Photo by Don Hankins
Beware Visa’s warnings
Visa Inc. last week sent a fraud alert to banks and payment processors warning them to look out for a “large batch settlement fraud scheme” involving a merchant account in East Europe. That alert is focusing renewed attention on a longstanding need for banks to tighten up the standards for authorizing merchants who accept credit and debit card payments.
Batch settlement fraud schemes – What are they?
Batch settlements refer to the common practice where merchants store all authorized payment card transactions that occur during a day …

New Visa Innovation: Contactless Mobile Payments Via iPhone
How many times have you told  yourself how indispensable your iPhone is? Or how you can’t live without it? When it comes to fun and productivity, this gadget can definitely improve your life and entertain you at the same time. Now, there’s another reason why you can’t afford to lose your iPhone or let it out of your sight, because Visa is going high-tech by offering a mobile payment solution that lets iPhone users make purchases with a wave of their mobile devices. …

Well, it looks like Visa is again extending its reach across the world. The financial world is abuzz over Visa’s acquisition of Cybersource. The world’s largest electronic payments network made headlines when they acquired CyberSource Corporation, a prolific online payment services provider for a record total of $2 billion. In cash, no less. Their offer price of $26 per share for all outstanding CyberSource shares has also been made public. The whopping $2 billion price tag is the biggest one yet since Visa went public in the year 2008. Michael …

Illustration by Eddie Guy
MasterCard and Visa are highly reputable brands in the financial world – but what happens when card issuers misuse their power and ride on the giants’ reputation for their own gain? Apparently money cannot buy love, but money will buy them the license to issue cards bearing MasterCard and Visa’s emblem, ultimately sending huge profits along their way.
Hallmark Bank & Trust – Cause for Concern
Take the case of Hallmark Bank & Trust for example. With headquarters in the Turks and Caicos Islands, is affiliated with MasterCard and …

How many times have you said this to yourself: “I swore I had $50 in my wallet before I left the house…” If this has happened to you before, then you are not alone. More of more US consumers are admitting to the fact that they cannot keep track of their expenditure. As a result up to $1000 is unaccounted for annually. This phenomenon is even more worrying in younger Americans whereby as much as $2500 is lost each year.
These findings were made public by Visa recently. Although an increasing …

The carrot on the stick
Imagine this scenario: You’ve stumbled upon a spiffy looking website online offering a free trial pack of colon cleansing products together with an impressive looking e-Book. All you need to do is submit your name, address, credit or debit card details (for a nominal “shipping and handling fees”), as well as other personal details, and you’ll enjoy a month’s supply of colon cleansing product, JUST the thing you need to lose some weight in time for Christmas… RIGHT?
A nasty shock
WRONG! Yes, you will receive your trial …

The scam Recently, it has been reported that merchants are facing a new threat in the form of unethical credit card processing salespeople. These salespeople resort to unethical methods in order to garner more sales. It is believed that this is a rampant occurrence in Springfield where a company hires people to “force” merchants into switching their credit processing companies. Banks and credit card issuers who found out about this claim that these acts are not illegal but merchants are crying foul over the lack of ethics displayed by the …