PINcept.com: April 2009

The Only Way to Process Secure Online Transactions...

With news coming out of Washington that the U.S. economy, as measured by the gross domestic product (GDP), fell by 6.1% for the first quarter of 2009, it looks like the Great Recession isn’t going away anytime soon.In addition, with unemployment inching up toward 10% and home foreclosures still on the rise, a jump in credit card fraud is the last thing that American consumers need, but that’s exactly what they’re getting.As Credit and Debit...

Posted by John B. Frank Thursday, April 30, 2009 0 comments

Banking / Finance NewsSource: ComputingComplete item: http://www.computing.co.uk/computing/news/2241443/chip-pin-security-goes-trial-4632986Description:A trial that could prove to be a test case for the security of chip-and-PIN card technology starts today.Alain Job is suing Halifax, claiming that a fraudster withdrew £2,100 from his account at cash machines despite the fact he did not lose his card and changed his PIN as soon as he received...

Posted by John B. Frank 0 comments

Western Union to Pilot Mobile Bill Payment

Newsflash from Finextra.com.30/04/2009 15:37:00WESTERN UNION, CPS AND VERISIGN PILOT MOBILE BILL PAYMENT SERVICEWestern Union has teamed with VeriSgn to pilot a system that enables Consumer Portfolio Services (CPS) customers to trigger their monthly car payments directly from their mobile phones.More on this story: http://www.finextra.com/fullstory.asp?id=19...

Posted by John B. Frank 0 comments

Merchants On "Warpath" Against Interchange

HOME DEPOT EXEC: MERCHANTS ON ‘WARPATH’ AGAINST INTERCHANGE FEESMerchants are "on the warpath" to push for legislation that would cut or cap credit and debit card interchange rates this year, Mario de Armas, director of international and interchange financial services at The Home Depot Inc., told attendees this week during a panel discussion at Source Media's 21st annual Card Forum and Expo at Marco Island, Fla. "The cost for us to accept...

Posted by John B. Frank 0 comments

- Banking / Finance NewsSource: spamfighterComplete item: http://www.spamfighter.com/News-12275-New-Phishing-Scam-Selects-First-Dakota-National-Bank-for-Target.htmDescription:U.S. based First Dakota National Bank released a news item in the media last week alerting customers of a phishing e-mail that spoofs the Bank's name.The scam e-mail claims that there is a new message for the recipient from the bank...to read it she/he must log into...

Posted by John B. Frank 0 comments

PayPal Has Good Q1, eBay Not So Much and Skype Hyped for IPO

Last week, eBay announced first quarter 2009 revenue of $2.02 billion, a $171.6 million year-over-year decrease. eBay's marketplace sales dropped 18% in Q1 while Amazon's gained 18%. According to eBay, PayPal and Skype performed well with year-over-year revenue growth.eBay sees strength for PayPal, expecting the online payment processor to more than double its revenue in the next few years. The Payments business unit reported...

Posted by John B. Frank 1 comments

Airlines lost $1.4 Billion to Online Fraud...HomeATM Can Help!

April 29, 2009 - 3:19pm | author: Petrony | Fraud | NewsHomeATM's PCI 2.0 certified payment solution is available to airlines via Universal Air Travel Plan's payment platform. I humbly suggest they take a closer look. What's that old line? Oh, I know: $1.4 Billion Saved is $1.4 Billion Earned! Are chargebacks the problem? Maybe. Is the fact that credit card companies withhold millions of dollars in usable...

Posted by John B. Frank 1 comments

Gartner Alerts: Subscription Based

HomeATM believes that Gartner is among the top payment/security analysts in the business. As a new feature to the PIN Payments Blog we will share their latest analysis. Keep in mind you must subscribe in order to read Gartner's entire alerts, but this should give you an idea as to what they consider important: Whether you do or not is entirely up to you. One thing's for sure. If you enter a PIN on the web,...

Posted by John B. Frank Wednesday, April 29, 2009 0 comments

Visa Immune to Recession - Profit UP 71%!

It was the FIRST quarter since Visa was founded that debit payment VOLUME exceeded credit payment volume. Not the number of transactions, but the volume. The paradigm shift continues...Here's the press release:BOSTON — Visa Inc.'s fiscal second-quarter profit rose nearly 71 percent, beating Wall Street expectations, as cost cuts and international gains offset U.S. consumers' growing reluctance to use credit cards during a recession.The...

Posted by John B. Frank 0 comments

Privacy is Dead, Long Live the PIN

In an article written for CNET, John Lowensohn writes about HomeATM at Finovate. Here are some excerpts and I've taken the liberty to clarify a few miscues in the article:by Josh LowensohnWhat'ssomething we often use for security in the real world but not online?PIN codes. We use them at stores, banks, and ATMs, so why not use themonline? For one, a QWERTYkeyboardlets you create a much stronger, and often easier-to-remember passwordthan...

Posted by John B. Frank 0 comments

Corporate Security Threatened by Converged Risks

Business ICT Risks - GeneralSource: Net-SecurityComplete item: http://www.net-security.org/secworld.php?id=7418Description:As the risks faced by businesses grow ever more complex and threats proliferate, the job of those responsible for managing the security of the organization have got much harder. The whole concept of security has also expanded way beyond the traditional remit and into areas such as protecting brand and intellectual property,...

Posted by John B. Frank 0 comments

Card Skimmers Create 149% Increase in ATM Fraud

- Banking/Finance - ATM / POS Source: european-atm-securityMore info: https://www.e-secure-it.com/upload/351074.docDescription:EAST (the European ATM Security Team) has reported a 149% rise in ATM related fraud attacks during 2008. This reverses a previous trend and is primarily led by the 129% increase in card skimming incidents, with a total of 10,302 reported. Despite this significant increase in incidents, fraud related...

Posted by John B. Frank 0 comments

CommSec Breached by Hackers

Source: NewsComplete item: http://www.news.com.au/technology/story/0,28348,25396936-5014239,00.htmlDescription:SECURITY at the nation's (Australia) biggest online trader has been exposed as wide open to attack by computer hackers.Security flaws at CommSec potentially endangered accounts containing billions of dollars of mum-and-dad investors' money.After a Herald Sun investigation, CommSec's 1.7 million customers have been strongly urged...

Posted by John B. Frank Tuesday, April 28, 2009 0 comments

HomeATM at FinovateStartup09 Today

After a fantastic week in Las Vegas at the ETA Show, we are scheduled to participate in FinovateStartup09 tomorrow. I depart Phoenix for San Francisco this morning to meet up with HomeATM CEO Ken Mages and COO, Mitch Cobrin who flew directly there from Las Vegas. It looks to be an exciting time and we look forward to meeting with several other providers of financial innovations whom were also invited to participate. ...

Posted by John B. Frank 0 comments

Visa: Sell Class C Shares Sooner Than Later

UPDATE 1-Visa accelerates liquidation of Class C shares Non-U.S. banks can sell up to 30 pct of class C shares Liquidation could help banks raise money Visa shares fall 2.2 percentVisa Inc said it had accelerated the timetable for non-U.S. financial institutions to sell their shares of the world's largest payments network, in a move that could help battered banks to raise money.Non-U.S. banks holding shares known as "Class...

Posted by John B. Frank 0 comments

Grappling With ACH Fraud - BTN

Bank Technology News | May 2009 | By Michael SiskThe number of paper checks being converted to ACH transactions is growing exponentially, making the channel more enticing to thieves and increasing instances of fraud. It's a problem that's starting to get the attention of the industry, says Nick Holland, a senior analyst at Aite Group. He recently surveyed 23 U.S. banks and credit unions and found that 95 percent cited ACH fraud as an...

Posted by John B. Frank 0 comments

Debit Card Usage Continues to Grow

Figures show trend towards plastic in general.Consumer spending using credit cards grew by 2% last year, according to the latest figures from UK payments association Apacs. The organization revealed that £126.2bn was spent using credit cards in 2008, up from £123.8bn in 2007. However, retail spending using credit cards - which does not include financial payments or travel costs, among others - recorded a slight fall of 0.6%...

Posted by John B. Frank 0 comments

62% of Major Applications Breached in Last 12 Months

Over 60% Of Breaches Tied To Flaws In Business-Critical ApplicationsDarkReadingIf you still don't think security vulnerabilities in software will necessarily catch up with you, think again: 62 percent of organizations in the last 12 months suffered data breaches as a result of bugs being exploited in their major applications, according to a newly released survey. Forrester Consulting, commissioned by Veracode, surveyed application developers...

Posted by John B. Frank 0 comments

Bling Nation Chooses Phone Factor for Validation

Bling Nation Chooses PhoneFactor to Validate Consumers' High-Ticket Items and Suspicious TransactionsCommunity Payment Service Offers an Unprecedented Level of Transaction Security to Their CustomersOVERLAND PARK, KS -- (Marketwire) -- 04/28/09 -- PhoneFactor, a leading provider of security products and services, today announced that Bling Nation has selected its phone-based authentication technology to protect bank customers from fraud...

Posted by John B. Frank 0 comments

MRC to Lead Fraud Risk Discussion at NRF Conference

FOR IMMEDIATE RELEASE MEDIA CONTACT: Jordan Rubin TELEPHONE: 206.364.2789 EMAIL: jordan@merchantriskcouncil.org MERCHANT RISK COUNCIL TO LEAD FRAUD RISK AND LOSS PREVENTION DISCUSSION AT NRF CONFERENCE MRC Executive Director Leads In-depth Discussion on Major Fraud Prevention Advancements (Seattle, WA—April 28, 2009) The Merchant Risk Council...

Posted by John B. Frank 0 comments

KoobFace: It's In Your FaceSpace

Image via CrunchBaseSource: SunbeltBlogComplete item: http://sunbeltblog.blogspot.com/2009/04/new-facebook-koobface-run.htmlDescription:Koobface, a worm which steals Facebook or MySpace credentials and spams their credentials, is certainly alive and kicking. ere's a run occurring right now. You get a message from a friend:https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiM4N1Pw37IFwAgkY5np8FfpjQCTJSKh1-Fd5Yg2Gapk0AyoBZGsOllKjKGzXyq8UQz3kSa80f8bbnXHBSaXO72PEIHjCgt8z77zAF960_WzE6Rc9gIQUsIFCPhNdcu4TbygzRYkI_MONk/s1600-h/facbook234882348288.pngWhich...

Posted by John B. Frank 0 comments

Twit or Twitout You: The Numbers Grow

Twitter Tally Tweety Bird would never believe this.Ifmedia attention is any indication, Twitter has exploded into an all-outphenomenon. Celebrities, politicians, entrepreneurs, business leadersand everyday users are flocking to the service en masse, generating a frenzy of activity and attention.Everybody is talking about Twitter, but what do the numbers say? Editor's Note: This seems like a good time to...

Posted by John B. Frank 0 comments

Source: IT ProComplete item: http://www.itpro.co.uk/610657/olympics-could-be-hit-by-cyber-attack-says-blunkett?CMP=NLC-NewslettersDescription:Labour MP David Blunkett will warn that the London Olympics could be under threat from a severe cyber attack unless urgent action is taken, according to reports.At a keynote this week's Infosecurity Conference, he will also claim that terrorists could use sophisticated hacking to cause a complete...

Posted by John B. Frank 0 comments

Payments Industry News Blog