Saturday, March 14, 2009

Pago Report 2008 - E-Commerce Payments

Pago Report 2008 – Trends in consumer and payment behavior in e-commerce based on real transactions

Deutsche Bank report valuable to online merchants

Cologne, Germany, Mar. 13, 2009 -- In European online retailing, risks of non-payment are much lower for women than for men. This is indicated by a lower chargeback ratio, which describes the share of credit card transactions which had to be charged back after the cardholder rejected the transaction. At roughly 0.10%, female consumers' non-payment ratio for online purchases paid for by credit card is only half that of male customers (0.19%). One year before the opposite was true. This is one of the results of the Pago Retail Report 2008, which was recently published by Deutsche Card Services, a subsidiary of Deutsche Bank.

Chargeback ratio remains low in the retail sector

The Pago Retail Report 2008 underlined the encouraging fact that the overall chargeback ratio in European online purchasing remained very low, at 0.34%. A look at the reasons for chargebacks reveals an important difference between retailing and overall e-commerce (which is analysed in detail in the Pago Report 2008). In retailing, one out of five chargebacks (just below 20%) is the result of "unclear transactions", in contrast to only 8.57% in overall e-commerce. This reason of rejection might be avoided easily, for example by executing the order in a timely fashion and clearly stating the recipient of the payment - the online merchant - in the debit statement. This is a point where online merchants themselves have to do better - and in addition, they should educate their customers better about how they can avoid data entry mistakes.

Use of 3-D Secure reduces chargeback ratio

By using 3-D Secure European retailers can reduce their credit-card-related chargeback ratio, i.e. the risk of non-payment, to 0.24%. In other words: Only one out of 400 purchases paid for by credit card or Maestro fails. The 3-D Secure technology allows online merchants to protect themselves against misuse of credit cards and against wrongly entered credit card numbers. The procedure consists of the authentication stage and the actual credit card transaction. During the authentication stage the identity of the cardholder is verified by the card issuer's checking the cardholder's password, so potential fraudsters will fail to identify themselves correctly. Even though 3-D Secure is not yet offered by all banks, using it makes sense for merchants. If the procedure is used, it is no longer possible to insist on chargebacks by arguing that the cardholder has not initiated the transaction. And merchants will not be exposed to this risk either if they want to use 3-D Secure, but an authentication is impossible because the cardholder or the cardholder's bank do not support the system. It should be noted that 3-D Secure is obligatory for Maestro transactions, but voluntary for credit cards.

Lower chargeback ratio for consumers from outside Europe than in the year before The favourable overall development in chargeback ratios is particularly evident among consumers who, in the Pago Retail Report 2008 categorisation, come from the "rest of Europe". This term covers European customers who are not living in the e-commerce strongholds Germany and UK. In the rest of Europe the comparatively high chargeback ratio registered in the year before (1.03%) fell to a favourable 0.19%. The chargeback ratio is lowest for German customers, at only 0.08%.

Pago Retail Report 2008 an expansion of the Pago Report 2008

The Pago Retail Report 2008 differentiates between customers from Germany, the UK, the rest of Europe and regions outside Europe. In contrast, all merchants are domiciled in European countries - a logical restriction in that this is Deutsche Card Services' licensing area. Evaluations of new payment methods such as giropay and Maestro are particularly important at the European level, and the Pago Retail Report 2008 gives them for the first time ever. The analysis only covers online merchants which offer goods, i.e. whose business is similar to traditional mail-order retailing. Thus the Pago Retail Report 2008 supplements the Pago Report 2008, which deals with e-commerce as a whole.

The Pago Retail Report 2008, which is entitled "Purchasing and Payment Behaviour in Online Retail", gives numerous evaluations of European trends in purchasing and payment behaviour and non-payment risks and explains developments in retailing, one of the most important e-commerce sectors. This covers online shops which offer goods, i.e. pursue a similar business model as traditional mail-order business - a sector which should have blossomed in the Christmas shopping spree lately. The database consists of about seven and a half million retail transactions settled via the Pago platform between October 2006 and September 2007.

The Pago Retail Report 2008 is available at a price of EUR 250 (excl. VAT). For more information please see www.ecommerce-report.de .

Source: Company press release.

Payment Behavior
The credit card remained the dominant payment method in European e-commerce
Brand shares of Visa and MasterCard have remained almost unchanged
Maestro, the new payment method, has already taken a 4% share of the payment market
giropay, the new payment method in Germany, reached a market share of 2.38%
Credit card payment is becoming more important for German consumers, too
Already almost one in ten transactions in the UK are made using Maestro, the new online payment method
Highest transaction values were generally paid for by credit card
In Europe overall, MasterCard transactions recorded higher average transaction values than Visa
Visa and MasterCard continue to dominate the European e-commerce market
Other credit card brands are insignificant (exception: Germany)
Higher average transaction value with MasterCard
Visa has taken almost 7 percentage points of market share from MasterCard amongst male consumers
German women are conservative with regard to payment behaviour, still preferring to pay by direct debit
German males, on the other hand, use credit card payment in as many transactions as when paying by direct debit

on-Payment Risk

Lower chargeback ratios with Maestro than with credit card payments
Transactions using 3-D Secure record considerably lower Chargeback ratios but also lower success rates
Chargeback ratios for credit card transactions are still at a very low level
Chargeback ratio has fallen mainly because of improvement for consumers from UK and Non-Europeans
Large proportion of chargebacks seem to be due to attempted consumer fraud
Overall European success rate has risen to 77%
Declining trend in rejected payment attempts using blocked cards and attempted manipulation
Increase in proportion of transactions rejected by credit card issuers
Chargeback ratio for direct debits is ten times as high as for credit cards
Chargeback ratio in UK shops higher than in German shops
Highest chargeback ratio recorded for purchases made by Non-Europeanconsumers
Highest chargeback ratio recorded in the transaction value category of between 100 Euro and 500 Euro (previous year: over 500 Euro)
No significant difference in chargeback ratios between Visa and MasterCard brands
Both chargeback and success rates are higher for females than for male consumers (exception: German chargeback ratios)

Pago Report, Deutshe Card Services, Chargebacks, PIN Payments Blog

E-Commerce Takes Toll on Home Depot

Large hardware stores have capitalized upon th...

Image via Wikipedia

Home Depot Posts $54M Loss, Facing E-Commerce Competition

HomeDepot posted their first quarterly loss in over 25 years as competitionfrom smaller e-commerce firms like Exterior Solutions heated. HomeDepot expects sales to decline 9% this year, while smaller Internetrivals anticipate revenue increases.

St. Charles, Illinois (PRWEB)March 14, 2009 -- Home Depot posted a $54M dollar loss during thefourth quarter and said that they expect sales to decline 9% during theyear, despite e-retailers revenue increases. "We are anticipating atough year", said Home Depot CEO Frank Blake, while online nicheretailers such as Exterior Solutions are experiencing rapid revenuegrowth.

Exterior Solutions specializes in exterior vinyl shutters, wood shutters, vinyl window headers, sunbursts, and other siding accessories.

One of Exterior Solution's fulfillment centers in Illinois in mid-February.

Exterior Solutions recently revamped their e-commerce website to expandtheir product line and make their site easier to use. The MarketingManager at the company, Ken Clark, said "We wanted to take the sitefrom a place where people come just to transact to a site that promotesbrand loyalty".
Although Exterior Solutions is much smaller than box retailers likeHome Depot they are still able to compete in some areas. The Internetretailer offers customers customized products that would not typicallybe available at stores like Home Depot. There simply isn't enough shelfspace in a brick and mortar store. For example, Home Depot stocksexterior vinyl shutters in three or four colors and just a hand full ofsizes. Exterior Solutions offers vinyl shutters in 23 colors and anycustom size.

We are anticipating a tough year

Prices at e-retailers are often more competitive than box stores due tosales tax laws, reduced overhead at internet stores, and free shippingpolicies offered by many e-commerce stores.

Our customers are pleased said Clark. "Thank you so much for theexcellent service. My husband and I were very impressed with thequality of our shutters and the professional service we received," saidCarrie from San Diego, CA.

For additional information on the news that is the subject of thisrelease (or for a sample, copy or demo), contact Ken Clark or visit http://www.ExteriorSolutions.com.

About Exterior Solutions:
Exterior Solutions is an innovative specialty electronic retailingcompany who supplies residential building products that improve thequality and performance of homes to the building, contracting, andconsumer markets. These products include exterior shutters, sunbursts& ellipticals, window headers, door surrounds, and accessories.Exterior Solution's industry leading technologies enhance the qualityof consumer experience and add value to our services, while alsoreducing our impact on the environment.

Contact:
Ken Clark, Marketing Manager
Exterior Solutions

866-760-2846

http://www.ExteriorSolutions.com

New "Breach Driven" Compliance Rules for HIPAA

Newly Enacted HIPAA Security Breach Notification Requirements Raise New Risks For Employers

by Philip Gordon

Employershave good reason to re-evaluate their HIPAA compliance efforts. Recentenforcement actions by the U.S. Department of Health and Human Services(HHS) that resulted in large settlement payments signal more pronouncedefforts to enforce HIPAA’s compliance requirements. These enforcementactions were driven by publicly disclosed security breaches thatbrought compliance lapses to HHS’ attention.

Recent amendments to the HIPAA Privacy Rule, enacted as part of themassive federal economic stimulus legislation, will fuel this“breach-driven enforcement.” Under existing law, the HIPAA Privacy Rulecontains no security breach notification requirement. EffectiveFebruary 17, 2010, however, employers will be required to take thefollowing steps when they learn that the “unsecured” protected healthinformation (PHI) of participants in HIPAA-covered plans has beensubjected to unauthorized access, use or disclosure:

• Notify major media outlets and HHS if a breach involves 500 or more plan participants
• Notify affected individuals within 60 days of becoming aware of the breach
• Provide in the notice to individuals, at a minimum, five specific categories of information
• Deliver the notice by first-class mail to each affected individual’s last known address

This notice obligation applies regardless of whether the employer ora third-party service provider, such as a benefits administrator,pharmacy benefits manager, or insurance broker is responsible for thebreach.

Continue Reading...

Friday, March 13, 2009

Reminder: ProPay's 2009 Data Security Summit

Data Security Summit Spring 2009 - Hosted by ProPay
March 18th -19th Cliff Lodge at Snowbird Resort, Little Cottonwood Canyon, Utah

I posted about this a month ago (Propay Security Summit) but as the event quickly approaches, (March 18th and 19th) I thought I'd do a refresher post. ProPay has put together quite an impressive lineup of featured speakers. HomeATM's Chariman and CEO, Ken Mages will be attending the event, which takes place at the Snowbird Resort in Salt Lake City, Utah.

FOR IMMEDIATE RELEASE

ProPay Gathers Industry Experts to Address Payment Industry Trends at 2009 Data Security Summit

Bob Russo, Chris and Dr. Heather Mark, and Michael Dortch among featured speakers to discuss PCI compliance, risk mitigation and data security

Orem, Utah -February 9, 2009- ProPay is gathering the brightest minds in the digital transaction industry to educate attendees about the latest trends and best practices to protect sensitive customer data at the 2009 Data Security Summit on March 18-19, 2009, at the Snowbird Resort in Salt Lake City, Utah.

Headlining the Summit’s speakers are Bob Russo, General Manager, PCI Security Standards Council; Chris and Dr. Heather Mark, Founders, Society of Payment Security Professionals; and Michael Dortch, former Senior Research Analyst, Aberbeen Group. Speakers will address the latest in PCI compliance, risk mitigation, security, and other relevant topics pertaining to the payment industry.

Editor's Note: See if you can find the common denominator between what HomeATM is doing with their SwipePIN PED device and what ProPay is doing with it's MicroSecure® Magnetic Stripe Card Reader. If you said Hardware vs. Software in order to protect Cardholder data then you've been paying attention!

Below the graphic there's a quick Bio on the featured speakers:

Bob Russo, General Manager, PCI Security Standards Council

Mr. Russo brings more than 25 years of high-tech business management, operations and security experience to the PCI Security Standards Council. Most recently, he served as the vice president of Commercial Sales for Secure Info, a provider of security, risk and compliance services and software. He was also a founder of a number of software and security companies including Network-1 Software & Technology and ATC Security, a security compliance company created to assess compliance of payment industry stakeholders, later acquired by Ambiron LLC.

Chris Mark, Founder, Society of Payment Security Professionals

Chris is an experienced information security professional and recognized payment card industry security expert. Chris is a co-founder of The Aegenis Group and the Society of Payment Security Professionals. From 2007-2009, the Aegenis Group was the worldwide trainer for all Qualified Security Assessors (QSA) and trained over 2,800 QSA. Additionally, the company contracts with Visa Inc. to conduct PCI related training internationally to merchants and banks. Chris has conducted PCI and payment security training in over 10 countries on 5 different continents.

Dr. Heather Mark, Founder, Society of Payment Security Professionals

Dr. Mark is an experienced information security and privacy professional that is both well known and respected within the Payment Services industry. Prior to joining Halcyon Dr. Mark co-founded a Qualified Security Assessment Company and worked at various technology companies supporting PCI efforts. Dr. Mark helped to develop a variety of assessment methods and practices that assisted companies in achieving compliance in a cost-effective, timely manner.

Michael Dortch, Founder and Managing Editor, DortchOnIT.com

Michael Dortch is Founder and Managing Editor of DortchOnIT.com, and has been an IT industry analyst, consultant, evangelist, speaker, writer, and "information entrepreneur" for more than 30 years, focused on enabling and emerging technologies and their effects on business value. Before starting DortchOnIT.com, Michael was a Senior Research Analyst at Aberdeen Group, and Director of IT Infrastructure Management Strategies and Executive Editor for Robert Frances Group. Michael has worked with IT users and both established and start-up vendors to help them align their strategies with business goals. He has been widely quoted and is a frequent and popular speaker at industry events. He began his career in the 1970s at The Yankee Group after attending the Massachusetts Institute of Technology (M.I.T.). He lives and works in Santa Rosa, CA, approximately an hour north of San Francisco.

John Verdeschi - VP of Sales and Standards - MasterCard Payment System Integrity Group

John Verdeschi is Vice President of Sales and Standards, in the MasterCard Payment System Integrity group. In this role, he is responsible for managing MasterCard's global risk product sales team, the Payment Card Industry (PCI) Data Security Standard and MasterCard SecureCode. Mr. Verdeschi is a member of the PCI Security Standards Council executive committee which is comprised of MasterCard and other leading payment brands. Since joining MasterCard in 1999, Mr. Verdeschi has concentrated on programs which help secure transaction data and manage fraud within the electronic payments channel.

Representatives from the various card brands and payment industry companies, as well as experts from law enforcement agencies and the F.B.I will be on hand to network with attendees and talk about the latest from their businesses and organizations.

"The landscape of the payment industry is ever-changing and the need to educate the market on best practices and the latest technology to protect businesses is essential to the survival of every company,” said Greg Pesci, ProPay Executive Vice President of Business Strategy. “This Summit is a great opportunity to bring experts and non-experts together to educate each other on the trends in the market and the pains customers and businesses are experiencing in regards to digital transactions."

For more information about the 2009 Data Security Summit and how to register, please visit www.propay.com/summit or e-mail Jennifer McClintock at events@propay.com.

About ProPay

Since 1997, ProPay has led the market in providing simple, safe and affordable credit card processing and electronic payment services for businesses ranging from the small, home-based entrepreneur to multi-billion-dollar enterprises.

ProPay understands the unique needs of these businesses and has created merchant services specifically for them. With ProPay, merchants can set up accounts online and begin accepting credit cards without buying special equipment or making long-term commitments or investments. ProPay leads out in educating merchants about how to reduce or eliminate the risk of touching or holding sensitive cardholder data. The company also leads the payments market in the development of secure end-to-end solutions for protecting sensitive data and of alternative payment options that significantly reduce business costs.

ProPay is a privately held company, headquartered in Orem, Utah. For information, visit www.propay.com/pressroom.

Apple iTunes Card's Codes Cracked?

In a non-surprising development, (Acculynk: Where's the PIN Offset? My PVV) someone got their hands on data they weren't supposed to... Oh well...it's not like they hacked the PIN numbers to our debit cards or anything! What was that 100% Guarantee that our CEO was talking about yesterday? Something about PIN numbers being breached...Click here to refresh YOUR memory...in the meantime...

On to the next breach...

From MacMod.com

Apple's iTunes Gift Card algorithm has been cracked in China. Apparently you can order a $200 gift card for about $3 USD on someChinese online stores. The store owner says that he has bought thecodes from a generator supplied from people who have cracked Apple'scode. 77,593 codes were available on the taobao shop.

Right nowyou can buy up to 10 cards a day. No response from Apple yet, but I'msure that an improved algorithm has already been developed and newcards are hitting the press as I type this.

Get a $200 iTunes gift card for $3

Tyler Metzger | March 13, 2009 | Protecting yourself

In the early 2000s, Internet file-sharing in the form of Napster andsimilar services put the brakes on the music industry's profits. Butlegislation and alternative purchasing methods, such as the iTunes giftcard, helped alleviate some of the monetary pain felt by bands andtheir labels by funneling legitimate money to the legitimate creators.
Here comes more pain. Chinese hackers recently unveiled another wayto hit the record industry: Buy a $200 iTunes gift card for $3

Here's a still from the online auction site taobao.com that showsmultiple iTunes gift cards for sale. As of March 13, 1 USD is equal to6.8 CNY, which is the currency used in China. CNY is also known as RMB.

Hackers in China are selling the gift cards for mega cheap because theydiscovered the algorithm Apple uses to generate the card's numbers. According to multiple accounts,the fake numbers are created by a key generator, which are also used tocreate serial numbers for pirated software, and then are sold on onlineauction sites, such as Taobao.com, the Chinese equivalent of Ebay.

Outdustry, a blog covering the Chinese music industry, verified that the counterfeit card numbers work.A blogger for the Web site went to Taobao.com, purchased a $200 iTunesgift card from a seller who was online, and redeemed the card numbervia instant message. The blogger also talked to the seller via onlinechat. The seller flat out admitted the gift card numbers were createdusing a key generator, and that he or she had to pay money to use thegenerator. The seller also said the phony card numbers went on themarket about a year ago, when a $200 iTunes card sold for about $46.But the prices have dropped due to the growing number of customers andan infinite amount of numbers to generate.

Continue Reading at Taking Charge...The CreditCards.com Blog

M-Banking to Hit 900 Million by 2014 - Study

Newsflash from Finextra.com.

13/03/2009

M-BANKING USERS TO HIT 900 MILLION BY 2014 - STUDY

Global mobile banking take up is set to soar over the next five years, with the number of people using the technology growing from 20 million in 2008 to 913 million in 2014, a CAGR of 89%, (Compound Annual Growth Rate) according to Berg Insight.

The research suggests Asia Pacific will be become the most important regional market, accounting for 65% of the total user base, whilst the technology will also pick up in Africa and the Middle East, bring financial services to people currently unbanked.

Continue Reading at Finextra: http://www.finextra.com/fullstory.asp?id=19769

Google Checkout Adjusts Pricing Upward - Matching PayPal

by Scott Loftesness on March 12, 2009 Payments Views

Also, Visit PaymentsNews.com by Glenbrook

Yesterday, Google Checkout announced that it was changing its fee structure beginning May 5 - eliminating the previous credit that Google AdWords customers got that reduced their Google Checkout fees.

Instead, the new Google Checkout fee structure essentially parallels that of PayPal’s - a long-standing fee structure that the online payments leader has had in place for many years. Below are the two fee tables:

Monthly Sales	Google Checkout fee per transaction
Less than $3,000	2.9% + $0.30
$3,000 - $9,999.99	2.5% + $0.30
$10,000 - $99,999.99	2.2% + $0.30
$100,000 or more	1.9% + $0.30


Monthly Sales	PayPal fee per transaction
$0.00 - $3,000	2.9% + $0.30
$3,000.01 - $10,000	2.5% + $0.30
$10,000.01 - $100,000	2.2% + $0.30
> $100,000	1.9% + $0.30

Google Checkout continues to only support funding via the four major payment card brands for US sellers: Visa, MasterCard, American Express and Discover. Unlike PayPal, Google Checkout continues not supporting funding directly (via ACH) from checking accounts.

Both Google Checkout and PayPal have a 1% surcharge to US sellers on all cross-border transactions.

What about Amazon Checkout (or Amazon SimplePay)? You guessed it - the fee structure is essentially the same - starting at 2.9% + $0.30 per transaction in the lowest tier and going down to 1.9% + $0.30 per transaction for monthly sales over $100,000. Sound familiar? Amazon allows buyers to pay using Visa, MasterCard, Discover, American Express, JCB, or Diner’s Club credit cards.

Amazon does have a subtle difference - those fees apply to transactions of $10.00 or more. For transactions of less than $10.00, Amazon’s fees are 5.0% + $0.05 for all transactions - with no tiering based on monthly sales.

So, that’s where things stand today. With Google’s just announced changes, all of the three major online payment players have priced their services essentially the same - for US sellers. However, there are more differences “under the covers” between these services than just the pricing would seem to indicate.

Citibank Launches Citi Mobile In-dia

Source: Citi

Citibank Launches Citi Mobile
Everyday Banking on Your Mobile Phone Made Effortless

New Delhi, Delhi, India, Thursday, March 12, 2009 -- (Business Wire India)

Citibank today announced the launch of Citi Mobile, its mobile banking solution that combines the consumer need for convenient, on-the-go banking with advanced mobile technology that is compatible with popular mobile devices across most GSM operators. Through Citi Mobile, customers can check account balances, send money, issue drafts, pay bills, make credit card payments, register for services like e-Statements, request for a cheque book, stop payments and much more.

Citi Mobile can be quickly downloaded onto a mobile phone, making mobile banking for Citibank customers as fast and effortless as banking online. The requirements for accessing Citi Mobile are a Citibank Banking/Credit Card account, an active Internet PIN, a mobile number that is registered with the bank, and a Java-enabled mobile phone with a GPRS connection.

Customers can SMS MBANK followed by the last 4 digits of their Debit/Credit Card number to 52484. An SMS response will be delivered to the customer’s mobile phone indicating the URL for Citi Mobile. This URL can be used to download Citi Mobile onto the mobile phone. On Citi Mobile, all customer interaction is https secure and encrypted using 128-bit SSL; further, no customer data is stored on the mobile phone, making this one of the most secure access channels.

Announcing the launch of Citi Mobile in India, N. Rajashekaran, Country Business Manager, Global Consumer Group, Citi India, said, “Citibank has always been a forerunner in putting technology to work for our customers. With Citi Mobile, we are happy to address our customers' emerging lifestyle needs and support them in accessing their money in a fast, convenient and secure manner through something they always have with them – their mobile phones. Given the recent growth trends in mobile phone usage in India, we expect this to grow into a significant channel for customer service and contact.”

About Citi:

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.

citi mobile, GSM, Citibank

Retailers Form Association to Defend Closed-Loop Gift Cards

The Retail Gift Card Association is recruiting new members with the aim of building a positive image of closed-loop gift cards, getting members to follow an ethics code, and countering the bad publicity directed at gift cards in recent months by consumer groups and legislators monitoring marooned cards whose sponsor retailers have failed.

The RGCA announced its birth in early December, but waited until Tuesday to outline its growth plans at the Prepaid Card Expo trade show in Orlando. The group has nine members and is looking to grow to about 40 in its first year, according to association spokesperson Carman Wenkoff, president of Value Pay Services LLC, a prepaid card firm owned by franchisees of the Subway sandwich chain. Wenkoff and Tom Boucher, senior program manager of gift cards at consumer-electronics retailer Best Buy Co. Inc., gave a progress report at the conference.

Continue Reading at Digital Transactions

Founding Members of the RGCA

Applebees
Best Buy
Home Depot
Kohls
Limited Brands
Marriott
Nike
Subway
Wal-Mart

Retail Gift Card Association, Closed Loop, Gift Cards

Fraud Continues to Increase Across Canada

March is Fraud Prevention Month in Canada and leading fraud prevention expert, Equifax Canada Inc., is joining lenders and others in raising consumer awareness of the issue.

Figures show that true identity theft rose in Canada by over 20% in 2008 compared to 2007.

This rise illustrates the need to intensify efforts to reduce this threat to both consumers and lending institutions.

A good defense to combating identity theft is found in Equifax's fraud database.

"With true identity and fictitious identity frauds continuing to increase, it is crucial that the lending industry maximize the benefits of fraud data sharing", said Carol Gray, President Equifax Canada.

"Fraudsters are clearly becoming more inventive and lenders need to deploy more sophisticated data-sharing solutions than they have traditionally used. Today's solutions need to deliver flexible cross-matching techniques that can be fine-tuned by users to try to stay ahead of the curve."

The good news for consumers and businesses alike is that fraud solutions, such as Equifax's web-based fraud prevention database Citadel, are addressing even the most sophisticated fraud threats.

With Citadel, credit applications are submitted and compared to a national syndicated database containing historic suspicious information.

"The Citadel solution is aimed at stopping fraud dead in its tracks", Gray added.

For decades, Equifax has been in the business of fraud detection and prevention with products and services like Safescan ID, eID, Synthetic File Indicator, Deposit Alert and most recently, Citadel. As Equifax continues to innovate and deliver modern fraud solutions, top priorities include detecting fraud at the first possible opportunity, minimizing the number of legitimate consumers impacted by fraud and improving analytics to help organizations stay nimble when preventing and responding to fraud.

For consumers, Equifax encourages them to remember to be diligent and pay attention to signs that their identity may have been stolen and/or compromised. Some of the signs include:

A financial institution or cell phone company contacts you regarding
application activity in your name;
You start receiving suspicious contacts where the person or alleged
company is seeking more information about you;
A collection agency contacts you about a debt that is unknown to you;
Unknown transactions appear on a statement;
Bills or statements are not arriving in the mail; and
Bills or statements arrive in your name for unknown accounts.

How can you help prevent identity theft?
Disclose personal information discretely and to trusted parties only;
Dispose of information securely;
Monitor your mail closely;
Shield your PIN and keep your card in sight;
Review statements and report discrepancies immediately;
Create strong on-line passwords and change them periodically; and
Do not send confidential information over email.

SOURCE: Equifax Canada Inc.

id theft, equifax

Saturday, March 14, 2009

Home Depot Posts $54M Loss, Facing E-Commerce Competition

Friday, March 13, 2009

Google Checkout Adjusts Pricing Upward - Matching PayPal

Disqus for ePayment News