Thursday, June 4, 2009

JCB & Ping An Bank Sign Issuing Partnership

Contact: Deb Montner, (203)- 226-9290, dmontner@montner.com (scroll down for card images)

JCB International and Ping An Bank Sign Issuing Partnership:
Seventh bank in China to issue JCB cards, further enhancing JCB brand

Ping An Bank to launch BE@RBRICK design JCB credit cards

Tokyo, June 4, 2009 -- JCB, the only international payment brand based in Japan, and its international subsidiary JCB International (JCBI) today announced that JCBI has signed an agreement with Ping An Bank Co. Limited (Ping An Bank), part of the major financial group Ping An Insurance (Group) Company of China Ltd., for issuing JCB cards in China. Starting June 1, 2009, Ping An Bank began promoting the new "Ping An Bank BE@RBRICK JCB Card" featuring the popular BE@RBRICK bear-shaped block-type figure owned by MEDICOM TOY CORPORATION, a Japanese toy maker.

Since 1982, JCB and JCB International have been expanding JCB card acceptance in China to increase convenience for JCB cardmembers. Currently JCB has alliances with eleven partner banks and financial institutions for merchant acquiring, and approximately 80,000 merchants now accept JCB cards.

JCB card issuing to consumers in China has also been expanding to meet the growing needs of the market for international credit cards. In addition to Ping An Bank Co. Limited, Bank of China, Bank of Shanghai, China Everbright Bank, China Merchants Bank, Shanghai Pudong Development Bank and China Minsheng Banking Corp., Ltd. have already launched JCB brand credit card issuing programs, and the cardmember base is more than two million in the country.

The new partnership with Ping An Bank announced today marks the seventh bank to start JCB card issuance in China. For JCB, the alliance is aimed to accelerate JCB brand growth in China, and for Ping An Bank, which is now aggressively building credit card business, it will expand their product line and further strengthen their customer base. JCB contributed expertise in co-brand program development to Ping An Bank for its launch of the Ping An Bank BE@RBRICK JCB Card.

JCB and JCBI are expanding partnerships for JCB brand card issuing with Chinese financial institutions by strategically utilizing the knowledge, skills and network built over 40 years in the credit card business, and are committed to developing and providing high-quality service to meet the diverse needs and lifestyles of China’s consumers.

Card designs

Download hi res image from: http://www.montner.com/JCB/JCBI_PAB_cards.jpg

About the Ping An Bank BE@RBRICK JCB Card Overview Select from five card designs featuring BE@RBRICK, a bear-shaped block-type figure, loved by many collectors worldwide as well as in Japan, and now popular among China’s metropolitan youth. This is the first international credit card in the world to feature BE@RBRICK. The card offers attractive functions and services to BE@RBRICK fans, including original BE@RBRICK rewards for points earned with the card. Cardmembers enjoy both Ping An Bank credit card functions and services and JCB international brand functions and services.

Major functions and services

Available to	Residents of China
Card types	Standard only
Annual fee	First year free. Annual fee of RMB100 in following years is waived if the card is used at least six times during the prior year.
Major functions and services	Select from five card designs. Dual-currency (USD and RMB). Ping An Bank credit card functions and services. JCB international brand functions and services Points earned with the card can be exchanged for original BE@RBICK goods. Access to exclusive cardmember internet site.

About JCB
JCB is a major global payment brand and leading credit card issuer and acquirer in Japan. JCB launched its card business in Japan in 1961 and began expanding overseas in 1981. Its acceptance network includes 12.76 million merchants and over a million cash advance locations in 190 countries and territories. JCB cards are now issued in 19 countries and territories, with more than
60.2 million cardmembers. As part of its international growth strategy, JCB has formed alliances with more than 350 leading banks and financial institutions globally to increase merchant coverage and cardmember base. As a comprehensive payment solution provider, JCB commits to provide responsive and high-quality service and products to all customers worldwide. For more information, visit: www.jcbcorporate.com/english. Note: JCB statistics included in About JCB are as of the end of September 2008.

It's Good to Be King

Report States That Cash Is Still King, But For How Long?
Jun 4 2009

Editor's Note: Since HomeATM moves "cash" in "real time" as a PIN (online) Debit transaction, I suppose it really doesn't matter if Cash remains King, or if it's overthrown (overthrone?) by Debit. Either way works for us...because either way works for you! It's good to be King, but I'll settle for the title: KingPIN.

The payment industry's latest publication, The Way We Pay 2009: UK Cash & Cash Machines provides the latest data on how UK consumers are obtaining and using cash and how this is forecast to change.

The full Payments Council report issued this month (June 2009) includes data from Link and other industry sources.

2008 cash and cash machine data shows:

71% of all cash acquired by consumers came from cash machines.
2.9 billion cash machine withdrawals were made last year - equivalent
to 91 withdrawals per second
Cash payment volumes are forecast to fall by 27% over the next 10 years
If current trends persist, next year for the first time debit card spending will overtake cash spending by value

Whilst cash spending continues to remain relatively flat, the number of cash machine withdrawals continues to rise and is forecast to peak in 2011. Consumers are increasingly using cash machines for withdrawing cash, where previously they would have withdrawn money in bank branches or at post offices; five years ago only 54% of cash came from cash machines, last year 71% of cash was acquired that way. This shift has been driven by an increase in the availability and numbers of cash machines as well as the migration of payment for state benefits and pensions from cash and girocheque to automated methods.

Continue Reading

The Way We Pay 2009

Card Issuers Expect Debit Growth in 2009

2009 Debit Issuer Study Says Despite Recession, Debit Growth will Continue

HOUSTON - June 4th: (PIN Payments News Blog) The 2009 Debit Issuer Study, commissioned by PULSE, identified several positive trends for financial institution debit card issuers, including sustained debit transaction growth despite the recession. This edition of the comprehensive debit card industry study also found that use of PIN debit has increased, while fraud loss rates have declined.

Issuers surveyed experienced debit transaction growth of 8 percent in the second half of 2008, composed of 15 percent growth in PIN debit transactions and 4 percent growth in signature debit. Survey participants predicted 7 percent growth each for PIN and signature debit in 2009.

“Although the economy is a challenge for debit card issuers, as it is for everyone, debit transaction growth remains strong,” said Cindy Ballard, PULSE executive vice president. “Debit card use is expected to continue to grow as the economy bottoms out and begins to recover, because consumers use their debit cards for a large portion of necessary everyday expenses.”

The 2009 Debit Issuer Study revealed that more than a quarter of all debit transactions (27 percent) in 2008 were for less than $10.

“In most cases, these transactions are replacing cash, highlighting a clear consumer preference for electronic payments,” said Ballard.

Debit card penetration – the percentage of eligible account holders who have a debit card – remained flat at 73 percent. Using an expanded definition of “active” debit cards, the number of issued cards used actively in 2008 was 66 percent.1

PIN debit accounted for 35 percent of debit transactions in 2008, up slightly from 34.2 percent in 2007. The average debit transaction value was $42 for PIN debit and $37 for signature. Both figures have declined by roughly $1 compared to the previous study. In addition, active debit cardholders performed 17.3 point-of-sale transactions per month, on average, compared to 16.6 transactions per month in the 2008 survey.

Debit card fraud losses at the point of use declined in all categories. PIN point-of-sale losses, as measured in dollars per card per year, fell to $0.15 from $0.19. Similarly, ATM losses declined to $0.56 per card per year from $0.61, and signature debit loss rates fell to $1.81 from $1.92. Although losses at all three usage points declined year-over-year, the survey did record an increase in share for ATM losses, to 38 percent of total debit fraud losses in 2008 from 25 percent in 2007.

Additional survey findings include:

* Active debit cardholders performed 3 ATM transactions per month, on average, down from 3.4 in the previous survey.
* More than half of issuers surveyed (53 percent) participate in a surcharge-free ATM network, down slightly from 56 percent in 2007. And 43 percent offer ATM surcharge reimbursements to at least some cardholders.
* Bill payments represented 10 percent of signature debit transactions in 2008, compared to 7 percent in 2007.
* The percentage of debit card issuers offering debit rewards programs continues to grow, rising two percentage points to reach 53 percent this year.
* Thirty-seven percent of issuers offer mobile banking, compared to 15 percent in 2008, while 38 percent plan to introduce it soon, up from 28 percent last year.

“The 2009 study uncovered several reasons for optimism among financial institutions that issue debit cards,” noted Tony Hayes, an Oliver Wyman partner, who served as project lead on the study. “Among them, debit card-based bill payments account for a small but rapidly growing share of debit card payments, a market with significant potential for growth in the coming years.”

The 2009 Debit Issuer Study results support PULSE’s view that debit cards still have considerable long-term growth potential.

“Despite the challenge of navigating through an economic downturn, debit card issuers have much to be encouraged about,” said Ballard. “Transaction growth remains robust, and issuers see further improvements in the performance of debit card portfolios as a key opportunity in 2009.”

About the Study

The 2009 Debit Issuer Study is the fourth installment in the study series. The series provides an objective fact base on debit card issuer performance and financial institutions’ outlook for the debit card business. Seventy-three financial institutions – including large banks, credit unions and community banks – participated in the 2009 study, which was conducted by Oliver Wyman. Collectively, the participants issue 94 million debit cards and operate 61,000 ATMs. The sample is representative of the U.S. debit market in terms of institution type, location and debit network participation.

About PULSE

PULSE is one of the nation’s leading ATM/debit networks, currently serving more than 4,500 banks, credit unions and savings institutions across the country. PULSE is owned by Discover Financial Services (NYSE:DFS). The network links cardholders with more than 289,000 ATMs, as well as POS terminals at retail locations nationwide. The company is also a valued resource for industry research related to electronic payments and is committed to providing its participants with education on evolving products, services and trends in the payments industry. For more information, visit www.pulsenetwork.com.

Media may request an executive summary the study by contacting Anne Rhodes.

1 In previous Debit Issuer Studies, the most common definition of “active” cards was those used to make any signature transaction in the last 30 days. By this measure, 56 percent of debit cards were active in 2008, a slight decline from 2007. An equal number of issuers now define active cards as those used to conduct any transaction in the last 30 days, resulting in the higher 66 percent card activation rate.

PULSE
Anne Rhodes, 832-214-0234
arhodes@pulsenetwork.com

Source: Press Release

"2009 Debit Issuer Study" PULSE, PINterchange, Debit Growth

Cybercrime Doesn't Pay - Microsoft

Report: Cybercime Riches Are Hard To Come By

Researchers from Microsoft say stolen goods offered for sale in IRC channels are tough to monetize, and industry estimates of underground profits are "exaggerated"

By Kelly Jackson Higgins | DarkReading

Turns out the profitability of cybercrime may have been greatly exaggerated. According to a new report by two researchers for Microsoft's research organization, cybercrime doesn't equal easy money after all, despite findings to the contrary.

In their report, titled "Nobody Sells Gold for the Price of Silver: Dishonesty, Uncertainty and the Underground Economy," Microsoft researchers Cormac Herley and Dinei Florencio say it's a smaller population of more sophisticated and organized gangs of cybercriminals who come out ahead. "While there is a great deal of activity in the underground economy marketplace, it does not imply a lot of dollars change hands," they wrote in their paper. Lucrative cybercrime doesn't occur in the open IRC space because "rippers," or those who don't deliver the goods and services they "sell" there, damage the market, they say.

The researchers also took on security-vendor research (as well as that of Gartner ) that estimates the value of the underground economy based on the price tags of wares sold via IRC: "We believe that anyone who shows up on an IRC channel hoping to trade profitably with anonymous partners is almost certain to be cheated. Thus, estimating the dollar size of the underground economy based on the asking price of goods and services advertised on IRC networks appears unsound," they say. "We find that the published estimates of the dollar value of underground economy IRC channels are exaggerated. They are derived by simply adding the unverified claims of anonymous channel participants (who include rippers). Those who lie most and exaggerate most affect the average most." Continue Dark Reading

Nobody Sells Gold for the Price of Silver: Dishonesty, Uncertainty and the Underground Economy
Cormac Herley and Dinei Florencio
June 2009

Much attention has been devoted recently to the underground economy, and in particular to the IRC markets for stolen identities, phishingkits, botnets, and cybercrime related services. It is suggested that
sophisticated underground markets show great specialization and maturity. There are complex divisions of labor and service offerings for every need. Stolen credentials are traded in bulk for pennies on the dollar. It is suggested that large sums move on these markets.

We argue that this makes very little sense. Using basic arguments from economics we show that the IRC
markets studied represent classic examples of lemon markets. The ever-present rippers who cheat other participants ensure that the market cannot operate effectively. Their presence represents a tax on every transaction. Those who form gangs and alliances avoid this tax, enjoy a lower cost basis and higher profit.

This suggests a two tier underground economy where organization is the route to profit. The IRC markets appear to be the lower tier, and are occupied by those without skills or alliances, newcomers, and those who seek to cheat them. The goods offered for sale on these markets are those that are easy to acquire, but hard to monetize. We find that estimates of the size of the IRC markets are enormously exaggerated. Finally, we find that defenders recruit their own opponents by publicizing exaggerated estimates of the rewards of cybercrime. Those so recruited inhabit the lower tier; they produce very little profit, but contribute greatly to the externalities of cybercrime.

Complete Report: PDF File

Nobody Sells Gold for the Price of Silver, Cybercrime doesn't Pay, Microsoft

Malware Allows Complete Control Over ATM

Cash machine virus can steal your PIN | 4 Jun 2009 | ComputerWeekly.com

Ciff Saran Posted: 04 Jun 2009

The Eastern European cash machine network may be prone to a serious hacking attack, banks have been warned.

SpiderLabs, the security team at Trustwave responsible for incident response and forensics, ethical hacking and application security tests, has investigated security breaches on automated teller machines (ATMs) running Windows XP over the past few months and found the same malware residing on the breached machines.

"This malware is unlike any we have ever had experience with. It allows the attacker to gain complete control over the ATM to obtain track data, PINs and cash from each infected machine," TrustWave said.

TrustWave found that the malware enables an attacker to steal card data from the ATM's receipt printer or by writing the data to an electronic storage device (possibly using the ATM's card reader). It also discovered code indicating that the malware could eject the cash dispensing cassette.

"We believe the current attack vector is an early version of the malware sample, and future attacks will add functionality such as propagation via the ATM network. If an attacker can gain access to one machine, the malware will evolve and propagate automatically to other systems."

Approximately 20 ATMs have been compromised, primarily located in Eastern Europe. TrustWave expected the attack to spread to the US and other regions of the world. This is not the first time a flaw has been found in cash machines. In January, Cambridge University published a paper on a flaw in chip and Pin readers.

Below is a Sample Page from a PDF Report from Trustwave. (click to enlarge)
The Full Report is Available Here

malware, ATM, SpiderLabs, Trustwave

Wednesday, June 3, 2009

June is ATM & Debit Card Safety Month

PULSE Kicks off Awareness Month with ATM and Debit Card Safety Recommendations

June is ATM & Debit Card Safety Awareness Month; PULSE Offers Tips to Help Protect Consumers

HOUSTON--(BUSINESS WIRE)--To launch its annual ATM & Debit Card Safety Awareness Month, PULSE today released tips designed to help keep consumers safe and secure while using debit cards at ATMs and point-of-sale terminals. Debit continues to be a convenient and secure way to make purchases, and informed consumers can take an active role to minimize risks associated with these transactions.

“ATM withdrawals, cash back during point-of-sale transactions and PIN-based purchases are convenient ways to spend and access your money whenever you need it,” said Steve Sievert, PULSE senior vice president. “However, any time you conduct a transaction, whether it's with a debit card or cash, it is always a good idea to take precautions to protect
yourself.”

When you are about to use your debit card, whether at a store, ATM or other location, here are some helpful safety reminders:

Protect your PIN: ATM transactions and PIN debit purchases
require the use of a personal identification number (PIN). Memorize
your PIN; never write it on your card or store it with your card.
Never let someone else enter your PIN for you. When entering your PIN,
block the view of others by shielding the PIN pad.
Survey your surroundings: Before making a withdrawal at an ATM,
take a look at your surroundings. Watch for any sort of suspicious
activity and, if anything appears to be out of the ordinary, or if the
ATM is obstructed from view or poorly lit, leave the area and try
another location.
Keep an eye out for terminal tampering: If you suspect the ATM
or POS terminal you are using has been altered, go to another
terminal. Signs to watch for include unusual-looking card slots,
plastic overlays on the PIN pad, or the appearance of damage.
Report a lost or stolen card at once: If you misplace your
card, leave it in a public place or your card is stolen, immediately
call your financial institution to limit the chance that it will be
used improperly. Quickly notifying your financial institution also
will limit your potential liability for unauthorized transactions.
Take someone with you: Whenever possible, it is a good idea to
take another person with you when using an ATM or outdoor POS
terminal, such as at a gas station. This is especially true when
visiting an ATM at night, even if it is indoors.
Never disclose information about your card in response to an
unsolicited e-mail or request: E-mail is a common channel for
fraudulent activity. Never provide your debit or credit card number,
PIN or any other personal information to any entity in response to an
unsolicited e-mail or telephone request. Your financial institution
will never ask you to disclose your PIN.
Have your card ready: Minimize your time at the ATM by having
your debit card out and ready to use. Do not let a stranger assist you
in making a transaction, even if you have trouble or your card gets
stuck. Never count your money while at the ATM.
Review your account statements for unauthorized transactions: One
of the best ways to maintain account security is to check your account
statements frequently. With online access, financial institutions are
making it easier than ever to check your account daily. Report any
errors, including unauthorized transactions, as soon as possible.

PULSE assists its financial institution participants in protecting debit cardholders by providing safety materials and statement inserts, and by sponsoring the debit awareness site, www.DebitFacts.org.

For additional information on protecting your debit card and your financial information, visit www.pulsenetwork.com/safety.
For further details about how you can maximize the value of your debit card, keep your finances safe and secure, and manage your money for every stage of life, visit www.DebitFacts.org or follow the site on Twitter at www.twitter.com/debitfacts.

About PULSE

PULSE is one of the nation’s leading ATM/debit networks, currently serving more than 4,500 banks, credit unions and savings institutions across the country. PULSE is owned by Discover Financial Services (NYSE:DFS). The network links cardholders with more than 289,000 ATMs, as well as POS terminals at retail locations nationwide. The company is
also a valued resource for industry research related to electronic payments and is committed to providing its participants with education on evolving products, services and trends in the payments industry. For more information, visit www.pulsenetwork.com.

PULSE, ATM & Debit, ATM & Debit Card Safety Awareness Month,

First Atlantic Commerce Fights Card Fraud in Latin America

The Royal Gazette

FAC fights card fraud in Latin America

Bermuda-based credit card payment processing firm First Atlantic Commerce (FAC) has teamed up with a Latin American company to try to crack down on online credit card fraud in the region.

FAC has implemented a unique, Verified by Visa and MasterCard SecureCode cardholder "authentication-only" solution for Promocion y Operation S.A de C.V (PROSA), the largest provider of electronic transactions in Latin America.

The system will help banks to determine chargeback liability for their online merchants in advance of the actual payment transaction authorisation, thereby providing advance information to assist with reducing fraud and mitigating risk. PROSA operates one of the most important payment processing switches in the world, processing more than 1.3 billion transactions annually and facilitating the majority of transactions made at point of sale terminals throughout Mexico and Latin America, including American Express, Visa and MasterCard, as well as the ATM's of HSBC, Santander, Scotiabank, Banorte, Banjercito, Banca Afirme, Interacciones, Ixe, Invex, Banregio, and other financial institutions in Mexico, Puerto Rico, and Latin America.

Continue Reading

About FAC:

Delivering World-Class Solutions

Our
strategic partners play a key role in helping us deliver a range of
online payment processing and risk management solutions to clients
around the globe.

International Processing Partners:

TSYS Card Tech

TSYS Card Tech has become a
market-leading provider of software solutions to the payments industry.
The company prides itself in delivering the highest quality products
and services on time and to an agreed budget; backing up every
installation with the very best support service, 24 hours a day, seven
days a week. Today, more than 190 clients, including some of the
world's largest banks, use TSYS Card Tech systems in over 70 worldwide
locations.

TSYS Card Tech core products are all developed in-house and are
designed to address any and all aspects of the card management
business. TSYS Card Tech's motto of “any card, anywhere” is justified
by the company's track record. TSYS Card Tech systems are flexible,
modular, parameterised, robust, scalable, cost- effective and future
proof.

TSYS Card Tech products and solutions,
including card issuance, merchant acquiring, authorisation, message
switching, key and PIN management, eCommerce, dispute and fraud
management, address every aspect of the card management business cycle.

www.ctl.com

EVERTEC, Inc.

EVERTEC, a subsidiary of Popular, Inc. (NASDAQ: BPOP), is a leading
provider of transaction processing and outsourcing services including
application processing, business process outsourcing, programming and
IT consulting to customers in 15 countries in a variety of industries.

Through its transaction processing
services EVERTEC executes over 920 million transactions yearly, and
operates a network of over 4,300 automated teller machines and over
85,000 point-of-sale payment terminals. With over 1,700 professionals
operating in 7 countries within the Caribbean Basin, the United States,
Central and South America, EVERTEC supports a variety of production
platforms ranging from portable payment devices to high-end mainframe
systems.

www.evertecinc.com

First Data Merchant Services (FDMS)

First Data Corporation is a worldwide
leader in electronic payment solutions. First Data through its bank
partners gives a competitive edge to businesses and financial
institutions, offering a complete portfolio of payment systems and
services to meet the globally expanding needs of their clients. The
company harnesses partnerships with industry leaders to provide leading
edge, innovative products and services.

Industry leadership requires a strong
commitment to business, industry and product development. Knowledge of
the industries directs the creation of the right kind of products and
services that drive successful business development.

www.fdms.com

Scotiabank International

Scotiabank is one of North America's
premier financial institutions and Canada's most international bank.
With more than 60,000 employees, Scotiabank Group and its affiliates
serve approximately 12.5 million customers in some 50 countries around
the world. Scotiabank offers a diverse range of products and services
including personal, commercial, corporate and investment banking. With
$462 billion in assets (as at July 31, 2008), Scotiabank trades on the
Toronto (BNS) and New York Exchanges (BNS).

www.scotiabank.com

Verified by Visa

For more than thirty years, Visa has helped to set industry standards
for secure payments between consumers and merchants. Verified by Visa
improves the security of payment transactions in the electronic
commerce environment over open networks. It increases both cardholder
and merchant confidence in Internet purchases, and reduces disputes and
fraudulent activity related to the use of Visa payment cards.

http://usa.visa.com/merchants/risk_management/vbv.html

MasterCard® SecureCode™

MasterCard® SecureCode™ provides merchants with a global
authentication solution that takes online shopping security to a new
level. Electronic retailers face unique challenges in accepting cards
for payment in the eCommerce environment. Unlike the physical world,
there’s no signed sales receipt online and therefore no definitive way
for a merchant to dispute a cardholder claim that a purchase wasn’t
made.

Now, with

MasterCard® SecureCode™, there is a way to protect electronic retailers from unauthorized purchases.

MasterCard® SecureCode™ is initiated on a retailer’s Web site and interacts with both the cardholder and their card issuer.

http://www.mastercard.com/us/merchant/security/what_can_do/SecureCode/index.html

PayPal

PayPal is the safer, easier way to pay
and get paid online. The service allows anyone to pay without sharing
financial information and gives consumers the flexibility to pay in any
way they prefer, including through credit cards, bank accounts or
account balances. With more than 60 million active accounts in 190
markets and 17 currencies around the world, PayPal enables global
ecommerce. PayPal is an eBay company.

www.paypal.com

Strategic Risk Management Partners:

ethoca

Headquartered in Dublin, Ireland, with
offices in Toronto, Canada, Ethoca is the leader in collaborative fraud
management. Ethoca enables businesses operating in any
customer-not-present environment (i.e., business by internet, phone,
fax or mail) to make more informed decisions about their customer
transactions by sharing transaction experience data in a way that is
secure, automated, effective and ethical. Businesses submit transaction
data to Ethoca and can use summary history and analysis based on the
collaborative data of Ethoca's clients to gauge the fraud-risk
associated with any given transaction.

www.ethoca.com

Technology And Design Partners:

Microsoft

Founded
in 1975, Microsoft (Nasdaq "MSFT") is the worldwide leader in software,
services and solutions that help people and businesses realize their
full potential. MS-DOS, .NET, Office XP, 2007 Office system, Windows,
Windows Server, Windows 3.0, Windows 95, Windows 98, Windows 2000,
Windows XP, and Windows Vista are all registered trademarks of
Microsoft Corporation.

www.microsoft.com

Xtrategies

Xtrategies is a boutique consulting
firm, with extensive banking, payments and strategy experience serving
Latin America and the Caribbean. Practice areas include operations,
risk management, product strategy and new business ventures. The
company provides support across a wide range of areas including card
programme management, card processing, opreational processes, reporting
and performance matrix, technology and services, vendor search,
evaluation and selection, project management and solution delivery and
interim management, fraud prevention, Information Security Assessments
(Qualified Security Assessor for PCI Evaluations) and business
development.

www.xtrategies.com

Tug Ltd

London, England-based Tug specializes
in Search Engine Marketing, and targeted advertising to prospects that
are actively searching for information or are ready to buy online. The
company provides Search Engine Optimization and Pay-Per-Click solutions
to assist online merchants in meeting their business and sales
objectives.

www.tugsearch.co.uk

Bermedia

Bermedia is a Bermuda-based web development agency specializing in
online software development using .NET, Adobe Flash and other leading
web technologies. Through their years of global experience and the
support of their sister agencies in London and Argentina, Bermedia is
able to deliver world class solutions for all businesses.

www.bermedia.com

emedia Bermuda Limited

emedia Bermuda Limited is a full-service
firm with expertise in marketing, web design and development and public
relations. Established in early 2000, emedia has continually expanded
and evolved to meet the needs of our clients. The creative and
cohesive team prides itself on offering a fresh approach and strategic
solutions for every client, on every project.

www.emedia.bm

Industry Associations:

The Electronic Transactions Association

The Electronic Transactions Association is an international trade
association representing companies who offer electronic transaction
processing products and services. The purpose of ETA is to influence,
monitor and help shape the merchant acquiring industry by providing
leadership through education, advocacy and the exchange of information.

ETA's membership spans the breadth of the payments industry, from
financial institutions to transaction processors to independent sales
organizations (ISOs) to equipment suppliers.

More than 500 companies worldwide are members of ETA.

www.electran.org

Ministry of Telecommunications & eCommerce (MTEC), Bermuda

The mission of MTEC is to foster a culture of technology excellence by
“facilitating” the continued development, growth and advancement of
technology, technology related business, opportunities skills and
access, in keeping with the social agenda objectives of empowering
Bermuda’s economic growth, social fabric and economy, and enabling
Bermuda to continue to be recognized as the prime technology offshore
jurisdiction and centre for business technology excellence.

http://www.mtec.bm

First Atlantic Commerce, Credit Card Fraud, SecureCode, PROSA, Bermuda

More On Commonwealth Bank Phishing Seige

iTWire - Commonwealth Bank under siege by phishers

Australia’s largest bank, the Commonwealth Bank, has been undergoing a series of phishing attacks that have gone from simple alerts of “banking errors”, through to chances of winning money, and now an attack that wants CommBank users to call a number and verify their details to a talking computer – but it’s all just a phishing scam!

Phishing scams targeting financial account holders, auction sites, social networking sites and other online accounts are nothing new, but the ferocity with which they are being thrown at account holders via spammed messages has only increased in both number and social engineering trickery.

The Commonwealth Bank, Australia’s largest, is but the latest to be re-attacked by heartless and greedy phishing criminals, who know only how too easy it is to catch the unwary that are too quick to believe the latest social engineering trick messages their email software delivers.

Although cyber criminals are attacking all manner of financial and other online organizations and their users on a regular basis, there has been a series of phishing episodes against the CommBank in the past few months.

Criminals could well be seeing an opportunity to take advantage of all the recent improvements that Commbank has made to its Internet banking websites, transaction tools and the introduction of voice recognition to try and catch people who will voluntarily giving up their account details and passwords into an online login form or a voice system that otherwise seems and/or sounds completely legitimate.

Editor's Note: If online banking customers used our PCI 2.0 Certified Device to "swipe" their card and enter their PIN, then phishing would be eliminated. No data is in the clear, (no phish in the see) so why would anyone stick their pole in?

Continue Reading at ITWire

Commonwealth Bank, phishing,

Barney Frank Argues His Case in US News & World Report Forum

U.S. News & World Report provided a forum for representatives of both sides of the issue of legalizing and regulating (and taxing) online gaming. When Rep. Barney Frank introduced H.R. 2267 on May 6, Rep. Spencer Bachus was quick to respond with a blurb about criminals, youth, blah blah. But the U.S. News piece allowed both parties to cool down and present their opinions with some thought.
Here is the argument from Frank, with a heavy concentration on the personal freedom aspect of the issue. He also takes the time to counter some of the arguments like the alleged criminal element and the sports betting worries. A few excerpts:

With Gambling, Personal Freedom Is Always the Best Bet, Says Barney Frank. There are many vices in the U.S. Those that hurt others must be stopped. Online gaming need not be.

By Barney Frank
Massachusetts Democrat and chairman of the House Financial Services Committee

There is one major reason that leads me to oppose the ban on Internet gambling: It is an activity that adult Americans enjoy and that does no conceivable harm to anybody else…

Several other negative arguments exist. The least serious comes from the professional sports leagues, which express their horror that if Internet gambling were allowed, people might actually bet on sports games. The bill I proposed prohibits betting on sports through the Internet, but the notion that the people who run professional sports leagues are shocked by the idea that people might actually bet on their games has to rank as one of the least credible in human history.

Indeed, one of the major shortcomings of the current law is precisely that it prohibits human behavior that in fact harms no one. Thus, it winds up doing more to discredit the law than to discourage the activity….

Finally, there are two blatant contradictions in the position of those conservatives who push to outlaw Internet gambling. First, it is the most glaring example we have of interfering with freedom on the Internet. Second, to those who claim to be unhappy with the intrusiveness of the “nanny state,” there is no stronger case than for a nanny government insisting we be “better” people by reducing our freedom.

On this issue, there is a very clear case for the citizen’s right to be left alone.

Barney Frank, Online Gaming, Online Gambling, H.R. 2267

How to Hack an ATM Part VII

ATM stolen from Osakis business | The Osakis Review | Osakis, Minnesota

The Osakis Police Department received a report of a burglary at the Walleye Lodge in Osakis early Monday morning, May 25.
According to Chief Mark Gilson, unknown individuals forced the door open and stole the ATM machine.

By early evening a landowner called and reported an ATM machine on his property south of Interstate 94. It was recovered near the County Road 79 frontage road just off County Road 3 with an undisclosed amount of cash missing.

How to Hack an ATM

Survey Says: UK eTailers Don't Understand PCI DSS

UK e-tailers don't understand PCI DSS - survey

Around 60% of UK online retailers do not know whether they are in compliance with the Payment Card Industry Data Security Standard (PCI DSS), according to a survey from Sage Pay.

Around two thirds of the 1000 SMEs polled by the security vendor say payment fraud remains one of the most daunting elements of running an online business.

In addition, only a small proportion of respondents could demonstrate a clear understanding of the financial risks and implications associated with conducting business online.

Only 39% of retailers questioned actually understand the definition of PCI DSS compliance, while 65% do not believe that they are personally responsible for covering the implications of payments fraud committed on their site.

Editor's Note: Let me take a moment to help UK eTailers understand that HomeATM's PCI 2.0 Certified PIN Entry Device is specifically designed for eCommerce use and removes eTailers from the scope of PCI DSS. Since the data is never in the clear, they are compliant if they utilize (or should I say utilise) our E2E Encrypted, Protected by DUKPT device.

Continue Reading at Finextra

PCI DSS, UK Etailers, SafeTPIN, eCommerce, PCI Compliance

Cybercriminals Use Swiss Bank Accounts to Transfer Billions...er..."Trillions"

Online Criminals Transfer Trillions Through Swiss Bank Accounts

Rik Ferguson

This is the story of how an amateur criminal used a simple piece ofcode and exploited some poorly written software to amass trillions ofdollars and then distribute his ill-gotten gains almost at random.

A few online games have already been launched, designed to takeadvantage of Twitter’s huge and rapidly expanding user base. Arguablyone of the most successful, or annoying, depending on your point ofview is Spymaster.

Spymaster is a game somewhat reminiscent of the Zombies, Vampires,Pirates, Zombie Vampire Pirates (ad infinitum) style games, that weretaking off on Facebook a couple of years back. Players recruit otherTwitter users to their “Spy Ring” gaining rewards for that and forother actions such as assassinations of fellow players. Notificationsfor all of these actions are of course posted up on each playersTwitter account, acting as advertising for the game. Some users havegone so far as to say that this kind of spam, as some see it, is ruining Twitter (some good tips for filtering out Spymaster tweets there too).

Well those same people may be very pleased to hear that the game waswell and truly exploited last night, to the point where the gamecreators have had to reset many player accounts and zero their bank balances and temporarily disable some game features, frustrating many players to the point of giving up on the game.

Continue Reading at CounterMeasures

Futura Card Services Extends Mobile Financial Services to Prepaid Card Platform

CARLSBAD, Calif., /PRNewswire/ -- Futura(R) Card Services announced today that its launch of mobile phone text messaging in the fourth quarter of 2008 is already proving a strong value-add to its card product suite. The new service is a product of Metavante Mobile Financial Services, and powered by Monitise Americas. The service allows Futura cardholders to receive free text messaging alerts for many types of transactions and to obtain real-time card balance information on their cell phones. This dynamic text messaging service is compatible with the great majority of handsets and cell phone carriers in the country, making it an excellent fit for Futura's customer base of prepaid and postpaid cell phone users.

"Text messaging is a tremendously popular form of communication in today's society, and we are very pleased to be able to offer our customers the information they demand in real-time and in a format they are comfortable with. Customers do not like dealing with an automated phone system to get their account information. This technology provides the customer with the same information in a more immediate and user-friendly manner," said Brad Golden, President of Futura.

"More and more consumers are demanding a remote control for information regarding their finances. This feature set provides the standard for baseline mobile products to meet the consumer demand. The mobile phone is the remote control device that they are looking for," said Jeff Lewis, President, ePayment and Mobile Solutions, Metavante.

The inclusion of mobile financial services to Futura's line of card products comes at a time when consumers' attitudes towards their finances are changing. According to a recent survey of 1000 individuals commissioned by Monitise and conducted by the Future Foundation(i), consumers* are managing their money more shrewdly and are paying closer attention to finances as a result of recent economic down turns. Of those surveyed, 56 percent claim to be monitoring their finances more closely, while 41 percent of consumers are planning to check their finances more regularly. The addition of text message banking to Futura cards allows consumers to have instant access to their card balance and transaction history via their mobile phone, providing peace of mind and increased control over their finances.

"In today's environment, debit and prepaid cards are taking over the top spot in our wallets. Futura is an emerging star in this prepaid marketplace, and we are very pleased to be working closely with them on bringing state of the art mobile banking solutions to the consumer," said Lisa Stanton, Chief Executive Officer of Monitise Americas.

Futura(R) Card Services is one of the largest and fastest growing brands in the stored value card marketplace. Futura markets, distributes and services a suite of prepaid MasterCard(R) debit card products that include reloadable general spend debit cards, gift cards and funds disbursement cards. Monitise Americas is a joint venture between Monitise plc, a global specialist in mobile banking technology, and Metavante Corporation, a leading provider of banking and payments technologies to financial institutions and businesses worldwide.

About Metavante
Metavante Technologies, Inc. (NYSE: MV) is the parent company of Metavante Corporation. Metavante Corporation delivers banking and payments technologies to over 8,000 financial services firms and businesses worldwide. Metavante products and services drive account processing for deposit, loan and trust systems, image-based and conventional check processing, electronic funds transfer, consumer healthcare payments, electronic presentment and payment, business transformation services, and payment network solutions including the NYCE Network, a leading ATM/PIN debit network. Metavante (www.metavante.com) is headquartered in Milwaukee. Metavante and NYCE are registered trademarks of Metavante Corporation, which is the principal subsidiary of Metavante Technologies, Inc.

About Monitise Americas
Monitise Americas is a joint venture between Metavante Corporation, a leading provider of banking and payments technologies to financial institutions and businesses worldwide and Monitise plc (MONI.L), a specialist in mobile banking technology. Monitise Americas provides mobile banking and payment services to North American financial institutions predicated on an "ecosystem" principle, which allows multiple mobile carriers and financial institutions to deliver services over a single platform. It has a sister ecosystem in the United Kingdom, MONILINK, developed by Monitise plc in partnership with VocaLink. Current partners of MONILINK include: HSBC, first direct, Alliance & Leicester, Royal Bank of Scotland, NatWest, Vodafone, Orange, O2, T-Mobile and Hutchison 3G. For more information on Monitise Americas and details of how to benefit from participating in its cross-America ecosystem, please visit http://www.monitise.com.

About Futura(R) Card Services
Futura is one of the largest and fastest growing brands in the stored value marketplace. Futura markets, distributes and services a suite of instant issue prepaid MasterCard(R) debit card products that includes reloadable general spend debit cards, gift cards and funds disbursement cards. The company leverages synergies between consumers, merchants and ISOs to offer a diverse lineup of financial tools. Futura's unique distribution model delivers the lowest cost, highest margin prepaid debit card solutions to the retail channel as well as innovative branded and private label programs for the enterprise channel. For more information, please visit www.futuracards.com.

All other trademarks are the property of their respective owners.

(i) Source: "The Future of Money", A research report for Monitise, The Future Foundation

Futura Card, Monitise, Metavante

News for immediate release from Gemalto
Contact: Deb Montner, 203-226-9290, dmontner@montner.com

Gemalto First to Achieve Saudi Arabia Certification on GlobalPlatform Banking Card Compatible with Visa and MasterCard

Optelio supports seamless EMV migration with dual issuance for financial institutions in largest Gulf Region market, with over 10 million cards in use

Amsterdam, the Netherlands - June 3, 2009 - PIN Payments News Blog: Gemalto, the world leader in digital security, today announced that its Optelio banking card has been certified to the Saudi Arabian Monetary Agency (SAMA) requirements. Optelio is perfectly suited for the local market, as it hosts the Saudi Payments Network (SPAN) application, the debit card functionality deployed in Saudi Arabia. The Gemalto product is also compatible with the GlobalPlatform specifications (the standard for smart card infrastructure), the Visa Electron and the Debit MasterCard and Maestro Card requirements, making it usable worldwide.

These certifications enable Gemalto to complete its existing Multos offer for the Saudi Arabian banking market, the largest in the Gulf Region with over 10 million debit cards in use, and to support local financial institutions in their EMV migration. Optelio lets dual-issuer banks seamlessly deliver either Visa's VSDC or MasterCard's M/Chip applications on the same product, with the flexibility offered by the GlobalPlatform standard. In the personalization phase, banks can implement either scheme using the same infrastructure, which significantly simplifies logistics.

"We are proud to offer this innovative and secure payment solution to Saudi Arabia," commented Philippe Cambriel, EVP Secure Transactions Business Unit at Gemalto. "These certifications confirm that Gemalto has the widest portfolio in the industry, covering all applications and technology platforms."

About Gemalto
Gemalto (Euronext NL 0000400653 GTO) is the world leader in digital security with 2008 annual revenues of €1.68 billion, and 10,000 employees operating out of 75 offices, research and service centers in 40 countries.

Gemalto is at the heart of our evolving digital society. The freedom to communicate, travel, shop, bank, entertain, and work—anytime, anywhere—has become an integral part of what people want and expect, in ways that are convenient, enjoyable and secure.
Gemalto delivers on the growing demands of billions of people worldwide for mobile connectivity, identity and data protection, credit card safety, health and transportation services, e-government and national security. We do this by supplying to governments, wireless operators, banks and enterprises a wide range of secure personal devices, such as subscriber identification modules (SIM) in mobile phones, smart banking cards, smart card access badges, electronic passports, and USB tokens for online identity protection. To complete the solution we also provide software, systems and services to help our customers achieve their goals.

As the use of Gemalto's software and secure devices increases with the number of people interacting in the digital and wireless world, the company is poised to thrive over the coming years.

For more information please visit www.gemalto.com.

MasterCard to Participate in UBS Payments Summit

MasterCard to Participate in the UBS Electronic Payments Summit

PURCHASE, N.Y., June 2 /PRNewswire-FirstCall/ -- On Thursday, June 11, Michael McNamara, vice president, MasterCard Advisors, will participate in a panel discussion on behalf of MasterCard (NYSE: MA - News) on cyclical versus secular trends at the UBS Electronic Payments Summit in New York City, NY. The discussion will begin at 8:00 a.m. (EDT) and last for approximately 45 minutes.

A listen-only live audio webcast will be accessible through the Investor Relations section of the MasterCard website at www.mastercard.com. An audio replay of the session will also be available for 30 days at the same website location.

About MasterCard Incorporated

MasterCard Incorporated advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes approximately 21 billion transactions each year, and provides industry-leading analysis and consulting services to financial-institution customers and merchants. Powered by the MasterCard Worldwide Network and through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com

MasterCard, UBS Electronic Payments Summit, Michael McNamara

Visa Sees Credit Card Industry Restructing

Visa sees credit card industry restructuring | Reuters

By Juan Lagorio

NEW YORK (Reuters) - Visa Inc (V.N), the world's largest payment network, said on Tuesday that U.S. legislation curbing certain practices by credit card companies would force the industry to restructure as revenue expectations shrink.

"It's going to cause the whole industry to rethink itself," Visa's Chief Executive Joseph Saunders said in an interview. "It will result in less credit being offered to less people."

The bill, due to go into effect in February 2010, will restrict the ability of credit card issuers' to raise interest rates on cardholders' existing balances, to charge certain fees, and to impose penalties on consumers that the government deemed unreasonable.

Citigroup Inc (C.N), Bank of America Corp (BAC.N), JPMorgan Chase & Co (JPM.N), American Express Co (AXP.N), Capital One Financial Corp (COF.N), and Discover Financial Services (DFS.N) have over 80 percent of the U.S. credit card industry.

Read the Full Story at Reuters

Visa, Restructure, MasterCard, Discover, BofA

Thursday, June 4, 2009

Ping An Bank to launch BE@RBRICK design JCB credit cards

Wednesday, June 3, 2009

PULSE Kicks off Awareness Month with ATM and Debit Card Safety Recommendations

TSYS Card Tech

EVERTEC, Inc.

First Data Merchant Services (FDMS)

Scotiabank International

Verified by Visa

MasterCard® SecureCode™

PayPal

Strategic Risk Management Partners:

ethoca

Technology And Design Partners:

Microsoft

Xtrategies

Tug Ltd

Bermedia

emedia Bermuda Limited

Industry Associations:

The Electronic Transactions Association

Ministry of Telecommunications & eCommerce (MTEC), Bermuda

Disqus for ePayment News