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New Jersey Law Prompts InComm to Remove Visa and MasterCard Gift Cards From All Stores in the State

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altNew Jersey recently passed a law that will probably have gift card users upset. The state can now take any funds still remaining on a gift card after two years of inactivity even if the card has not expired.

New Jersey now requires a gift card purchaser’s personal information to be collected at the time of purchase. This information will then be passed on to the state of New Jersey in hopes that they can make some extra money and help  make up for budget cuts.

Now InComm, the prepaid card company which offers such popular gift cards as Vanilla Visa and Vanilla MasterCard will be pulling all of their prepaid cards from all of the retail stores in New Jersey effective June 30, 2012.

"Customer service and ease of use for consumers have always been of the utmost importance to us at InComm, and we want to continue to serve our retailers, brand partners and consumers with the best prepaid and payment solutions in the market," explained the President and CEO of InComm, Brooks Smith. "Unfortunately, once the new unclaimed property law is enforced in New Jersey, we will be unable to ensure compliance on behalf of our retail partners, and therefore have no option other than to cease selling InComm products in the state."

"In addition to the compliance issues this law creates, we are very concerned that our New Jersey consumers will not have continued access to their gift card funds. States should not have the right to remove funds from an unexpired Visa or MasterCard card that a consumer is carrying in their wallet,” Smith continued.

Federal law prohibits gift cards from expiring less than five years from the date of purchase which means the state could literally be removing funds from a perfectly good gift card simply because the cardholder has elected to save that money. In fact, Vanilla gift cards do not expire and the funds are suppose to be there indefinitely which means those that may purchase gift cards in New Jersey are being deprived of what the card is truly meant to offer.

As always, please stay tuned to CreditCardsProfessor.com for more of the latest credit card news, special card offers and important cardholder updates.

 

Major Credit Card Payment Processor, Global Payments Hacked

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News spread on Friday that a serious breach had occurred at Global Payments, a major credit card processor based in Atlanta. The issue may have affected the security of nearly 1.5 million credit card accounts. Here are the latest statements from the companies involved:

4/1/12 - Global Payments Inc. (NYSE: GPN) Global Payments Inc. (NYSE: GPN), a leader in payment processing services, announced on Friday, March 30, 2012 that it identified and self-reported unauthorized access into its processing system. The company believes that the affected portion of its processing system is confined to North America and less than 1,500,000 card numbers may have been exported. The investigation to date has revealed that Track 2 card data may have been stolen, but that cardholder names, addresses and social security numbers were not obtained by the criminals. Based on the forensic analysis to date, network monitoring and additional security measures, the company believes that this incident is contained.

The company continues to work with industry third parties, regulators and law enforcement to assist in the efforts to minimize potential cardholder impact. It has engaged multiple information security and forensics firms to investigate and address this issue.

"We are making rapid progress toward bringing this issue to a close. Our nearly 4,000 employees around the world are focused on providing exceptional service. We are open for business and continue to process transactions for all of the card brands," said Chairman and CEO Paul R. Garcia.

Visa Inc. Statement

Visa Inc. is aware of an announcement from Global Payments Inc. that it experienced unauthorized access into a portion of its processing system that may have exposed payment card information from all major card brands. There has been no breach of Visa systems, including its core processing network VisaNet.

Visa has provided payment card issuers with the affected account numbers so they can take steps to protect consumers through independent fraud monitoring and, if needed, reissuing cards.

It's important for U.S. Visa consumer cardholders to know they are protected against fraudulent purchases with Visa's zero liability fraud protection policy, which exceeds federal safeguards. As always, Visa encourages cardholders to regularly monitor their accounts and to notify their issuing financial institution promptly of any unusual activity. Additional consumer security tips are available at www.VisaSecuritySense.com.

Every business that handles payment card information is expected to protect the security and privacy of their customers' financial information by adhering to the highest data protection standards. Visa also supports advanced security layers such as encryption, tokenization and dynamic authentication through EMV chip technology to further protect sensitive account information and minimize the impact of data compromises.

MasterCard Statement

MasterCard is currently investigating a potential account data compromise event of a U.S.-based entity and, as a result, we have alerted payment card issuers regarding certain MasterCard accounts that are potentially at risk.

MasterCard is concerned whenever there is any possibility that cardholders could be inconvenienced and we continue to both monitor this event and take steps to safeguard account information. If cardholders have any concerns about their individual accounts, they should contact their issuing financial institution.

Law enforcement has been notified of this matter and the incident is currently the subject of an ongoing forensic review by an independent data security organization. It is important to note that MasterCard's own systems have not been compromised in any manner.

American Express Statement

We are aware of and are closely monitoring this situation. Here is what we know at the moment:

  • Global Payments is currently investigating the incident, including what impact there may be to any credit card information. We are continuing to work with Global Payments to determine the extent to which our cardmember data may have been affected.
  • Once we have more details and information, we will be able to be more specific about any possible American Express impact.
  • In addition, we actively monitor accounts for fraud on an ongoing basis. If we see there is unusual activity which may be fraud, our standard practice is to immediately contact the customer. I have no further details at this time.
  • In any event, American Express Cardmembers are not held liable for any fraudulent charges on their account.

Discover Statement

As of right now, we are aware of the situation, are monitoring accounts for suspicious activity and will reissue plastics as appropriate. Discover's top priority is maintaining the privacy and security of our cardholders. As always, due to our $0 fraud liability guarantee, our cardmembers are never responsible for unauthorized charges on their accounts, whether online, offline, anytime, anywhere. If a cardmember believes their account may have been affected, they should call us at 1-800-DISCOVER.

Source: bankofsecurity.com

 

"Welcome In" to American Express' Newest Brand Campaign Entitled, "The Membership Effect"

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Television Spots Featuring Actor/Comedian Aziz Ansari, Restaurateur Thomas Keller and Small Business Saturday Highlight Unique Benefits and Value American Express Provides Consumers and Merchants

Broadcast and Cable Presence for Ads Across Two Dozen Networks

NEW YORK,  March 28, 2012 -- PRESS RELEASE

American Express announced the launch of its latest television and digital brand campaign entitled, "The Membership Effect," which chronicles the power of the unique benefits and innovations available to the millions of American Express Cardmembers and merchant partners connecting globally every day.

The campaign is the centerpiece of a broader effort that American Express is taking to educate its customers about the potential that American Express offers to connect people to possibilities through the power of its network, or "The Membership Effect." The American Express network connects millions of consumers, merchants and businesses around the globe in a payments and commerce ecosystem that creates value for all its participants. American Express is built on relationships, insights gleaned from data, and the ability to use these assets to enhance lives and build business success for its customers.

The campaign aims to showcase how American Express delivers benefits, rewards, savings and experiences for customers and services and relationships that help its merchant partners succeed through television spots featuring actor/comedian Aziz Ansari, chef/restaurateur Thomas Keller and the Company's Small Business Saturday initiative.

The campaign also introduces a new tagline for American Express, "Welcome In," to highlight that membership in a networked world is inclusive, ambitious and emphasizes the advantages that come from belonging to the American Express community, called out as "the power of all of us."

The campaign kicked off on March 15 and has aired during primetime lineups on CBS, NBC and Fox and will include such network hits as American IdolGleeCSIBig Bang TheorySaturday Night LiveTouchSmash and The Voice. Thirty-second and sixty-second versions of the Keller and Small Business Saturday executions will air across more than two dozen broadcast and cable networks including AMC, ESPN, TBS and Comedy Central throughout the spring. The digital campaign includes a heavy presence across Facebook, Twitter and Apple's iAd mobile platform.

Two new executions featuring Ansari begin airing today.

"Through the unique American Express ecosystem of buyers and sellers, we have the ability to offer our Cardmembers and merchant partners additional value and service. Nowhere is that more evident than with our collaborations with Facebook, foursquare and, most recently, Twitter -- which allow us to connect and facilitate both experiences and commerce between Cardmembers and merchants," said John Hayes, Chief Marketing Officer, American Express. "The Membership Effect captures that idea, of how American Express is creating powerful connections and shared value between the members of the American Express community of consumers, merchants and small business owners."

Several American Express programs that capitalize on the power and potential of "The Membership Effect" are highlighted in the advertising campaign, including:

Creating Rich Experiences for Cardmembers
American Express partnered with Aziz Ansari to develop three humorous spots showing how he is able to take advantage of exclusive offers for American Express Cardmembers by "syncing" his Card to Facebook, Twitter and foursquare. A :60 spot takes Ansari on a journey with the help of his American Express Card following his quest to win the heart of a young woman, and two :30 versions show Ansari feeding his love of kayaking and the tuba. The ads illustrate how American Express uses social media platforms to add value to Cardmembers by allowing seamless redemption of merchant offers without the need for coupons or special codes.

Delivering Value to Businesses
The spots featuring Thomas Keller share how "The Membership Effect" benefits him as a small business owner and American Express merchant partner. Throughout the spot, Keller shares how American Express harnesses the power of its network of buyers and sellers to grow his business and provides insights and tools that help him expand his customer base and support the local economy in Yountville, California, home to his first restaurant The French Laundry, and beyond.

Consumers and Communities Connecting to Support Small Business
American Express' successful Small Business Saturday initiative – which drives millions of consumers to small businesses around the country – is profiled in multiple television spots to highlight the role that American Express, consumers and merchants play to support an important economic engine: small business.

For more information on "The Membership Effect," visit americanexpress.com/me. All of the spots can be viewed online at youtube.com/americanexpress.

About American Express
American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress,twitter.com/americanexpress and youtube.com/americanexpress.

 

MasterCard Introduces New Tool that Predicts the Potential for eCommerce Fraud in Real Time

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Expert Monitoring Fraud Scoring tool provides online merchants with another resource in the fight against fraudulent transactions

When tweeting this news, please use the hashtags #MasterCard and #MRCLasVegas

PURCHASE, N.Y.–(BUSINESS WIRE)–Mar. 28, 2012– Ecommerce merchants have a new tool at their disposal to help mitigate the risk of fraud in online transactions, withMasterCard’s introduction of Expert Monitoring Fraud Scoring for Merchants.

The new tool enhances merchants’ insight into card behavior beyond a merchant’s website or a cardholder’s shopping cart. The service provides merchants with a predictive fraud score for Card-Not-Present transactions in real time to measure the likelihood that a transaction is fraudulent. This is done using fraud detection models designed specifically for eCommerce merchants, which uniquely enables merchants to evaluate a longer span of transaction history to deliver a fraud score that more accurately describes online cardholder behavior.

eCommerce merchants continue to face heavy losses from fraudulent transactions. According to the Lexis-Nexis® 2011 True Cost of Fraud Study, merchants incurred costs of more than $2.33 for every $1 of fraud committed, absorbing more than $102 billion in total losses in 2011. To lower their risk in this space, eCommerce merchants utilize an average of four to seven fraud detection solutions to validate orders and identify fraudulent transactions.

MasterCard’s new tool also benefits consumers, as it helps protect them from fraudulent transactions on their cards, while minimizing the potential that legitimate transactions are declined.

“Fraudsters are becoming increasingly sophisticated in their approach, so online merchants must be even more vigilant in their efforts to protect the integrity of the online shopping experience for cardholders,” says Johan Gerber, Group Head, Global Network Products for MasterCard Worldwide. “Our new tool allows acquirers and their participating merchants to look at the potential for fraud in a transaction in real time, and integrate the data into any existing fraud detection solution. This helps increase accuracy in fraud detection, and helps to reduce the bottom-line impact of fraud.”

Simulations that MasterCard conducted with the tool showed that eCommerce merchants could realize a potential for 15-30 percent fraud loss savings, simply by reviewing or automatically declining transactions deemed as high-risk by the using the new tool.

Beginning in May, the Expert Monitoring Merchant Fraud Scoring tool will be available as an option for acquirers and their merchants across the globe on all Card-Not-Present transactions originating from U.S.-issued cards.

About MasterCard

MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter@mastercardnews, join the conversation on The Heart of Commerce Blog andsubscribe for the latest news.

 

Source: MasterCard

MasterCard Worldwide
Amanda Gioia, 636-722-6736
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Mike Plotnick, 636-722-2319
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Square Updates System with New Payments App Supported by Android

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altSquare swept across the nation in 2011 bringing merchants the ability to process transactions virtually anywhere, anytime using a small device which plugs into a range of devices and smartphones.

Now the company is providing everyone with something even more flexible in the form of a consumer mobile payment wallet app. This new form of payment allows consumers to pay without ever removing a card from their wallets.

Square will be relaunching the app called Card Case with a new name – Pay with Square on Monday. Among the most important changes to the app is that it is no longer contained to just iPhones with the addition of Android compatibility.

“We do believe Pay with Square is the most seamless way to pay and drives the most value for customers and merchants,” stated the Director of Products at Square, Megan Quinn.

The Pay with Square app is quite amazing in that it notifies a business upon arrival when a customer enters the location and the customer will also receive the business information on their device using location-based geofencing.

The updated version also provides a way for consumers to discover participating merchants with a selection of popular retailers that accept Pay with Square available on the app. A search bar is also included making it easier than ever to find a particular merchant. Users can even share this information with others through email, Twitter or SMS.

“We’re crafting products that create experiences for merchants and customers. Our competitive advantage is building an amazing experience; it’s facilitating the interaction not just the transaction,” explained Quinn.

We here at CreditCardsProfessor.com look forward to the growth of Square as it moves forward with its mobile credit card processing ventures.


 


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