VISA USA announced Tuesday it is offering “Personal Identity Theft Coverage” as a new optional benefit for cardholders. The insurance coverage goes beyond VISA’s zero liability policy by providing eligible cardholders with coverage ranging from $1,000 to $15,000 in reimbursement for lost wages, legal fees, and other costs associated with recovering from identity theft. VISA says member financial institutions will have the opportunity to purchase this coverage to offer free to their cardholders. Coverage amount is determined by the member financial institutions. VISA also announced a partnership with MD-based Call For Action to provide identity theft victims with free, confidential counseling, and support. In September, Equifax began offering free “Identity Theft Insurance” from AIG eBusiness Risk Solutions through the Equifax “Credit Watch” service. The AIG policy will reimburse up to $2,500 (after a $250 deductible) for certain expenses associated with identity theft. (CF Library 9/6/03)Details
MBNA this morning reported first quarter profits of $432.5 million, an increase of 18% over 1Q/02. The nation’s second largest issuer also reported an 11% increase in managed loans and a 17% increase in charge volume. However, charge-offs increased to 5.47%, compared to 5.04% for the previous quarter, and 5.00% one year ago. Delinquency edged down from 4.88% in 4Q/02 and 4.97% in 1Q/02, to 4.74% for the first quarter. Total managed loans at the end of the first quarter were $106.1 billion, and retail sales/cash advance volume logged in at $41.1 billion for 1Q/03. MBNA says it added 2.3 million new accounts during the quarter, and signed 80 new affinity card deals. The issuer also renewed 232 affinity group contracts during the quarter. For complete details on MBNA’s first quarter results visit CardData ([www.carddata.com]).
WildCard Systems, the global solutions leader in turnkey host based prepaid cards and custom stored-value products, has installed a second data center at its own facility in Orlando, Fla. The new data center, located in Orlando, will be in full operation at the beginning of the second quarter 2003.Details
Mosaic Software, the global transaction software provider, and transaction processor Innobeta Systems, Inc., announced that Mosaic’s Postilion EFT software is being used by Innobeta to handle ATM driving, settlement and reconciliation for transactions initiated at ATMs throughout their fast growing network.Details
Citigroup’s Global Transaction Services has launched a global data repository enabling commercial card clients insight into their corporate spending patterns on a global basis. The “Citibank Global Data Repository” currently consolidates data for reporting and file delivery from 15 countries, growing to a total of 30 countries projected by year-end. In addition to consolidating clients’ data from their commercial card transactions, the “Citibank Global Data Repository” incorporates enhanced, line-item detail, as well as data from other sources such as account administration. This consolidated global data is provided back to the client via file delivery and can be integrated with a wide variety of financial systems. Previously, this information was consolidated at the country level and was not available to clients at a global level without extensive data re-keying and file manipulation.Details
Samsung Card reported that credit card fraud in Southeast Asia is
soaring, with Malaysia topping the list. The card issuer is warning its
cardholders not to use their cards in the Philippines, Indonesia,
Singapore, Thailand and Malaysia. Card fraud in those five countries
accounted for nearly 60% of all overseas card fraud for Samsung Card.
Malaysia, which accounted for 23% of total fraud, is plagued with ethnic
Chinese gangs skilled in card skimming. Samsung says the Philippines
accounted for 15% of its card fraud while Indonesia accounted for 11%,
Thailand for 8%, and tiny Singapore with 3%.
Visa USA and Future Business Leaders of America-Phi Beta Lambda announced the winners of the Practical Money Skills for Life Educator Challenge Ã¢” a joint effort to recognize high school educators who creatively teach financial literacy lessons in their classrooms.Details
During the first three months of this year TSYS successfully
converted 5 million CIBC accounts and 750,000 Barclaycard account
portfolios. At the end of the first quarter, TSYS had 37.4 million
international accounts on-file, a 33.4% increase over 1Q/02. Total
international revenues for 1Q/03 were $18.7 million versus $15.1 million
for 1Q/02, a 24% increase. Net income for international accounts during the
first quarter was $930,000 compared to a $32,000 net loss, one year ago.
Also during the quarter, Pitney Bowes chose TSYS to process more than 1.5
million postage payment and credit accounts in the United States, the
United Kingdom, and Canada.