Ceridian Stored Value Solutions Travels the Road with Vehicle Administrative Services

The premier provider of wholesale roadside assistance programs partners with Ceridian Stored Value Solutions to launch new corporate Prepaid MasterCard^® card

LOUISVILLE, Ky.--(BUSINESS WIRE)--Ceridian Stored Value Solutions (SVS), a leading prepaid, gift card, and stored value solution provider, has partnered with Vehicle Administrative Services, Ltd.(VAS) to implement Maintenance Pro Plus (MPP) Direct Vehicle Maintenance and Protection Program.

“Our prepaid expertise and service combined with their desire to take care of customers when they need it most has created another winning combination.”

VAS, the premier provider of wholesale roadside assistance and ancillary automotive benefit programs, is launching Maintenance Pro Plus Direct Prepaid MasterCard^® which will be pre-loaded with funds to allow customers ease of use when redeeming their maintenance benefits under their MPP Direct maintenance service plan. The card may be used at any nationally recognized automotive repair/maintenance quick-lube location, auto dealer service department, or licensed repair facility that accepts Debit MasterCard™.

“MPP Direct will provide our customers with many valuable automotive related maintenance benefits designed to off-set their out-of-pocket expenses,” said Michael Reth, chief financial officer of VAS. “By partnering with SVS to provide our customers with this prepaid debit card payment solution, MPP Direct will be the first vehicle maintenance service plan that offers this type of flexibility, convenience and prompt direct payments to any service center that provides service under our program. MPP Direct will be the first of its kind using a prepaid card solution making vehicle maintenance easy for our customers. They now have the convenience of choice.”

“We are excited to work with VAS to bring this concept to market,” said Keith Sorrels, senior vice president of Sales and New Business Development for Ceridian Stored Value Solutions. “Our prepaid expertise and service combined with their desire to take care of customers when they need it most has created another winning combination.”

About Ceridian Stored Value Solutions

Ceridian Stored Value Solutions is the world’s premier provider of custom gift card solutions, serving marquee household brands from a variety of industries around the world. As a leading prepaid service provider, Ceridian Stored Value Solutions manages more than five hundred million card products and processes over one billion transactions annually. Ceridian Stored Value Solutions is based in Louisville, KY, and is owned by Minneapolis-based Ceridian Corporation. www.ceridianstoredvalue.com

About Vehicle Administrative Solutions (VAS) / MPP Direct

Vehicle Administrative Services, Ltd. (VAS) is the premier wholesale provider of automotive related benefits specializing in emergency roadside assistance and first notice of loss services in the United States. With 20+ years of management experience, our 24-Hour, 7/365 days a year North American Service Network provides coverage in all 50 U.S. states, Canada and Mexico. VAS is proud to call many fortune 500 companies clients and works with each and every one to provide a seamless, professional, wholesale benefit offering. MPP Direct is maintenance service and vehicle appearance protection plan (www.mppdirect.com). VAS is based in Addison Texas. www.vehicleadminservices.com

The Maintenance Pro Plus Direct Prepaid MasterCard is issued by MetaBank™ pursuant to a license by MasterCard International Incorporated. MasterCard is a registered trademark of MasterCard International Incorporated.

Contacts

Ceridian Stored Value Solutions

Jenny Parris, 502-394-1554

Marketing and Communications

jparris@storedvalue.com

At A Glance

Ceridian Corporation

Source: via Business Wire Updated   02/16/2010   by company
Headquarters:	Minneapolis, Minnesota
Website:	http://www.ceridian.com
CEO:	Lee A. Kennedy
Employees:	8776
Organization:	Private

Permalink: http://www.businesswire.com/news/home/20100629005323/en/Ceridian-Stored-Solutions-Travels-Road-Vehicle-Administrative

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CyberDefender Warns Parents of Scams and Malware In Videos of Teen Favorite Celebrities, Movies

Justin Bieber Fraudulent Offer, Twilight Movie Re-Direct Are Examples of Threats

LOS ANGELES--(BUSINESS WIRE)--CyberDefender Corporation (NASDAQ: CYDE), an award-winning Internet security solutions provider of security software and remote PC repair services, today warned parents of the increasing threat from scams and malware traps aimed at teens. With school out and teens spending more leisure time searching online for videos promoting popular movies and celebrity news, teens are more likely to become victim this summer to malware that redirects their search results to fraudulent scam pages.

“An on-call service such as CyberDefender Tech-on-Call will remotely scan the entire system to find any other unrelated hardware issues and correct them first and then properly install the security package.”

“Cyber criminals have increasingly focused on youth, realizing their naiveté,” said Chief Information Officer of CyberDefender, Igor Barash. “Teens will search any rumor about Justin Bieber, the 16-year-old singing sensation, or comb the search engines for news about upcoming teen flicks like ‘Eclipse,’ the new Twilight franchise movie, and cyber criminals know that."

Identity theft is creating more than $50 billion in consumer and corporate losses a year, according to Identity Theft Daily, a newsletter that follows the issue. Every login represents an opportunity for data and money to be stolen. Proper security software protection on home computers and education for the kids is key to preventing an attack, says Barash.

CyberDefender offers the latest tips to protect teens and their families:

• If you download movies or videos clips, make sure they’re from well-known and trusted sources.

Unreleased movies are not available for legitimate download for months after their release. In addition to being illegal, these pre-release downloads often carry viruses or spyware. Be especially cautious when asked for your credit card information.

• Don’t click on search results for images of celebrities unless you can verify where the image is coming from.

More and more rogue spyware directs consumers from image search results to links that take the unsuspecting user to web pages that offer free anti-virus or anti-spyware, but actually download malware – viruses, antispyware and other malicious software.

• When searching for popular movies or celebrities, know how to spell names correctly.

Slightly mistyped names can present search results with bad Web sites. Typo “squatters,” as they’re called, will often buy URL’s with slightly different spelling to capture unsuspecting visitors. They might drop malware on your computer just from visiting the site (drive-by download), or request personal information for financial gain.

• Purchase your gear from well-respected online retailers.

Reputable online retailers such as eBay and Amazon.com will monitor phishing and impersonations of their Web sites. They will look for typo squatters and other cybercriminals that are responsible for fraud and take them down.

• Be wary of clicking on links in Twitter—shortened links make it difficult to confirm legitimate and recognized Web sites.

Twitter allows users to post shortened URLs, making it easier for users to keep the messages within the prescribed character limit. URL shortening is similar to URL re-direction and can be abused by malware authors.

• Entering a contest online? Here’s what to look for to make sure it’s legit:

Make sure that the Web site for the contest specifies that it encrypts your data when sending it over the Internet. In this case the URL starts with “https” instead of “http.” Additionally, some Web sites have the trust seal issued by VeriSign to Web sites that meet its standards. You should be able to click on the VeriSign Trust Seal that opens up a window displaying information about the company you are about to do business with. Always check the URL to verify that you are on the Web site you think you are visiting. You can also copy the domain name and verify the ownership using tools that can be found online. These tools will give you information about the domain you are visiting.

Comprehensive security software such as CyberDefender Early Detection Center (EDC) will go a long way toward keeping home PCs safe, even if the user occasionally goes to a hacked site. All CyberDefender security suites are also connected to CyberDefender’s peer-to-peer network, assuring that the PC receives regular security updates and blocks malware threats identified by the company.

“We estimate that 55% of online users are already infected with spyware. To maximize security, we urge consumers to ask for professional assistance in identifying system issues and installing any new software,” says security expert Brian Yoder. “An on-call service such as CyberDefender Tech-on-Call will remotely scan the entire system to find any other unrelated hardware issues and correct them first and then properly install the security package.”

ABOUT CYBERDEFENDER

Based in Los Angeles, California, CyberDefender Corporation (CYDE) is a provider of Internet security technology for the consumer market. With more than 6.5 million active users of its proprietary patent pending Collaborative Internet Security Network (or the earlyNETWORK), CyberDefender is an industry leader. CyberDefender’s earlyNETWORK is designed to address the “zero hour gap,” which effectively reduces the risks associated with new and emerging Internet threats. By utilizing a proprietary secure peer-to-peer network, CyberDefender delivers protection to the end user faster than the traditional client-server or cloud methods. CyberDefender develops and markets PC desktop security utilities in the following categories: antispyware, antivirus, and PC optimization. In addition, CyberDefender offers the following services: identity protection and remote PC repair and optimization services. CyberDefender products are fully compatible with Microsoft's XP, Vista, and 7 Operating systems and are available at http://www.cyberdefender.com. IR Site: www.cyberdefendercorp.com

Contacts

Public Relations:

The Bohle Company

Luis Levy

310-785-0515 Ext. 204

Luis@bohle.com

or

Investor Relations:

Caye Partners

Marie Dagresto

310-571–8205

cyde@cayepartners.com

IR Site: www.cyberdefendercorp.com

Permalink: http://www.businesswire.com/news/home/20100629005934/en/CyberDefender-Warns-Parents-Scams-Malware-Videos-Teen

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VRL: Prepaid Perceptions Exposed

• Exclusive survey analysing consumer and market position of prepaid cards to be unveiled at Prepaid Summit: Europe 2010

Prepaid Summit: Europe 2010

LONDON--(BUSINESS WIRE)--New research detailing attitudes surrounding prepaid cards is set to be released at the leading European event focused on the prepaid market, Prepaid Summit: Europe 2010. Findings will provide a complete understanding of this key channel. VRL Financial News, leading provider of market intelligence for the financial services industry, has commissioned the research, sponsored by MasterCard and carried out by Polymath Consulting, to better understand senior bankers and retailers thoughts on the prepaid market, including:

• How prepaid cards can be sold/distributed through retailers


• What services should banks/programme managers offer to retailers?


• How can banks and programme managers work more closely with retailers to increase sales and penetration of prepaid cards?

Additional research, carried out by TNS on behalf of VRL, will provide demographic breakdowns of consumers’ attitudes towards prepaid in both the UK and Italian markets. Two thousand people have been interviewed to assess consumer awareness of technology and payment options, and propensity to use prepaid solutions.

Held in association with Cards International and Electronic Payments, Prepaid Summit: Europe 2010 takes place on 13-14 October 2010 in Milan, and also features discussions and talks on a number of relevant and key areas:

• New trends in emerging markets


• Co-branding


• Rewarding customer loyalty


• Mobile payments


• The growth potential of prepaid outside Europe


• Contactless payments

The key question of how to achieve critical mass will be answered and the Prepaid Summit will also debate how channels can deliver the forecasted prepaid growth, during interactive discussions, extended roundtables and speaker slots.

Key-note addresses from MasterCard, Banca d’Italia, VISA, Epipoli, Unicredit, Piraeus Bank, Deutsche Bank and SIA-SSB feature as highlights to the agenda. Questions relating to loyalty, reward or prepaid programmes and mobile payments will all be answered through examples of best practice, industry-leading case studies and details of innovative product launches demonstrating how prepaid is successfully driving revenue streams.

For more details on Prepaid Summit: Europe, the longest-running prepaid event in Europe, visit http://www.vrl-financial-news.com. Sponsors for 2010 include MasterCard Worldwide (Platinum and Workshop Sponsor), Visa (Gold Partner), SIA-SSB (Gold Sponsor), Epipoli and www.mygiftcard.it (Brand Session Sponsors) and Ecommlink (Brand Sponsor).

Contacts

Media Information:

C8 Consulting for VRL

Annette Finch

01189 001135

Annette@c8consulting.co.uk

Permalink: http://www.businesswire.com/news/home/20100629005844/en/VRL-Prepaid-Perceptions-Exposed

Gemalto Acquires Cinterion, the Global Leader in Machine-to-Machine

Combining Cinterion’s wireless modules expertise with Gemalto’s “over the air” platforms will accelerate the deployment of “Smart Machines”

AMSTERDAM--(BUSINESS WIRE)--Regulatory News:

“We are very pleased to join Gemalto”

Gemalto (Euronext NL 0000400653 GTO), the world leader in digital security, announces today the acquisition of Cinterion Wireless Modules GmbH (CWM). Cinterion is the leading provider of industrial Machine-to-Machine (M2M) wireless communication modules, with 2009 M2M revenues of €145 million, EBIT of €4 million and approximately 20% market share. Cinterion, which uses a fabless business model, employs 335 staff with major centers in Munich and Berlin, Germany. The business was started by Siemens in 1995 and spun out to a financial sponsor consortium in 2008.

Building on the investments made in the last twenty years by mobile network operators worldwide that provide wireless data coverage in almost every part of the world, wireless M2M applications are increasingly revolutionizing businesses by enabling simple and cost-effective connectivity for a variety of applications. These include among others: remote monitoring of utility meters or patients at home, tracking of high value items or stolen vehicles and optimized real time management of fleets, smart energy grids for more efficient energy consumption and air pollution detection systems for urban reduction programs in CO2 emissions.

Combining Cinterion’s M2M module technology with Gemalto expertise in deploying software and services for mobile network operators will provide simple to deploy M2M solutions with proven security and demonstrated remote “over-the-air” management of devices for industrial companies, for administrations and for mobile network operators which are increasingly seeking to offer M2M communication services. Technology research specialist Gartner projects year-on-year volume growth rates of 25% from 2009 to 2013, making M2M one of the fastest growing segments in the mobile data business.

Gemalto will pay €163 million in cash for the CWM business, approximately one time annual sales. The closing of the transaction is expected within the next six weeks. The acquisition will be immediately accretive to Gemalto’s 2010 earnings per share and should contribute around €20 million to Gemalto’s profit from operations target of €300 million in 2013. Cinterion’s business results will be reported as part of a new segment that will regroup Gemalto’s activity in this domain, called M2M, to reflect its value and strong growth potential.

“We are taking the leadership position in a fast growing market, the market of Smart Machines that paves the way to the “internet of things,” commented Olivier Piou, Chief Executive Officer of Gemalto. “Together with Cinterion we can address the strong interest of our largest customers, the mobile network operators in M2M and team up with them to offer the M2M market the right combination of advanced software, premium devices and remote management services that has historically been successful in our SIM card business. Cinterion is a high-quality company, with an impressive track record of market leadership, excellent management and strong values: we look forward to accelerating their development in Gemalto.”

“We are very pleased to join Gemalto,” added Norbert Muhrer, Chief Executive Officer of Cinterion. “Gemalto has the financial strength and management vision to deliver on the potential of the M2M market and will provide the ideal growth platform for us. We will continue to run our M2M module business and serve our customers as in the past, while leveraging Gemalto’s strong relationship with mobile operators and excellent capabilities in remote device management to facilitate M2M roll out. This combination represents a unique offering in the market.”

Live Conference call

Gemalto will host a conference call today in English today at 11:00 am Paris time (10:00 am London time and 5:00 am New York time).

Investors and financial analysts wishing to participate to this conference call may dial:

+44 (0)20 7784 1036 or +1 718 354 1152 or +33 (0)1 70 99 42 84

The presentation slide show will be available for download on our Investor Relations web site (www.gemalto.com/investors) at 10:30 am Paris time (9:30 am London time, 4:30 am New York time).

Replays of the conference call will be available from approximately 3 hours after the conclusion of the presentation and until July 22, 2010 by dialling

+44 (0)20 7111 1244 or +1 718 354 1112 or +33 (0)1 71 23 02 48

access code : 3755214#

About Gemalto

Gemalto (Euronext NL 0000400653 GTO) is the world leader in digital security with 2009 annual revenues of €1.65 billion, and over 10,000 employees operating out of 75 offices, with research and service centers in 41 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), Universal Integrated Circuit Cards (UICC) 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.

ProPay Announces Addition of Chris Mark and Dr. Heather Mark to Their Security Organization

ProPay’s Data Security Team Bolstered by the Addition of Top PCI and Payment Industry Experts

LEHI, Utah--(BUSINESS WIRE)--ProPay (www.propay.com), an industry leader in End-to-End Payment Security, credit card processing and electronic payment services, is proud to announce the addition of Chris Mark and Dr. Heather Mark, Ph.D., to ProPay’s Data Security and Regulatory Compliance team. The hiring of Mr. Mark and Dr. Mark is further evidence of ProPay’s commitment to the highest levels of security and compliance expertise and to product innovation in the security of payment card transactions.

“As the protection of data becomes more and more challenging, ProPay is determined to help its clients address that issue. We’re enormously pleased that Chris and Heather have joined our team, and we look forward to enhancing our data security products and services with their assistance.”

“ProPay has a long history of innovation in the security aspects of our merchant payment alternatives,” said Gary Goodrich, Chief Executive Officer. “As the protection of data becomes more and more challenging, ProPay is determined to help its clients address that issue. We’re enormously pleased that Chris and Heather have joined our team, and we look forward to enhancing our data security products and services with their assistance.”

Chris Mark, CISSP, CPISM/A, CIPP, joins ProPay as the Executive Vice President of Data Security and Compliance. He will be responsible for ProPay’s data security and compliance initiatives. He will also work with ProPay’s product development teams to ensure that ProtectPay®, ProPay’s secure payment processing services, continually evolves to meet the data security needs of the payment industry. His experience in payment security working with the major card brands and training the Qualified Security Assessors on behalf of the Payment Card Industry Security Standards Council (PCI SSC) provides him a unique perspective of the industry and how companies can balance security and business objectives effectively.

Dr. Heather Mark, Ph.D., CISSP, CPISM/A, CIPP, has taken the role of Senior Vice President, Market Strategy. Her experience in data security, privacy, regulatory compliance, product development and marketing allows ProPay to stay abreast of the changing regulatory landscape with respect to data security and privacy. With this foresight, ProPay will be able to provide its clients with payment security products that address the growing regulatory morass facing companies that facilitate electronic payments.

About ProPay

Since 1997, ProPay has provided simple, secure and affordable credit card processing and electronic payment services for organizations ranging from the small, home-based entrepreneur to multi-billion-dollar enterprises. ProPay is a leading provider of complete End-to-End Payment Security solutions that reduce, and may even eliminate, the organization’s risk of having sensitive payment data compromised. ProPay is the recipient of the prestigious 2010 ETA ISO of the Year award. ProPay is a privately held company, headquartered in Lehi, Utah. For information, visitwww.propay.com/pressroom.

Contacts

ProPay, Inc.

Scott Nelson, 801-341-5660

Scott.nelson@propay.com

or

Snapp Conner PR

Clay Blackham or Josh Berndt, 801-994-9625

clay@snappconner.com or josh@snappconner.com

Permalink: http://www.businesswire.com/news/home/20100629006217/en/ProPay-Announces-Addition-Chris-Mark-Heather-Mark

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TSYS to Broadcast Second-Quarter 2010 Results

June 30, 2010 09:00 AM Eastern Daylight Time  

COLUMBUS, Ga.--(BUSINESS WIRE)--TSYS will issue its second-quarter earnings report on July 21, 2010, at approximately 4:00 p.m. EDT. A conference call to discuss these results, business trends and future projections will be held on July 21, 2010 at 5:00 p.m. EDT. Shareholders and other interested persons may listen to this conference call via simultaneous internet broadcast atwww.tsys.com by clicking on the link under "Webcasts" on the homepage. You must download Windows Media Player (free download available) before accessing the conference call or the replay. The conference call will be archived for 12 months and will be available starting 30 to 45 minutes after the call ends.

About TSYS

TSYS (NYSE: TSS) is one of the world’s largest companies for outsourced payment services, offering a broad range of issuer- and acquirer-processing technologies that support consumer-finance, credit, debit, healthcare, loyalty and prepaid services for financial institutions and retail companies in the Americas, EMEA and Asia-Pacific regions. For more information contactnews@tsys.com or log on to www.tsys.com. TSYS routinely posts all important information on its website.

Contacts

TSYS Investor Relations

Shawn Roberts, +1-706-644-6081

shawnroberts@tsys.com

At A Glance

TSYS

Source: via Business Wire Updated   07/07/2009   by company
Headquarters:	Columbus, GA
Website:	http://www.tsys.com
CEO:	Philip Tomlinson
Employees:	8,110
Ticker:	TSS  (NYSE)
Revenues:	$1.9 billion (2008)
Net Income:	$250 million (2008)

Permalink: http://www.businesswire.com/news/home/20100630005217/en/TSYS-Broadcast-Second-Quarter-2010-Results

BigHoller Takes Steps to Make It Easier for POS Companies to Integrate Online Ordering

PARSIPPANY, N.J., June 30 /PRNewswire/ -- BigHoller introduces BigHollerPOSConnect™ to both local and international clients. This will give POS companies reliability and reduce POS integration costs for restaurant owners. BigHollerPOSConnect™ is a standardized way of exporting restaurant menus and orders in a simple and easy-to-read XML file for Point of Sales companies. By doing this and standardizing order outputs, POS companies need only build one module that any online ordering company can export to. This greatly simplifies the process.

Currently, each online ordering company has to build its own proprietary integration module, spending months in development, and even longer in testing. This equates to lost sales for a restaurant waiting to exploit the Internet market. Because the online ordering companies are generally not as accustomed to the POS software as the POS companies themselves, testing becomes a long and resource-draining process on both sides. All of this is reflected in the final cost being thousands of dollars more pasted onto the restaurant clients.

Now with BigHollerPOSConnect™, one module built by those who know the POS software best can handle any online ordering system in a standardized and reliable way. Less time can be dedicated to development and thus, less development cost passed down the clients! Restaurant clients also are no longer locked to only one online ordering system anymore because with a BigHollerPOSConnect™ module, any online ordering service can work with their POS system.  

About BigHoller

BigHoller is an industry leader in online food ordering solutions utilized by single locations to international restaurant clients such as Pita Pit, Buckhorn Grill, Planet Pizza, OrderSubway.com and Hooters Casino Hotel Las Vegas (hooterscasinowings2go.com). BigHoller touts user-friendly customer interfaces, robust back-end menu databases, popular online ordering features and unsurpassed customer service. For more information, contact G.R. Homa at (888) Big-Holler (244-4655) or visit http://www.BigHoller.com.

This press release was issued through eReleases(R).  For more information, visit eReleases Press Release Distribution athttp://www.ereleases.com.

SOURCE BigHoller

Durbin Amendment Doesn't Help eTailers,

New Debit Card Regulations About 'Swipe Fees' Will Not Protect E-commerce Merchants, Says Merchant Rights Advocate Robert Livingstone of IdealCost.com

 

WEST PALM BEACH, Fla., June 30 /PRNewswire/ -- E-commerce merchants, one of the fastest-growing segments of the retail and service economy, will not be protected by new Congressional legislation, according to merchant rights advocate Robert Livingstone, president and founder of IdealCost.com, a consulting firm that reduces credit card acceptance fees for merchants without switching their existing provider.

"It is a tragedy that Congress is forgetting about the rights of e-commerce merchants conducting business on the Internet," said Robert Livingstone, president of IdealCost.com. "Consumers won't save any money and e-commerce merchants will wind up paying higher fees."



Editor's Note:  We can help.  We replicate the brick and mortar transaction meaning the Durbin Amendment would apply to swiped transactions.  

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• Payment Service Providers May Be Liable for Counterfeit Website Sales--Gucci v. Frontline (ericgoldman.org)

Payment Service Providers May Be Liable for Counterfeit Website Sales--Gucci v. Frontline

Gucci America, Inc. v. Frontline Processing Corp., 2010 WL 2541367 (S.D.N.Y. June 23, 2010)

This case relates to an online seller of Gucci counterfeit goods called TheBagAddiction.com, run by Laurette. Gucci already successfully shut down the counterfeit website, but it remains on the warpath, looking to nail more defendants. It has sued three additional companies, Durango, Frontline and Woodforest. Durango helps hard-to-service merchants such as TheBagAddiction and other sellers of "replica products" find payment service providers. Frontline and Woodforest are both payment service providers that service Visa, Mastercard and AmEx (Frontline also services Discover). Thus, in this action, Gucci is chasing the payment service providers who helped the counterfeit site get paid. In this respect, the case is analogous to Perfect 10's suits against ccBill and Visa, except that Gucci is proceeding on a trademark claim and not copyright.

Continue Reading at Eric Goldman's Technology and Marketing Law Blog

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Brace Yourselves, Consumers: How Financial Regulatory Reform Will Impact You

Debit Card Fee Provisions Will Change the Way You Use - and Pay For - Your Debit Card

WASHINGTON, June 29 /PRNewswire/ -- Tomorrow, the U.S. House of Representatives is expected to vote on a sweeping overhaul of financial regulations – but Wall Street won't be the only one seeing changes. A provision in the overall bill puts the Federal Reserve in the roll of setting prices and rules for the payment card market – a move that will cause consumers to pay more to have and use their debit cards. By forcing down debit card "interchange" rates – a portion of what merchants pay to accept debit cards – card issuers will receive significantly less revenue to cover their costs, and will have to turn elsewhere to make up the deficit.

"Merchants have been lobbying for the better part of a decade to shift the cost of what they pay to accept debit and credit cards onto the backs of consumers," said Trish Wexler, spokeswoman for the Electronic Payments Coalition. "Large retailers are celebrating today for the predicted profit windfall. Consumers will end up footing the bill for merchant card acceptance – a service that delivers increased revenues and guaranteed payment to retailers. It's a lose-lose for consumers."

There are three primary provisions in the Restoring American Financial Responsibility Act that will help merchants shift this cost of doing business – card acceptance fees – onto their customers' backs:

• Directs the federal government to determine a price for debit card acceptance for large banks

Consumer Impact: By forcing down what merchants pay for the benefit of accepting debit cards, consumers will likely end up seeing higher fees to have and use their debit cards. For example, some card issuers could explore elimination of free checking, free ATM use, or rewards programs; while others may begin charging consumers user-based fees for using a debit card to make purchases. Furthermore, consumers should not plan on lower prices at the register when using their debit cards. According to a report by the U.S. Government Accountability Office, there is no proof that retailers in Australia lowered prices at the register as a result of regulators in that country forcing down the cost of card acceptance. Yet, consumers saw reduced rewards and increased annual fees following that country's interchange fee cap.

• Allows retailers to legally establish a minimum payment amount of $10 to use your credit card

Consumer Impact: This provision will force consumers to carry cash on themselves at all times or spend more than they intended just to reach the minimum amount. If all one needs in the middle of the night is a gallon of milk and a loaf of bread from their local convenience store, they'll have to buy more just to hit the minimum – or end up having to make a trip to an ATM and perhaps pay ATM fees to withdraw cash as well.

• Allows retailers to offer discounts for other forms of payments

Consumer Impact: None. This is a red herring. Retailers are already allowed under federal law to offer discounts for payment by cash, check, or similar means and card network rules are generally even more flexible. Despite the ability to offer these discounts now, however, very few merchants actually offer this to their customers. Instead, merchants simply want to reap the benefits of card acceptance – including increased consumer spend, guaranteed payment, and significantly reduced administrative expense associated with cash and check acceptance – while having consumers foot the bill.

About Electronic Payments Coalition

The Electronic Payments Coalition is dedicated to protecting consumer value, choice, and competition in electronic payments systems. The coalition is a broad-based group of payment card networks, financial services companies, and financial services trade associations whose primary goal is to educate policy-makers, consumers, and the media about the value of electronic payments systems — including economic growth, convenience, speed, reliability, and security — and to ensure the continued growth of global commerce by promoting consumer choice and the stability of the vast payment networks that connect millions of consumers with millions of retailers each and every day.

SOURCE Electronic Payments Coalition