Friday, 02 December 2011

The Card & Payments Awards Announce Shortlist for 2012

Ahead of the seventh annual awards ceremony to be held on 1st February 2012 at The Grosvenor House Hotel in London, the finalists for The Card & Payments Awards have been announced.

A record number of entries were received from companies across the UK & Irish payments industry. More than fifty different card brands and issuers, merchant acquirers and alternative payment services organisations are shortlisted as finalists for one or more award.

Entries were judged on demonstration of strategy, creativity, transparency, value to customers and commercial results by an independent judging panel which comprises of representatives from the payment card organisations and various industry commentators and experts. John Woods, Chairman of Moneyfacts Group and chair of the judging panel noted: "We were once again impressed by the quality of entries submitted for this year's Awards. Despite challenging economic times, the finalists are continuing to innovate and develop propositions that deliver value to their customers. This is true across the spectrum of card issuers, acquirers and other payment providers. The shortlist illustrates that card and payments organisations are keen to leverage technology to optimise all aspects of the customer and commercial experience. Some of the initiatives that we judged in the pilot stage a few years ago, such as mobile and contactless payment methods are finally being introduced on a wider commercial platform and it will be interesting to see how customers and merchants adopt these innovations."

For a list of the finalists go to:

exceet to Acquire Inplastor

The exceet Group SE, a provider of integrated electronic products and solutions, intends to acquire Inplastor GmbH, the Austrian full-service provider of card-based loyalty and ID security solutions. As a result, the exceet Group will expand its portfolio with another innovative provider serving the Austrian market specifically and so strengthen its leading role in German-speaking countries.

"The future integration of Inplastor into the exceet Group will see us further expand our existing activities in the loyalty and security fields, and drives forward our development and production skills", says Ulrich Reutner, CEO of the exceet Group.

Inplastor, based in Vienna, produces 25 million cards annually. Turnover in financial year 2011 is expected to be around 9 million Euros. "This step was important for us in our consistent pursuit of growth", says Andreas Korger, a member of Inplastor's executive management. "The new corporate structure will see numerous additional solution and product offers alongside important shared development and production synergies."

The purchase contract was signed on 1 December 2011. Both parties have agreed not to disclose any further details of the contract.

INSIDE and CorFire Partner to Accelerate Rollout of NFC Applications

CorFire and INSIDE Secure, announced an agreement that promises to accelerate the rollout of NFC applications by ensuring that INSIDE Secure's portfolio of MicroRead and SecuRead NFC solutions, as well as its Open NFC protocol stack, are interoperable with CorTSM, CorFire's trusted service manager (TSM) solution.

"Seamless interoperability between the TSM and the NFC secure element is paramount to healthy NFC service deployments, and we are pleased to join forces with INSIDE Secure on validating the interoperability of our solutions to help speed up the rollout of NFC payment applications," said Dr. Jun Hong, CTO of CorFire.

Operation Robin Hood

Rob Rachwald, Director of Security Strategy at Imperva highlights the losers of Operation Robin Hood.

The purpose, according to Anonymous: Operation Robin Hood is going to return the money to those who have been cheated by our system and most importantly to those hurt by our banks. Operation Robin Hood will take credit cards and donate to the 99% as well as various charities around the globe. Anonymous also claims:

We are going to show you banks are not safe and take our money back. We are going to hit the true evil while not harming theirs customers and helping others.

This begs the question: Who pays for stolen credit cards?

  • A. Banks
  • B. Retailers
  • C. Consumers/credit card companies' customers
  • If you answered C, you're right.

Consumers are using their credit cards more, which has provided a large black market for credit card numbers. The markets have become quite efficient.

The problem is that from a consumer standpoint, there's no liability for a stolen card. The fraudulent transaction is not charged back to the consumer. The problem is that this misleads consumers--and Anonymous--into thinking that consumers are spared while banks and retailers are screwed. Wrong.

The reality:

The retailers who accepted the stolen credit card (not knowing it was stolen) lose price of the merchandise purchased.

Credit card companies increase fees and interest rates. Fraud costs, in effect, are distributed back to the general pool of consumers.

So who's funding Operation Robin Hood? Anyone with a credit card. This very likely includes the many members of Anonymous."

Transport Ticketing 2012

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