SAN JOSE, Calif. -- EBay Inc. isremaking its e-commerce marketplace to combat declining sales. In theprocess, it has pitted merchants such as Jack Sheng and Walt Kolendaagainst each other.
Mr. Sheng describes his company, eForCityCorp., as a "mini Wal-Mart." It buys electronics accessories from Chinaand sells 4.3 million of them each year to people looking for dealsonline. After eBay made it cheaper and easier to list products in largequantities for sale last year, his eBay sales in April were up 46% froma year before. The site's changes have "helped good sellers come ...
Monday, June 1, 2009
Canadian Payment Processor Screws Online Gambling Websites
Payment Processor Screws Online Gambling Websites | Gambling911.com
There is outrage in Costa Rica after a Canadian-based payment processor has reportedly screwed over a dozen online gambling sites out of millions of dollars.
Many of the Costa Rican based Internet gambling businesses were utilizing Smart Banking Systems (SBS), represented by one Ben Waldman. (Editor's Note: I assume that it not the same Ben Waldman and SBS (Small Business Stick) who works at Microsoft)
"(Ben) Waldman provided the platform for another individual to screw everyone down here and their mother," said one angry operator. "He went through the whole crowd (of Costa Rican-based operators), then disappeared."
Smart Banking Systems bills itself as "Tomorrow's ATM and Credit Card Processing Technology Today" They claim to be an independent sales organization/merchant service provider involved in the placement of Automated Teller Machines (ATM's) in retail locations and in the processing of Merchant Point of Sale Card Transactions (Visa, MasterCard, Amex, Discover).
"I am owed several hundred thousand dollars from this scumbag," said one operator, who wished not to be identified. Two other operators have notified Gambling911.com of the business practices of Waldman, Chris Connor (an alias) and Smart Banking Systems.
"Please get the message out about these pariahs. Everyone reads Gambling911.com and needs to know."
Since passage of the Unlawful Internet Gaming Enforcement Act (UIGEA), the online gambling sector has had a tough time finding "reliable" processing companies in which to conduct business with.
Christopher Costigan, Gambling911.com Publisher
Alipay Up to 185 Million Registered Users
JLM Pacific Epoch - Alipay Breaks 180M Registered User Mark
Alipay Breaks 180M Registered User Mark
Alibaba Group's online payment subsidiary Alipay has recorded 185 million registered users, and its total transactions exceed more than RMB 700 million per day, reports 163.com quoting Alipay President Shao Xiaofeng on Wednesday. Alipay had recorded 150 million registered users, including 460,000 corporate users, by end of February.
Abu Dhabi Expects to Double Online Revenues by End of Year
Abu Dhabi government expects 35% of commercial transactions to be made online by 2012
The Abu Dhabi government estimates that its commercial transactions conducted online are to climb from 9 percent in 2009 to 35 percent in 2012, the online publication business24-7.ae reports.
Abu Dhabi is looking at doubling its online revenues to more than Dh40 million by the end of this year as the UAE capital embarks on a more aggressive marketing campaign, a senior government official said.
The Abu Dhabi Government aims that 35 per cent of its commercial transactions would be made via online by 2012. Currently, only nine per cent of the transactions are done via e-services.
"Last year, we had 9,000 transactions representing six per cent of the total commercial transactions. Although it's only six per cent we were nevertheless able to make Dh20m as income, which goes to the government," Abdalrhman Saif Al Khader, Head of Online Services Section at the Abu Dhabi Department of Economic Development told Emirates Business on the sidelines of the 15th GCC eGovernment and eServices
Forum.
He said the government is now looking at increasing the coverage to 14 per cent, which will in turn see more than Dh40m in revenues. Currently the coverage has risen to nine per cent from 6 per cent last year.
"The first two years are the most difficult, especially because most of the people are still not aware and some are
hesitant to use credit cards via online transactions. But we will meet the 35 per cent target by 2012," Al Khader said.
Source: http://www.business24-7.ae
HPY CEO to Speak at iapp Event
IAPP - International Association of Privacy Professionals - Carr gets to heart of it
Heartland Payment Systems CEO discusses breach, previews speech
Not a week had passed after the announcement of what some have described as the largest data breach ever, when the CEO of Heartland Payment Systems, Robert Carr, began calling for better industry cooperation and new efforts directed at preventing future breaches.
Recently, Carr announced that trials will begin late this summer on an end end-to-end encryption system Heartland is developing with technology partners. It is expected to be the first system of its kind in the U.S. The company is also pushing for an end-to-end encryption standard.
At the upcoming Practical Privacy Series in Silicon Valley, Carr will discuss the Heartland breach and the role industry, including privacy professionals, must play to prevent future breaches.
Here’s a preview:
IAPP: Many companies have experienced breaches. What made yours different?
Ours was different because we are a processor and had passed six years of PCI audits with no problems found. Yet, within days of the most recent audit, the damage had begun.
IAPP: Did you have a chief privacy office or a privacy professional on staff before your breach? Do you now?
Ironically, when we learned of the Hannaford’s breach, we hired a Chief Security Officer who started just three weeks before the breach began.
IAPP: In the era of mandatory breach reporting, what is the trajectory of consumer reaction?
As a processor it is difficult to really know this. Our customers are merchants who accept card payments.
IAPP: Do you think consumers will become numb to breach notices?
I believe that many are numb to so many intrusion notices.
IAPP: Are breach notices good public policy? Do the notices provide an incentive for companies to change or improve practices?
I don’t think so. Nobody wants to get breached and the damage caused by a breach is sufficient reason for most of us to do everything we can to prevent them.
IAPP: What has Heartland done differently since the breach?
We have added multiple layers of additional security, helped form the Payment Processors Information Sharing Council and ramped up our timetable to deploy the industry’s first TRSM encryption processing network.
IAPP: You will deliver a keynote at the IAPP Practical Privacy Series event in California next month. Can you give us a preview of your remarks?
I am going to discuss our breach and what we have done and are doing to help others prevent breaches to their own systems.
PayLeap Introduces PayLeap.com
PayLeap, an innovative online payment processing service, introduces its newly redesigned website--PayLeap.com. The new site reflects the company's commitment to finding the best way to serve its clients.
(PRWEB) -- PayLeap, a new and innovative way to process payments online, would like to formally introduce its newly designed website, PayLeap.com. The company is dedicated to serving its potential and current clients with the highest level of support, and the new website was designed with that philosophy in mind. Its enhanced usability is a direct reflection of the quality of the PayLeap payment solution and the company's high standards for customer service.
On the new site, users will find an intuitive navigation and clear design. Visitors are immediately directed, through color, design and content, to their area that will serve their needs best. Merchants, resellers and developers each have a dedicated section, just to provide topical information regarding the benefits of the PayLeap solution for their use. Along with a new online presence, the company also introduces a new logo, slogan and brand identity, brought to the consumer to better represent the customer-oriented philosophy of the company.
PayLeap lowers overhead processing costs and simplifies integration and billing by bundling the merchant account and payment gateway for brick-and-mortar and online merchants. Priding itself on service, the PayLeap mission is to be an outstanding corporate citizen in the electronic payments industry. Transparency, simplicity and service are the core values of the innovative payment processor.
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Top 6 Financial Services Fraud/Scams
BankInfoSecurity.com has published an article discussing the Top 6 Scams which Fraudsters utilize to attack Financial Institution customers: To read the entire story, click here: Classic Fraud: 6 Scams That Don't Go Away
From Check Fraud to Phishing, All the Old Tricks are Back with a Vengeance
June 1, 2009 - Linda McGlasson, Managing Editor
Bank fraud has evolved over the last several years (See: Fraud Update: The 13 Hottest Schemes You Need to Prevent), but some classic variations keep financial institutions busy.
Here are six old fraud tricks that are back with new twists to bedevil fraud departments and information security professionals.
#1. Check Fraud
Since 1997, the number of fraud attempts against bank accounts has doubled every two years. Ever since the desktop publishing era began with color copiers and computer scanners, counterfeit checks have become harder to detect, which is reinforced in the number of checks the New York crime group spread among the various banks in the city over a two-year period. Banks routinely process more than 10 billion checks each year, says a 2007 Federal Reserve payments study.
#2. Elderly and Immigrant Identity Fraud
#3. ATM Fraud/Skimming
This type of fraud made it into President Barack Obama's speech announcing his cybersecurity initiative, when he said "thieves used stolen credit card information to steal millions of dollars from 130 ATM machines in 49 cities around the world -- and they did it in just 30 minutes." The big question is: Can it happen at your institution? The answer is seen in the numbers from a Pulse EFT study (Pulse is one of the leading ATM/debit networks in the U.S.) -- the banking industry lost $662 million to debit card fraud in 2005. Of these losses, 60 percent resulted from ATM transactions, 37 percent from signature transactions, 37 percent from signature debit transactions and 3 percent from PIN point-of-sale (POS) transactions.
While the same Pulse study done in 2007 doesn't give a total loss due to debit card fraud, it does say that is higher than in 2005. Survey participants said they lost 5.40 basis points (0.054 percent) per dollar spent through signature debit transactions in 2007 and 1.09 basis points (.0109 percent) through PIN debit transactions. All of the 62 financial institutions surveyed in the 2007 Pulse study had debit cards potentially compromised in skimmers, and more than 80 percent of those surveyed reported implementing new fraud tools within the past year.
Even with the new fraud tools, stopping criminals from placing skimmers on your institution's ATMs require vigilance and monitoring by your employees.
#4. Phishing
#5. Vishing
#6. Insider Threat
Illinois Lawmakers Approve Online Gambliing
While HomeATM was at ETA, we had the pleasure to meet with the folks from YouBet.com who are taking a look at our real-time payments solution. With momentum beginning to build towards the reversal of UIGEA ban, (Barney Frank) it appears that some states are simply not going to take a wait-and-see approach on what the Federal Government decides.
Last week I wrote that California is weighing in on legalizing online gambling, meanwhile, Illinois lawmakers passed a Bill late last weekthat "will" allow online gambling. The Bill was passed in both the Houseand the Senate, and now only awaits the signature of the governor ofIllinois. The new law will allow residents to bet on horse racesfrom the comfort of their own homes, through the Internet. The measureis being met with widespread excitement from people in Illinois.
State legislators were uncertain as to how the UIGEA ban might affectthe online gambling action in Illinois. Other states allowing Internetgambling, such as New Hampshire and North Dakota who use the Internetto sell lottery tickets, have found the payment block to inadvertentlyinclude programs it should exempt.
The new system will allow the establishment of online accounts. Wagerscould be placed from home computers, and winnings and losses dded anddeducted from the balance, just like barred online casinos.
The House voted 87-27 to pass the measure, just days after videogambling machines were legalized throughout the state. A bill seekingto expand casino gambling was voted down.
"Hopefullythis is only the first step," said Billy Cormate, " if we are allowedto bet on horse online, then we should also have the right to playpoker or play at an online casinos."
Last week I wrote that California is weighing in on legalizing online gambling, meanwhile, Illinois lawmakers passed a Bill late last weekthat "will" allow online gambling. The Bill was passed in both the Houseand the Senate, and now only awaits the signature of the governor ofIllinois. The new law will allow residents to bet on horse racesfrom the comfort of their own homes, through the Internet. The measureis being met with widespread excitement from people in Illinois.
State legislators were uncertain as to how the UIGEA ban might affectthe online gambling action in Illinois. Other states allowing Internetgambling, such as New Hampshire and North Dakota who use the Internetto sell lottery tickets, have found the payment block to inadvertentlyinclude programs it should exempt.
The new system will allow the establishment of online accounts. Wagerscould be placed from home computers, and winnings and losses dded anddeducted from the balance, just like barred online casinos.
The House voted 87-27 to pass the measure, just days after videogambling machines were legalized throughout the state. A bill seekingto expand casino gambling was voted down.
"Hopefullythis is only the first step," said Billy Cormate, " if we are allowedto bet on horse online, then we should also have the right to playpoker or play at an online casinos."
Facebook begins testing virtual payments system
Socialnetworking site Facebook has begun testing its much-anticipated virtualcurrency payments system with third party application GroupCard.Userswho want to buy a GroupCard e-card through the company's app are nowoffered the option of clicking on a "Pay with Facebook" button.
Theythen pay with their credits, worth 10 cents each. The currency can bebought - with a credit card - from the Facebook gift shop.The testing comes after Facebook updated its payments terms and conditions on Wednesday to pave the way for the platform.
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