Tuesday, January 12, 2010

CyberSource 11th Annual Online Fraud Report

CyberSource 2010 Online Fraud Report



 CyberSource 11th Annual Online Fraud Report

Online Payment Fraud Trends, Merchant Practices and Benchmarks

Download New 2010 CyberSource Online Fraud Report! Benchmark your performance today.

Did your staff reduce fraud loss, increase manual review capacity and lower order rejects in 2009? Most did. But, they say the challenge will increase again in 2010. Download this report. Ask your teams to benchmark operating performance. See how your metrics and plans align with your peers.

Report Contents:

  • Full process benchmarks by company size

  • Detailed fraud metrics (fraud, chargebacks & order rejection rates)

  • Management practices and tools (used/planned)

  • Manual review metrics and practices

  • Budgets (overall and how allocated)

Benchmark your performance today.

The 2010 edition of CyberSource's Online Fraud Report is based on an independent survey of hundreds of online merchants. This annual industry report has become a mainstay for finance, risk and eCommerce professionals.

CyberSource Inc., 1295 Charleston Road, Mountain View, CA, 94043, USA

All Rights Reserved. Copyright © 2010

Data Breaches: The Insanity Continues

Data Breaches: The Insanity Continues

San Diego, CA (January 8, 2010): In 2009, the Identity Theft Resource Center® Breach Report recorded 498 breaches, less than the 657 in 2008, more than the 446 in 2007. Are data breaches increasing or decreasing? That is the question no one can answer. This fact will not change until there is a single data breach list requiring mandatory public reporting. With some breaches not being reported publicly, and some state Attorneys General not allowing public access to reported breaches, we doubt that anyone is in a position to answer the question above. When we allow laws to be created requiring breach reporting but not disclosure, and provide minimal enforcement or penalty for non-compliance, we can expect a lack of public disclosure. Counting breaches becomes an exercise in insanity.

ITRC collects information about data breaches made public via reliable media and notification lists from various governmental agencies. There are breaches that occurred in 2009 that never made public news. So rather than focus on a question without an answer, ITRC used percentages to analyze the 498 breaches recorded this year looking for any changes or new trends. (Both raw numbers and percentages have been provided in the charts).

The main highlights are:

Paper breaches account for nearly 26% of known breaches (an increase of 46% over 2008) business sector climbed from 21% to 41% between 2006 to 2009, the worst sector performance by far malicious attacks have surpassed human error for the first time in three years Out of 498 breaches, only six reported that they had either encryption or other strong security features protecting the exposed data

In 2009, the business sector increased to 41% of all the publicly reported breaches. While there are some small statistical changes in the other sectors, business continues to increase for the fifth year in a row. The financial and medical industries, perhaps due to stringent regulations, maintain the lowest percentage of breaches. ITRC Breach Report by Sector.

The ITRC Breach Report recorded more than 222 million potentially compromised records in 2009. Of those, 200 million are attributed to two very large breaches. Before obsessing with record count, however, one should be aware that in more than 52% of the breaches publicly reported, NO statement of the number of records exposed is given. Therefore, it is unknown how many total records may have been exposed due to breaches in 2009.

The ITRC Breach Report also monitors how breaches occur. ITRC Breach Report - By Attribute. This task is made more difficult by the scarcity of information provided (publicly) for approximately 1/3 of the recorded breaches. For the remainder, those events that do state how the breach occurred, malicious attacks (Hacking + Insider Theft) have taken the lead (36.4%) over human error (Data on the Move + Accidental Exposure = 27.5%) in 2009. This was a change from all previous years, where human error was higher than malicious attacks. One theory for this change is that the organization and sophistication of crime rings has impacted the theft of information. For example, while the Heartland breach was only a single breach, it demonstrated how skilled technology-based thieves can access 130 million records from over 600 different entities.

Insanity might well be defined as repeating the same action again and again, and expecting a different outcome. With that in mind:

  • Insanity 1 - Electronic breaches: After all the articles about hacking, and the ever growing cost of a breach, why isn’t encryption being used to protect personal identifying information? Proprietary information almost always seems to be well protected. Why not our customer/consumer personal identifying information (PII)?

  • Insanity 2 - Paper breaches: Why aren’t more state legislators passing laws about rendering paper documents unreadable prior to disposal if they contain PII? Do we dare ask that those laws be actually enforceable? Perhaps we are waiting for paper breaches to reach 35% of the total.

  • Insanity 3 - Breaches happen: Deal with it! You will get notification letters. Breach notification does not equal identity theft. Let’s stop the “blame game” and instead require breached entities to report breach incidents via a single public website. This would allow analysts (and law enforcement) to look for trends and link crimes to a single ring or hacker faster.

  • Insanity 4 - A Breach is a Breach: Let’s not kid ourselves. “Risk of harm” is not a useful standard for determining if the public and consumers should be notified about a breach, especially if the company involved gets to define “risk of harm.” If it is your #$@%2 SSN that is out on the Internet, do YOU think there is “risk of harm?” Some companies might say “no.”

  • Insanity 5 - Data on the Move: You will notice that statistically this is a bright spot, with a decreasing incidence in the past 3 years. But, really! This is 100% avoidable, either through use of encryption, or other safety measures. Laptops, portable storage devices and briefcases full of files, outside of the workplace, are still “breaches waiting to happen.” With tiered permissions, truncation, redaction and other recording tools, PII can be left where it belongs – behind encrypted walls at the workplace.

I'm not picking on Acculynk.  I love what they've done to heighten the realization of merchants to want PIN Debit on the Web.   I'm just saying there's two ways to go about it, and a software based PIN Debit solution simply won't cut it in the real world (wide web)  It's too fraught with insecurity. 

    About the ITRC

    The Identity Theft Resource Center® (ITRC) is a non-profit organization established to support victims of identity theft in resolving their cases, and to broaden public education and awareness in the understanding of identity theft. It is the on-going mission of the ITRC to assist victims, educate consumers, research identity theft and increase public and corporate awareness about this problem. Visit www.idtheftcenter.org 

    Nineteen Indicted in Massive Cybercrime Conspiracy

    Department of Justice Press Release
    United States Attorney's Office

    Northern District of Texas

    Contact: (214) 659-8600

    For Immediate Release:

    The Department of Justice has indicted 19 defendants in a major cybercrime operation:

    Nineteen Indicted in Massive Cybercrime Conspiracy

    Defendants Allegedly Defrauded Telecommunication Companies and Others of More Than $15 Million

    DALLAS—A federal grand jury in Dallas returned a superseding indictment this week charging 19 defendants in a massive cybercrime conspiracy, announced U.S. Attorney James T. Jacks of the Northern District of Texas. This indictment supersedes a September 2, 2009, indictment that charged nine of the defendants in the conspiracy.

    The following 19 defendants are each charged with one count of conspiracy to commit wire and mail fraud. Defendants (3) through (7), who were charged in the original indictment, have made their initial appearances in federal court and, with the exception of defendant (6), are on pretrial release. Defendant (6) remains in custody. Defendants (10) through (15) and (18) and (19) were either arrested or have surrendered to federal authorities this week. Defendants (16) and (17) are outside of the United States.

    Defendants (1), (2), (8) and (9) are believed to have fled the United States to avoid prosecution. One anonymous Internet report suggested that Michael Faulkner was killed attempting to reenter the U.S. from Mexico. This report has not been confirmed.

    1. *Chastity Lynn Faulkner, 34, of Southlake, Texas (fugitive)

    2. *Michael Blaine Faulkner, 36, of Southlake, Texas (fugitive)

    3. *Brian Patrick Haney, 36 of Plano, Texas

    4. Eric Byron Littlejohn, II, 19, of Desoto, Texas

    5. Nathan Todd Shafer, 31 of Irving, Texas

    6. *Matthew Norman Simpson, 25, of Red Oak, Texas

    7. *Alicia Nicole Cargill Smallwood, 28, of Midlothian, Texas

    8. *Jason Carter Watts, 32, of Plano, Texas (fugitive)

    9. *William Michael Watts, 38, of Plano, Texas (fugitive)

    10. *Logan L. Vig, 22, of Dallas, Texas

    11. *Arya Neal Behgooy, 33, of Plano, Texas

    12. *Christopher Wayne Sigler, 27, of Roanoke, Texas

    13. *Marcus William Wentrcek, 29, of Frisco, Texas

    14. *Valerian James Stock, 42, of New Orleans, Louisiana

    15. *Ricky J. Keele, 55, of Coppell, Texas

    16. *Dmitri Siiatski, 22, of Canada

    17. *Milos Vujanic, 29, of Eastern Europe

    18. Jennifer Jo Gilliland, 29, of Phoenix, Arizona

    19. Casimir A. Wojciechowski, a/k/a Casey, 56, of Illinois

    The eight-count indictment also charges 15 of the defendants (*) with fraud and related activity in connection with electronic mail and aiding and abetting. Michael Blaine Faulkner is also charged with one count of obstruction - threatening a witness or informant; one count of obstruction - hiding assets; one count of obstruction - destruction of evidence; and one count of false registration of a domain name. Matthew Norman Simpson is also charged with one count of obstruction - destruction of evidence and one count of false registration of a domain name. Logan L. Vig and Milos Vujanic area also each charged with one count of obstruction - destruction of evidence. The indictment also includes a forfeiture allegation which would require that the defendants, upon conviction, forfeit any proceeds obtained, directly or indirectly, as a result of the offense.

    The indictment alleges that from March 2003 through July 2009, the defendants conspired to defraud various telecommunications companies, including AT&T; Verizon; XO Communications; SMARTnet VOIP; Waymark Communications; the lessors of properties at 2020 Live Oak, 2323 Bryan Street and 1950 Stemmons Freeway, in Dallas; various financial institutions; leasing companies and creditors, including Wells Fargo, AT&T Capital Services, and the credit reporting agencies; and various other service providers, such as power companies, insurance companies, air-conditioning companies, website developers, and others for goods and services amounting to more than $15 million.

    The indictment further alleges, that as part of the conspiracy, the conspirators made false representations to obtain goods, such as computer and telecommunications equipment and infrastructure, to include racks to hold computer equipment, generators to provide power for the equipment, and office space to install the equipment, as well as services related to the operation and use of computers and telecommunications. The conspirators created, purchased and used  shell companies to hide the true identity of the owners or operators of the companies, or the relationships between the companies. They also established P.O. Boxes, commercial remailer services, shell offices, apartments, or other physical locations to hide owners’ or operators’ identity or the relationships between the companies. They assumed multiple fake identities to hide true ownership of the shell companies and made materially false representations to their victims, by mail, fax, telephone, e-mail, or other communications, to obtain goods and services from them.

    A series of search warrants were conducted by FBI agents in March and April 2009 at Chastity and Michael Faulkner’s residence in Southlake, and at a Faulkner business, Crydon, located at 1950 Stemmons Freeway in Dallas. Searches were also conducted at Core IP, located at 2323 Bryant Street in Dallas, and at other related businesses.

    An indictment is an accusation by a federal grand jury and a defendant is entitled to the presumption of innocence unless proven guilty. However, if convicted, the conspiracy charge carries a maximum statutory sentence of 30 years in prison and a $1 million fine. Each of the obstruction charges carries a maximum statutory sentence of 20 years in prison and a $250,00 fine. If a defendant is convicted on a felony and also on false registration of a domain name, the penalty for that felony conviction is doubled, or increased by seven years, whichever is less. Restitution could be ordered.

    U.S. Attorney Jacks praised the investigative efforts of the FBI, as well as the assistance provided by the Texas Workforce Commission, the Texas Secretary of State, the Dallas Police Department, the Southlake Police Department, Dallas Sheriff’s Office, Ellis County Sheriff’s Office, the Duncanville Police Department, the Longview Police Department, the New Orleans Police Department, and the American Registry for Internet Numbers (ARIN).

    Assistant U.S. Attorney C.S. Heath is in charge of the prosecution. The investigation is ongoing.

    SOURCE: Ingenico

    Jan 12, 2010 12:00 ET

    Ingenico and Orpak Agree to Partner to Sell New Outdoor Payment Terminal for Enhanced Security at Unattended Gasoline Stations & Convenience Stores

    ATLANTA, GA--(Marketwire - January 12, 2010) - Ingenico, the leading provider of payment solutions, and Orpak Systems Ltd., the leading provider of end-to-end solutions for the automation of fuel stations, announced today a partnership to distribute an affordable and secure unattended outdoor payment terminal for petro merchants and unattended retail operations.

    Orpak will provide the terminal using Ingenico's secure operating system, making it one of the most protected and cost-effective ruggedized payment devices available today. Ingenico is the preferred distributor for the new terminal across North America.

    Responding to the rising costs of fraud and the demand for a higher degree of transaction security, payment card companies are pushing North American gas station and convenience store owners to adopt PCI-PED-approved and EMV-capable unattended payment terminals.

    "Orpak is an excellent partner for a specialized terminal for petro merchants because of its deep expertise in the global petro industry. It has over 40,000 terminals installed in more than 30 countries," said Christopher Justice, President of Ingenico, North America. "With gas prices on the rise and shrinking consumer spending, petro merchants are continually operating in a very competitive environment, trying to earn and sustain customer loyalty. They absolutely need the same kind of speed, accuracy and customer experience at the pump that we already deliver inside their convenience stores. By working with Orpak, we can help merchants meet customers' demand for a secure alternative to current legacy systems."

    "We are delighted to partner with Ingenico, who is both the number one provider to U.S. retailers and the number one supplier for Canada," said Shlomo Slotwiner, President of Orpak USA. "By combining Ingenico's state-of-the-art security systems with our pay at the pump technology, we will create a market-beating solution for gas stations across the region. What's more, this agreement has unlimited potential for other unattended payment installations such as ticketing kiosks, retail and quick service restaurant drive-thrus, and paid parking lots -- wherever retailers need to be available to customers around the clock in an outdoor environment."

    The first new terminal to be delivered, according to this agreement, the i9780UPT, accepts EMV, contactless and magnetic swipe cards and easily integrates into current fuel pump configurations. Using tripleDES technology, these are the most secure devices available and are certified for the latest payment security standards: EMV L1 & L2 and PCI-PED approved.

    Major benefits:

    -- Reduce risk of PCI-compliance fines and penalties

    -- Reduce brand damage associated with security violations

    -- Improved deployment of services to the pump and increased functionality of the device

    -- Complements the enterprise solution as the same application runs in the store and on the pump

    -- Front loading paper eliminates vulnerabilities

    The co-branded petro payment terminals are flexible and available in modular forms to allow for a variety of installation options either in the pump dispenser, next to the dispenser, or in standalone mode. The payment terminal will provide a cost-effective alternative solution to existing pay at the pump payment and other open-air retail options.

    "Feedback from current evaluations at several leading retailers has been positive," Justice said, noting that petroleum and retail customers are remaining focused on security mandates from the Card Associations.

    About Ingenico (ING)

    Ingenico (Euronext: FR0000125346 -- ING) is a leading provider of payment solutions, with over 15 million terminals deployed in more than 125 countries. Its 2,850 employees worldwide support retailers, banks and service providers to optimize and secure their electronic payments solutions, develop their offer of services and increase their point of sales revenue. Ingenico generated pro-forma revenue of USD 1.2 billion in 2008. Ingenico is ISO-9001 certified. More information on www.ingenico.com.

    About Orpak (ORPK)

    Orpak develops, manufactures and markets end-to-end solutions for the automation of fuel stations and fleet management. Orpak is a market leader in automated refueling systems that incorporate fuel payment based on vehicle identification. Orpak's solutions integrate forecourt automation and management, convenience-store management systems, commercial and retail sales solutions, and fuel delivery systems. The Company's solutions are designed to benefit customers through enabling fuel savings, preventing fuel fraud, maximizing loyalty programs and providing other advanced services that increase profitability. Orpak has been ISO-9001 certified since 1995 and was admitted to (AIM: ORPK) in December 2005. More information on www.orpak.com.


    Svy Nekrasas

    Vice President of Marketing, North America

    Tel: 678 456 1211

    Gina von Esmarch

    Voce Communications

    Tel: 415 203 4660

    Click here to see all recent news from this company

    Main Steet Softworks Introduces CardShield

    Main Street Softworks Inc. Introduces CardShield(TM) Data Protection System for Credit Card and Debit Card Transactions

    GAINESVILLE, Fla., Jan. 11 /PRNewswire/ -- Main Street Softworks Inc., maker of the Monetra® payment processing software, today announced its newest offering, CardShield, a suite of data protection solutions which enables merchants and software developers to quickly and easily create secure credit card processing systems in compliance with Payment Card Industry (PCI) security guidelines and the Visa USA best practice recommendations for data field encryption.

    CardShield is available as an enhancement to Main Street's Monetra payment processing software. The Monetra software is used by thousands of merchants to directly connect Point of Sale terminals and application programs such as ecommerce systems to major transaction processing organizations for performing credit card, debit card, gift card, and other transactions.

    Unlike other technologies of this type, CardShield works with a variety of secure card readers, terminals, and data entry devices including products from IDTech, PreKeyTech, Hypercom, Ingenico, Verifone, and others. Merchants may even "mix and match" devices within a site. Transactions processed with CardShield may be securely routed to any transaction acquirer or processor, eliminating "lock-ins" and keeping merchants and software developers free to select transaction processors and devices as desired.

    When used with a participating transaction processor, CardShield keeps card data encrypted and secure from end-to-end, eliminating the merchant's risk for credit card data theft.

    "Our new CardShield offering provides substantial advantages for merchants and software developers, with device independence, processor independence, plug-and-play support for a variety of secure card swipe readers, and built-in encryption key management that transparently manages each device as required," explained Main Street's senior developer, Brad House.

    About Main Street Softworks

    Main Street Softworks, Inc. is the provider of modern, highly secure financial transaction software to businesses of all types and sizes. Main Street Softworks' flagship Monetra payment server software allows merchants to maintain direct control of their processing security and relationships. Main Street's products provide the most cost-effective solutions in the payment processing industry. Visit www.monetra.com for more information.

    SOURCE Main Street Softworks, Inc. RELATED LINKS


    New Smart POS Terminal From Electrone Costs Less and Does More for Merchants

    BOCA RATON, Fla., /PRNewswire/ -- Electrone is proud to introduce its new, low-cost, Smart POS Terminal, the EAL 8908, which boasts time-proven POS terminal technology modernized to give merchants advanced payment terminal capabilities. High-performing and practical, this Smart POS terminal is an ideal choice for the modern, cost-efficient merchant.

    The EAL 8908 POS Terminal by Electrone is designed to be the perfect all-in-one payment terminal solution. This Smart POS Terminal features a 32-bit, high-speed microprocessor that allows it to manage tasks quickly, which offers merchants the benefit of efficiently and effectively processing debit, credit, gift, and chip pin cards.

    In addition to being fast, Electrone's new Smart POS Terminal has a modern, sleek design and small footprint, so it requires very small space. Furthermore, due to its 4 separate SIM card slots and clever engineering, the all-in-one POS terminal can function as a standalone wireless unit.

    With standard features including an ATM-style interface; large, back-lit display; bold menu prompts; easy-press keys; and a quiet, thermal printer, Electrone's Smart POS Terminal is also incredibly easy for clerks and customers to use, which minimizes transaction mistakes on both sides of the sales counter.

    Despite the excellent features of the affordable, all-in-one standard model of the unit (which includes the chip pin card reader and printer), the EAL 8908 Smart POS Terminal can customized to feature a variety of different connectivity options and comes in two different models. Merchants can thus buy a payment terminal that meets their particular needs.

    On the whole, Electrone's all-in-one POS terminal is designed with the modern merchant in mind. As a non-proprietary POS terminal, the EAL 8908 is not limited to a rigid, finite set of hardware, software, and firmware options like its proprietary counterparts. The EAL 8908 Smart POS Terminal can thus be utilized by merchants to cost-effectively develop turn-key POS solutions for their particular business.

    As an added bonus to the merchant-friendliness of Electrone's new Smart POS Terminal, it costs almost half as much as comparable all-in-one payment terminals currently on the market; so today's merchant is sure to appreciate not only the functionality, but the price of the POS terminal. To discuss pricing and customization options for the EAL 8908, please contact POS Terminal Specialist Gonzalo Perez via e-mail at gonzalop@electroneamericas.com) or phone at 561-395-3398 (M-F; 9AM-5:30PM, except holidays).

    SOURCE Electrone Americas Ltd Co

    GoECart Expands PayPal Offering to Provide Online Retailers with Exceptional Payment Processing Solutions

    GoECart Now Offers Accelerated Boarding for PayPal Express Checkout, in Addition to Other Programs

    Bridgeport, CT (PRWEB) January 12, 2010 -- GoECart®, the leading provider of on-demand ecommerce software and solutions for small and medium-sized companies, announced today that it will broaden its suite of PayPal services to include Accelerated Boarding for PayPal Express Checkout. GoECart will also provide a new "Payment Selection Flow Wizard," which will guide a merchant through setting up their payment options by following a step-by-step wizard. Both of these options are particularly helpful for merchants new to GoECart and ecommerce. News Image

    Accelerated Boarding provides an easy way for web merchants to set up PayPal Express Checkout. PayPal Express Checkout helps buyers with PayPal accounts pay for items in just three clicks on a merchant's Web site. By offering PayPal Express checkout, merchants give their customers a highly trusted option for online payment, which in turn ties in with GoECart's mantra to enable them to Sell more™ online.

    In fact, the adoption of PayPal Express Checkout has proven to help merchants increase sales conversions: According to a study conducted in 2009 by comScore of 14 participating PayPal retailers, conversion via PayPal Express Checkout is 33 percent higher than other checkouts.

    All the merchant needs to immediately accept PayPal Express Checkout payments is to provide an email address; the rest of the "on-boarding" process can happen later. Integrated with the GoECart Admin Console, the Payment Selection Pro Wizard lets the merchant easily choose which PayPal services to deploy to their storefront, helping them get started faster.

    "We are pleased to expand on GoECart's integrated set of PayPal services with these new turn-key payment solutions that help make GoECart the most robust and feature rich ecommerce solution available to merchants today," said Manish Chowdhary, GoECart's CEO. "We will continue to work closely with PayPal to help internet retailers provide better, safer payment choices for their online shoppers.

    GoECart integrates with all of PayPal's most popular products, including Website Payments Standard, Website Payments Pro, Payflow Gateway, and Express Checkout. According to an August 2009 independent report by Forrester Research, Inc., titled, "Help Your Customers Cut Through The Alternative Payments Clutter", PayPal has the highest penetration of all alternative payment options, with 72% of US online buyers having PayPal accounts. It is also the best known alternative payment method: Almost all US online buyers -- 92% -- have seen or heard of it.

    "We're happy to work with GoECart to make it faster and easier for merchants to get up and running with PayPal," said Matt Watts, Senior Manager of Business Development for PayPal. "Through these latest services delivered from the familiar GoECart interface, PayPal services truly are plug-and-play for GoECart merchants."

    GoECart recently announced version 8.2 of its ecommerce solution. Ideal for small businesses and middle market companies, GoECart 8.2 combines over 300 award-winning ecommerce software features with a highly customizable web storefront, enterprise-class site hosting (99.9% uptime), and an award-winning shopping experience for customers. In addition to robust PayPal integration, new features of the GoECart SaaS ecommerce solution include a ground-breaking Intelligent SEO™ capability that automatically optimizes web pages in the storefront for display in the major search engines like Google™, Yahoo!®, and Microsoft® Bing™.

    About GoECart:

    GoECart empowers merchants and retailers of all sizes with innovative, on-demand ecommerce solutions designed to address the challenges of the ever-changing web. Hundreds of organizations rely on GoECart every day to Sell more™ merchandise online and compete more effectively. GoECart's proven ecommerce technology solutions offer the ultimate in reliability, scalability, and flexibility demanded by the world's busiest ecommerce sites. GoECart's Thriving Partner Ecosystem™ provides the ultimate network of best-in-class ecommerce solutions providers to deliver a rich, immersive experience expected by today's savvy web shoppers. And our team of passionate ecommerce experts keeps our clients at the forefront of ecommerce.

    Press Contacts:

    For GoECart:

    Manish Chowdhary, CEO

    marketing (at) GoECart (dot) com




    Peoples State Bank Selects Jack Henry Banking(TM) to Provide Enterprise-Wide Automation

    $600 Million Bank to Implement the SilverLake System(R) through Jack Henry Banking's Outsourced Offering

    MONETT, Mo., Jan. 12 /PRNewswire-FirstCall/ -- Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated technology solutions and data processing services for financial institutions, today announced that Wausau, Wisconsin-based Peoples State Bank has selected Jack Henry Banking's SilverLake core processing system to provide enterprise-wide automation. This bank, which has approximately $600 million in assets, will implement SilverLake through Jack Henry Banking's outsourced offering.

    According to Peter Knitt, president and CEO of Peoples State Bank, "We consider technology as one of the key components of our bank's ability to meet our business goals and provide an exceptional customer experience. After thoroughly evaluating our current in-house system, we began investigating the leading technology providers and platforms to enhance our capabilities. We narrowed our search to two vendors and participated in multiple product presentations, contacted a long list of references, and visited banks using the respective technology solutions and the companies' headquarters. Jack Henry differentiated itself throughout the evaluation, and the banks utilizing their technology validated the company's product and service claims."

    Leif Christianson, vice president and chief information officer for Peoples State Bank, commented, "We are confident Jack Henry provides the functionality, the scalability, and the integrated add-on products and services to streamline many day-to-day functions. We are excited about establishing a technology partnership with a company driven by a commitment to provide outstanding customer service, and the opportunity to focus exclusively on the business of banking by outsourcing our information and transaction processing to Jack Henry. Jack Henry's organizational culture was a great fit with Peoples State Bank and their approach to service truly embodies the spirit of community banking."

    Stan Viner, general manager of sales for Jack Henry & Associates, said, "SilverLake is a best-of-breed core system that maximizes banks' operating flexibility and long-term technology investments with customizable core functionality, integration with more than 100 complementary solutions, open architecture, the ability to support both in-house and outsourced operating environments, and the scalable IBM® Power™ hardware platform. Our OutLink Data Centers™ enable banks to eliminate the capital expenditures required for in-house systems and the resources they need to operate in-house data centers, while providing ongoing access to advancing technology and our technology and security experts. We are confident that the move to a SilverLake-based, outsourced operation will enable Peoples State Bank to more effectively execute its business strategy and capitalize on the trends that are shaping the financial services industry, to better serve its customers, and to maximize operating efficiencies."

    In addition to SilverLake, Peoples State Bank will initially implement an array of Jack Henry Banking's complementary solutions including the ArgoKeys® DepositKeys account opening and administration solution, the Vertex Teller Automation System™, the Synapsys® sales force automation solution, NetTeller Online Banking™, NetTeller Cash Management™, the NetTeller Bill Pay electronic bill payment solution, the goDough® mobile banking solution, the Electronic Statements–Interactive solution, the InTouch Voice Response® telephone banking solution, the Cognos® 8 BI report generation solution, the Yellow Hammer™ BSA compliance and risk mitigation solution, the Bounce Protection® overdraft privilege solution, the 4|sight™ Item Imaging platform, components of the modular Synergy™ Enterprise Content Management (ECM) solution, the jhaPassPort ATM and debit card solutions, the Intellix Consulting operational assessment service, and the ECS Document Capture Service which provides turnkey back file document scanning.

    About Peoples State Bank

    PSB Holdings, Inc. (OTC Bulletin Board: PSBQ) is the parent company of Peoples State Bank, headquartered in Wausau, Wisconsin. Peoples has served central and northern Wisconsin residents and locally owned businesses with traditional retail and commercial banking products since 1962. Peoples operates eight full-service Wisconsin locations in Marathon, Oneida, and Vilas counties, providing community banking services to approximately 14,000 households and businesses. To meet the needs of growing small- to medium-sized locally owned businesses, Peoples offers commercial credit and treasury management services that are tailored to this key company growth area. As a leading home lender in its markets, Peoples' fixed rate secondary market loan origination and servicing provides the foundation for the company's retail banking products. In addition, Peoples Wealth Management expands the bank's services to provide retail investment products and insurance annuities along with retirement planning and advisory services through Commonwealth Financial Network, a Registered Investment Advisor. PSB Holdings, Inc. common stock is traded over the counter on the Bulletin Board exchange under the ticker PSBQ Holdings, Inc. Further information regarding PSB can be found at www.psbholdingsinc.com.

    About Jack Henry Banking

    Jack Henry Banking, a division of Jack Henry & Associates, Inc., is a leading provider of integrated computer systems for banks ranging from de novo to mid-tier institutions. Jack Henry Banking currently serves more than 1,500 banks as a single source for integrated, enterprise-wide automation; and as a single point of contact and support. Additional information is available at www.jackhenrybanking.com.

    About Jack Henry & Associates, Inc.

    Jack Henry & Associates, Inc. (NASDAQ: JKHY) is a leading provider of computer systems and ATM/debit card/ACH transaction processing services primarily for financial services organizations. Its technology solutions serve more than 11,300 customers nationwide, and are marketed and supported through three primary brands. Jack Henry Banking supports banks ranging from de novo to mid-tier institutions with information processing solutions. Symitar™ is the leading provider of information processing solutions for credit unions of all sizes. ProfitStars® provides highly specialized products and services that enable financial institutions of every asset size and charter, and diverse corporate entities to mitigate and control risks, optimize revenue and growth opportunities, and contain costs. Additional information is available at www.jackhenry.com.

    Rebate Cards Come Loaded with Fees

    Rebate Cards Come With Fees and Other Gotchas

    Consumers Union Offers Tips to Consumers On Getting the Most From Rebate Cards

    SAN FRANCISCO, Jan. 12 /PRNewswire-USNewswire/ -- If you got a rebate from holiday shopping this year, there's a good chance it came in the form of a rebate card. More and more retailers are switching from issuing rebate checks to providing rebates on prepaid cards that look like gift cards. But rebate cards come with fees and other restrictions that can diminish their value, according to Consumers Union, the nonprofit publisher of Consumer Reports.

    "The switch to issuing rebates on plastic is saving retailers money but consumers stand to lose out to a host of fees that can eat into their rebate savings," said Michelle Jun, staff attorney with Consumers Union. "Consumers should be sure to read the fine print carefully when they get a rebate card to make sure they end up getting the full rebate they were promised."

    Retailers issued $4.24 billion in rebates on rebate cards in 2008, according to Mercator, a market research consulting firm for the prepaid card industry. That represents a 53 percent jump from the previous year and industry analysts expect that trend to pick up in the coming years.

    While rebate cards resemble gift cards, they aren't governed by state laws and a new federal law that limit fees and quick expiration dates on gift cards. The Credit CARD Act of 2009 prohibits gift cards from expiring before five years from the date of purchase or when money was last loaded onto the card. Gift card issuers are barred from charging fees for the first 12 months. These federal gift card protections will go into effect in August and stronger state protections will remain in effect.

    Rebate cards come in two forms: "closed-loop" cards that can only be used by the retailer that issues it and "open-loop" cards issued by Visa, MasterCard, American Express or Discover. These "open-loop" cards can be used anywhere the card network is accepted. In most cases, the only way to redeem the funds on a rebate card is to buy something else. Rebate checks, on the other hand, can be deposited into a bank account.

    To help consumers avoid problems with rebate cards, Consumers Union issued the following tips:

    • Watch out for rebate card fees: Like other prepaid cards, rebate cards can come loaded with fees, including fees for activating the card, checking balances, inactivity, going over the limit, or replacing a lost or stolen card. Be sure to read the fine print when you receive a rebate card to become familiar with the fees you might be charged so you can avoid them.

    • Keep an eye on rebate card expiration dates: Many consumers have a tendency to hang onto gift cards instead of spending them right away. That could be a big mistake with a rebate card since it might expire quickly. Some rebate cards expire in as little as three months. The best advice is to check the expiration date when you receive a rebate card and spend it before it expires or you accrue other fees.

    • Know your balance and avoid problems at the check-out: Rebate cards can sometimes be difficult to use if the funds on the card don't cover the full amount of the purchase. To avoid this problem, keep track of the balance on your card and ask the merchant to make a "split tender transaction" so you can use the rebate card and some other form of payment to cover the full amount. Unfortunately, not all cashiers know how to process these kinds of transactions, which can make redeeming your rebate card unnecessarily frustrating.

    • Be aware that your rights may be limited if your card is lost or stolen: When rebate cards are lost or stolen and used by others to make fraudulent transactions, consumers are not protected by the same regulatory and statutory safeguards that enable debit card users to recover their money. If a consumer contacts a card issuer about a lost or stolen debit card within two business days, the consumer's liability is limited to up to $50 (or up to $500 if the consumer reports the debit card lost or stolen after two business days). By contrast, rebate cards may only have voluntary protections that could be revised or rescinded at any time for any reason.

    "It's time for the law to catch up with this latest form of plastic payment so consumers don't end up losing their rebate savings to hidden fees and short expiration dates," said Pamela Banks, policy counsel for Consumers Union. "The emergence of rebate cards is a perfect example of why we need a Consumer Financial Protection Agency (CFPA) so that government regulators can respond more quickly and effectively to problems created by new financial products."

    Last October, the House passed financial reform legislation that includes the creation of the CFPA, which would be charged with making sure that financial products and services are more transparent, fair and understandable for consumers. The CFPA will have the power to write and enforce rules, to fill the gaps under specific existing consumer protection statutes, and also anticipate and prevent harm to consumers from new products and practices. The Senate is considering a similar proposal.

    More information about the proposed CFPA can be found at:


    SOURCE Consumers Union

    MoneyGram to Release Fourth Quarter and Full Year Financial Results Feb. 4

    Conference call scheduled for 8 a.m. CT

    MINNEAPOLIS--(BUSINESS WIRE)--MoneyGram International, Inc. (NYSE: MGI) will announce its fourth quarter financial results on Thursday, Feb. 4. Pamela H. Patsley, chairman and chief executive officer, will host a conference call beginning at 8:00 a.m. CT that day.

    To listen to the call, dial 1-877-548-7911 in the U.S. and enter pass code 9618545. The earnings news release will be available prior to the call on MoneyGram's website at www.moneygram.com.

    A replay of the call will be available for one week at 1-888-203-1112 for U.S. callers or 1-719-457-0820 for international callers. The replay pin number will be 9618545.

    About MoneyGram International, Inc.

    MoneyGram International offers more control and more choices for people separated from friends and family by distance or those with limited bank relationships to meet their financial needs. A leading global payment services company, MoneyGram International helps consumers to pay bills quickly and safely send money around the world in as little as 10 minutes. Its global network is comprised of 186,000 agent locations in 190 countries and territories. Its convenient and reliable network includes retailers, international post offices and financial institutions. To learn more about money transfer or bill payment at an agent location or online, please visit www.moneygram.com.

    Western Union and Travelex to Extend Money-Transfer Service to Japan

    Upon Western Union Becoming a Registered Money-Transfer Provider, Travelex to Become the First Non-Banking Entity to Offer Money Transfer Services in Japan under Western Union

    ENGLEWOOD, Colo. & LONDON--(BUSINESS WIRE)--The Western Union Company (NYSE: WU), a leader in global payment services, and Travelex, the world’s largest specialist foreign-exchange company, have agreed to offer money-transfer services in Japan after Japan’s new Financial Settlement Act is implemented by June 2010 (subject to regulatory approval).

    In June 2009, the government passed the Financial Settlement Act, allowing non-banks to conduct money transfer operations. On successful registration of Western Union as a money-transfer provider, Travelex is expected to become Western Union’s first Agent under the new law to offer the Western Union® Money TransferSM service in Japan.

    Travelex currently offers the Western Union® Money TransferSM service at 356 retail locations in city centers and across 109 airports worldwide. Travelex, which serves more than 17.5 million consumers in 28 countries each year, has provided Western Union® services since January 2006.

    “We are excited about expanding the service to Japan through Western Union,” said Matt McCarthy, Regional Divisional Director, Asia-Pacific of Travelex. “Japan is both an important economy and a key transit hub. Joining forces with Western Union has allowed us to provide fast, convenient and reliable services to our consumers around the world. We look forward to offering our consumers in Japan additional options to meet their money-transfer needs.”

    “Japan is an important market given its growing need for international workers, and we are glad to be able to work together with Travelex to offer money-transfer services in Japan,” said Andrew Ong, Regional Vice President, North Asia, Western Union.

    “Japan’s new Financial Settlement Act offers consumers greater choice when sending money overseas to family, loved ones or for other individual purposes and expands the options for receivers to pick up their money transfers at additional locations.

    “Upon successful registration by Western Union, our agreement with Travelex will provide consumers in Japan the opportunity to send money to any one of Western Union’s more than 350,000 Agent locations in 200 countries and territories,” he said.

    About Western Union

    The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta and Pago Facil branded payment services, Western Union provides consumers with fast, reliable and convenient ways to send and receive money around the world, as well as send payments and purchase money orders. Western Union, Vigo and Orlandi Valuta operate through a combined network of more than 400,000 agent locations in 200 countries and territories. In 2008, The Western Union Company completed 188 million consumer-to-consumer transactions worldwide, moving $74 billion of principal between consumers, and 412 million consumer-to-business transactions. For more information, visit www.westernunion.com.

    About Travelex

    Travelex is the world's largest foreign exchange specialist with over 760 retail stores in more than 25 countries, at key airport, seaport, rail and tourist locations. Over 40% of travellers - 1.7 billion passengers a year - pass through airports where Travelex operates including the major gateways at Amsterdam, Beijing, Frankfurt, Hong Kong, London, Mumbai, New York, Paris, Rome, Sydney and Tokyo. Every hour, Travelex provides foreign currency to more than 2,000 customers.

    About Travelex Group

    In addition to its Retail operations, Travelex is the world's largest non-bank provider of international payment services, providing integrated payment solutions for businesses. The Group is also one of the world's leading providers of outsourced travel money to Banks, Travel Agencies and other financial institutions.

    For more information, visit www.travelex.com.au. WU-G

    Chase Paymentech: 2009 Online Shopping Volume up 17.3%

    Online shopping shows strong growth for the 2009 holiday season

    DALLAS--(BUSINESS WIRE)--Chase Paymentech, a leading merchant acquirer and payment processor, revealed the final results of its proprietary Cyber Holiday Pulse Index, which tracked daily online shopping activity throughout the 2009 holiday shopping season.

    For 2009, the number of online shopping transactions soared 30 percent over 2008, while total sales volume increased 17.3 percent. The difference in these two numbers can be attributed to the decline in average ticket value, which dropped 9.8 percent.

    The results represent a significant rebound from 2008, when sales volume for the holiday season was up a modest 4.5 percent versus 2007. And while the return to double-digit growth was a change, 2009 proved to be the second straight year of declining average tickets, following a 10 percent dip in 2008.

    From early November through early January, Chase Paymentech's pulse index measures daily transactions and purchase volume from 50 of the top U.S. retail Web merchants, as ranked by Internet Retailer magazine. In addition, the pulse index presents year-over-year trends to provide historical context on the overall metrics and identify emerging online shopping trends.

    Online shopping started the season strong, and finished even stronger

    Even before Thanksgiving, there were signs of strength in e-commerce, according to the pulse index. November transactions were up 26.5 percent, and sales were up 11.1 percent. Beginning on Black Friday, those growth rates surged and remained strong through the next weeks. The season was given another push upward in the final days before Christmas, with 2009 having one more shopping day than 2008. Growth rates remained high even after the holidays.

    Cyber Monday, which this year fell on Nov. 30, was likely the biggest single day of the year. The strongest week for transactions and sales was the week ending Dec. 19.

    Mike Duffy, president of Chase Paymentech, said, “We were very pleased with the performance of the e-commerce sector this year. Online shopping is clearly growing in importance as a retail channel, and this year’s Pulse Index was a great way to keep an eye on this expanding piece of the retail landscape.”

    Chase Paymentech processes an estimated more than half of all Internet payment transactions, representing an average of 500 Internet payment transactions per second. As such, Chase Paymentech is uniquely positioned to provide and interpret this valuable e-commerce data.

    About Chase Paymentech

    Chase Paymentech Solutions, LLC (“Chase Paymentech”), a subsidiary of JPMorgan Chase (JPMC), is a global leader in payment processing and merchant acquiring, authorizing transactions in more than 130 currencies. The company's proprietary platforms provide access to a wide variety of payment methods, such as credit cards, debit cards, prepaid stored value cards and electronic check processing. In 2008, Chase Paymentech processed more than 21.4 billion transactions with a value exceeding $713.9 billion, including an estimated half of global Internet transactions. The company also provides a full set of solutions aimed at accelerating cash flow and managing transaction data. On the Internet or at the point of sale, Chase Paymentech's unique combination of outstanding service, innovative solutions and financial strength offers solid benefits to companies both large and small. More information can be found at http://www.chasepaymentech.com.

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