principal partners are Cubic and EDS. A panel of
judges including the National Audit Office, Department of Transport,
PricewaterhouseCoopers and Barclays Bank selected “PRESTIGE” as
the best Private Finance Initiative in two categories: “Best
Operational Transport Project” and the “Grand Prix as the Best
Operational Project.” The system consists of over 4,000
ticket selling facilities, 16,000 ticket validators, a network of over
300 sub-computers tied into a Central Computer System and various other
supporting elements.

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FDIC Wants an Extra Security Layer

The FDIC this week said that the risk assessment financial institutions are required to perform regarding information security should address customer authentication. The FDIC is recommending multifactor authentication in addition to the traditional passwords. These new security features may include “tokens” issued to customers that generate new passwords every 60 seconds, software that can identify the computer that a customer uses to access online accounts or contacting a customer by phone to make sure that he or she is the one attempting to access the account. The FDIC and other federal banking agencies are expected to issue guidance this fall to insured financial institutions about improving the security of customer authentication methods.

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AirPlus Volume Rises 14% and Cards Top 850K in 2004

AirPlus International reports a 14% volume increase in 2004, a $12.9 billion record high for the company. AirPlus also saw a
4% increase in total cards in the global market, bringing the
number of cards processed to 850,000. Operating in 26 countries, AirPlus
reports a total of 29,000 corporate clients for 2004. AirPlus is the
preferred payment partner of Continental Airlines, Northwest Airlines,
British Airways, Lufthansa German Airlines, Austrian Airlines, Swiss
International Air Lines and TAP Portugal.

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Ecount Launches a Prepaid Teen VISA

PA-based Ecount, a specialist in customized prepaid card programs, has launched a VISA card for teens. The new “FIRM Prepaid VISA” features a two-tiered curriculum (10 interactive chapters) designed to teach smart money management skills, enabling teens to practice the skills they learn in a safe, secure manner. The new card also offers parents options to set spending restrictions and functionality. Additionally, it offers online monitoring for both parents and teens. The card carries a $69.95 annual fee. However, there is no fee for the first four ATM withdrawals, reloads or ATM balance inquiries each month. Ecount also does not charge a fee for the first six POS transactions each month.

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