ATM & Debit News articles from August 2005

ATM & Debit News archives from August 2005

Debit Leads MasterCard.
August 4, 2005... MasterCard International reported gross dollar volume worldwide on all its cards rose 12.3% in the second quarter to $408.4 billion. The growth was driven primarily by offline debit card use. Credit card volume rose 8.3% from the same period a...

Study Reflects Phishing Rise.
August 4, 2005... Hijacking of bank accounts over the Web was the most active form of financial fraud in the year ending in May, according to a Gartner survey of 5,000 online consumers. The thefts resulted in $2.75 billion in losses, with an average loss of $900...

Servicers Drop Lawsuit.
August 4, 2005... An unfair business practices lawsuit by the Financial and Security Products Association against Diebold Inc. was dismissed Wednesday. The association is a group of independent ATM servicers. (c) 2005 ATM&Debit News and SourceMedia, Inc. All...

New NCR CEO Has A Big Order To Fill After Hurd.
August 4, 2005... After record sales in 2004, Dayton, Ohio-based NCR Corp. and North Canton, Ohio-based Diebold Inc., the nation's top two bank ATM manufacturers, are reporting lower-than-expected ATM sales for the second quarter of this year. The news...

European Union Struggles To Unify Continental Debit.
August 4, 2005... Europe has seen a surge in cross-border debit card spending, prompted by the advent of the single European market and a rise in the use of debit for purchases on the continent. But Europe is struggling with a fragmented debit card...

On Track: ATM Operators Find Transit Stations Offer Fertile Ground.
August 4, 2005... ATM operators are always searching for profitable deployment locations in what many industry observers now agree is a saturated market. And when operators do identify promising new sites, they often find there is stiff competition for contracts...

Study: Some Networks Won't Survive.
August 4, 2005... A new study by the Needham, Mass.-based TowerGroup consultancy finds that the European Union mandate banning higher debit fees for cross-border debit transactions than fees charged for domestic transactions will cause the demise of some local...

Hitachi Acquires Dove.
August 4, 2005... Boston-based Dove Consulting is now part of Hitachi Consulting Inc., a Dallas-based subsidiary of Hitachi LTD. Hitachi Consulting acquired Dove during the past weekend for an undisclosed price. Dove's founder, David Dove, who takes the title of...

Efunds Reports Mixed Results.
August 4, 2005... Scottsdale, Ariz.-based eFunds Corp. reported a 10% increase in second-quarter net revenues to $116.3 million from $106.1 million a year ago. Overall revenues declined 17% from $140.7 million to $116.3 million as a result of the sale of its ATM...

Visa Debit Far Exceeds Credit.
August 11, 2005... Nearly 1 billion more transactions were initiated with Visa check cards than with Visa credit cards during the second quarter, though credit card sales volume still exceeds that of signature-debit check card sales, Visa USA reported. During the...

MasterCard Earnings Jump.
August 11, 2005... MasterCard International reports second-quarter net income of $120 million, up 82% from the same three-month period last year. Revenues grew 19% to $772 million compared with 2004's second quarter. Chris McWilton, MasterCard's chief financial...

Fiserv Debit Volume Up.
August 11, 2005... Brookfield, Wis.-based Fiserv Inc. announced Wednesday that its electronic funds transfer transaction processing volume grew 13% in the first half of 2005, to 2.28 billion transactions compared with 2.02 billion during the first half of 2004....

RBS Lynk And ATM USA Team To Offer Broadband.
August 11, 2005... Time is money for independent ATM operators. Slow ATM connection speeds can translate to unhappy ATM users and fewer transactions that carry a surcharge. Now, one of the largest ATM transaction processors, Atlanta-based RBS Lynk, hopes to...

Future Growth Of Prepaid Debit Gift Cards In Doubt.
August 11, 2005... At least a dozen distinct prepaid debit card categories are thought to exist, from travel cards to payroll cards, according to researchers studying the issue. Most of these categories are experiencing explosive growth, some in excess of...

Prepaid Debit Card Firms Drawn To Magnetism Of Celebrity Star Power.
August 11, 2005... Credit card issuers have long used celebrities to promote their cards. Now, debit card providers increasingly are using celebrities to promote the sale of their prepaid debit cards. The popularity of prepaid debit cards has grown...

Keybank Goes Contactless With Debit.
August 11, 2005... Contactless payment cards, once a novelty reserved for demonstration projects, appears headed for the mainstream. Cleveland-based KeyBank will become the first debit card issuer in the U.S. to routinely issue contactless debit cards. The...

Global Axcess Signs ISO Deal.
August 11, 2005... Ponte Vedra Beach, Fla.-based Global Axcess Corp will acquire an independent ATM company that owns and operates over 1,500 ATMs located primarily on the East Coast. Global Axcess declines to identify the company. (c) 2005 ATM&Debit News...

Cardtronics Buys Neo Concepts.
August 11, 2005... Houston-based Cardtronics, Inc acquired Neo Concepts, Inc., a Chicago-based ATM independent sales organization. The portfolio includes 360 ATMs located primarily in high traffic BP Amoco stores and an additional 50 ATMs in other sites. (c)...

Clarification.(Correction Notice)
August 11, 2005... A July 27 ATM&Debit News article failed to identify the Star EFT network as the source of a consumer study regarding bank withdrawal limits. (c) 2005 ATM&Debit News and SourceMedia, Inc. All Rights Reserved. http://www.cardforum.com...

Phishing Negligible In Losses.
August 18, 2005... TowerGroup reports that less than 1% of fraud losses in the ATM and POS channels actually come from phishing-based fraud. Based on discussions with the largest card-issuing US banks, TowerGroup estimates that, on average, one out of 15,600 ATM...

Consumers Prefer Debit.
August 18, 2005... Consumers are much more adroit at managing their payment cards to avoid fees and prefer to use debit cards from their own financial institution instead of credit cards, according to a new survey by the American Bankers Association. About 46% of...

Gartner Fraud Study In Conflict With Other Reports.
August 18, 2005... A recent study by Stamford, Conn.-based Gartner Group Inc. focusing on losses from ATM and debit card fraud in the U.S. contradicts recent debit fraud reports by other researchers in terms of dollar losses. Industry observers now question...

States Move To Lift International Surcharge Ban.
August 18, 2005... A few years ago, states were trying to ban ATM surcharges. Those efforts failed mainly due to court decisions. Now, a host of states are passing measures to impose new surcharges on foreign debit cardholders visiting the U.S. Independent...

Some Disagree That Security Data On Mag-Stripe Cards Goes Unchecked.
August 18, 2005... A report issued earlier this month by Stamford, Conn.-based Gartner Group Inc. is raising debate over its accuracy and conclusions that banks are not providing enough security on debit cards for cash withdrawals at ATMs. The controversial...

Verified By Visa Slow To Gain Traction Among Merchants And Consumers.
August 18, 2005... The use of Visa U.S.A's check cards for Web payments is penetrating Web payments as never before. Check card payments, as of the first quarter of 2005, now exceeds credit card payments over the Web. But there is one Web-based payment option...

Bank Takes ATMs In-house.
August 18, 2005... New York Community Bank, based in New York City, is taking its ATM driving and transaction switching in-house. The bank announced that it has installed S1 Corp.'s Postilion transaction-switching software, produced by S1's Deerfield Beach,...

Hard Rock Rolls With GCA.
August 18, 2005... Las Vegas-based Global Cash Access Inc., signed a multi-year contract with Hard Rock Hotel & Casino in Las Vegas for the casino's EFT transaction products and services. (c) 2005 ATM&Debit News and SourceMedia, Inc. All Rights Reserved....

Feds Rethink ATM Disclosure.
August 25, 2005... The Federal Reserve Board is proposing changing the current ATM surcharge disclosure policy of the Electronic Funds Transfer Act so ATM operators can provide a notice stating that a surcharge "may" be imposed for transactions. Current...

Citibank Goes Contactless.
August 25, 2005... Citibank will launch a contactless debit product this fall in the form of a keychain fob that customers can tap on compatible terminals to make small purchases. The only other U.S. issuer to offer a tap-and-go debit product is Cleveland-based...

Debit Rewards Take On Look Of Credit Cousins.
August 25, 2005... Credit card companies, it seems, take rewards programs much more seriously than retail banking issuers of debit cards. Credit card issuers, for example, offer point-based rewards with freebies such as travel miles or cash rebates for...

Hype Overrides Actual Progress In Check Imaging.
August 25, 2005... Vendors of ATMs are prone to refer to check imaging as a sales booster in financial reports. Banks are promoting ATM check imaging in national ad campaigns and financial industry conferences are being staged with check-imaging as a central...

Tough Competition For High-Profile, Off-Premise Sites Drive Banks To ISOs.
August 25, 2005... Banks have traditionally avoided using outside parties to manage their ATMs. But, as prime off-premise locations become harder to find, some banks are rethinking their ATM outsourcing policies. As a result of the change in attitude by...

Firms Are Users Of Bank Gift Cards.
August 25, 2005... Purchases of stored-value gift cards take place mainly in stores and malls. Most recent research on consumer purchases of these cards generally show consumers prefer to buy proprietary cards to give as gifts in place of traditional paper...

Provident Stays With Fifth Third.
August 25, 2005... Provident Bank has renewed a five-year contract with Fifth Third Processing Solutions for Electronic Funds Transfer services, including gateway access, debit card processing and ATM driving. Jersey City, N.J.-based Provident Bank has 91 ATMs....

RBS Signs Eight New ISOs.
August 25, 2005... Payment processor RBS Lynk signed eight new independent sales organizations to its list of clients. The eight include: ATM Systems Inc.; ATM Cash Dispensers Inc.; ATM Cash Now; ATM Source Inc.; B&B Financial Services LLC, Express Teller...