Revention Takes the Lead on Credit Card Security Standards

HOUSTON, July 23, 2008 /PRNewswire via COMTEX/ ----Revention (http://www.revention.com), a leading provider of advanced restaurant management solutions, is pursuing the highest level of credit card compliance based on the recently released Payment Card Industry Data Security Standard. PCI Standards list was developed by all major credit card issuers, and includes best practices for stored, processed, or transmitted credit card data. Recent security breaches at many POS companies prove that Revention is miles ahead of its competition as it emerges to pursue more secure credit card data processes in order to protect its customer base.

Revention CEO Jeff Doyle says, "Protecting our customers' data is one of our highest priorities. As point-of-sale security breaches become increasingly common among retailers, it is imperative that all POS providers carefully examine their existing data protection procedures for vulnerabilities. Our goal is to be proactive rather than reactive, and as a result, we are working diligently to provide our customers with the most advanced cardholder data protection available."

To ensure that customer credit card data is protected, Revention has implemented new operational and application securities designed to satisfy PCI cardholder data protection procedures: build and maintain a secure network, protect cardholder data, maintain a vulnerability management program, implement strong access control measures, regularly monitor and test networks, and maintain an information security policy.

About Revention, Inc.

Revention, Inc. is a leading developer of complete, customizable restaurant management solutions designed to streamline the way restaurants do business. Revention's experienced professionals are dedicated to assisting customers both before and after the sale, providing a complete solution that includes customized installation, training, technical support, and much, much more.

source :http://www.google.com/news?

Capital One Falls as Profit Misses Analyst Estimates (Update1)

July 18 (Bloomberg) -- Capital One Financial Corp., the credit-card lender that expects as much as $7 billion in soured loans in the next 12 months, fell 3.5 percent in New York trading after missing analysts' second-quarter profit estimates.

Profit from continuing operations fell to $1.24 a share as more borrowers defaulted on loans, the McLean, Virginia-based company said yesterday, missing by 8 cents the average estimate of 16 analysts surveyed by Bloomberg.

Capital One, American Express Co. and Discover Financial Services shares have dropped by more than a third in the past year amid concern the lenders underestimated the depth of the U.S. slowdown. Delinquent credit-card accounts rose more than 100 basis points from a year earlier to 3.99 percent in May, according to Bloomberg data. The U.S. lost 62,000 jobs in June, the sixth straight month of shrinking payrolls.

``Losses will continue to intensify in all lending segments in the coming months,'' Scott Valentin, analyst at Friedman Billings Ramsey & Co., who has an ``underperform'' rating on Capital One, said today in a research note about the lender.

Capital One declined $1.50 to $41.30 in New York Stock Exchange Composite trading at 9:34 a.m. The lender has slumped 46 percent in the past year.

Capital One set aside $1.6 billion for failed loans and to build reserves in the second quarter. The reserves could absorb about $7 billion in loan losses in the 12 months leading to June 30, 2009, the company said yesterday in a slide presentation. Capital One said April 17 it expected $6.7 billion of loan losses in the year through March 2009.

Borrower Defaults

Profit in Capital One's U.S. card unit fell 43 percent from a year earlier to $340.4 million as loan defaults rose to 6.26 percent from 3.56 percent a year earlier. The company said it expects a default rate in the ``low six percent range'' in the third quarter, rising to about 7 percent in the fourth quarter.

The company's second-quarter net income fell 40 percent to $452.9 million, or $1.21 a share, from $750.4 million, or $1.89 a year earlier.

New York-based American Express, the largest credit-card company by purchases, said June 25 that credit indicators during that month worsened beyond the expectations of CEO Kenneth Chenault. The lender will report second-quarter results July 21.

source : http://www.bloomberg.com/

Consumer Warning Network Report: FSU Profits Off of Student Credit Card Debt

TAMPA, Fla., July 10, 2008 /PRNewswire via COMTEX/ ----The Consumer Warning Network has just released a report exposing secret details of a marketing agreement between Florida State University and credit card giant Bank of America.

At the same time Florida State University is warning students in a slick video to avoid the "credit card monster," the university is funneling their names and addresses to credit card giant Bank of America. The bank then uses that information to market credit cards to those very same students, as part of an "exclusive" deal allowing the bank to use FSU's official colors and symbols.

Consumer Warning Network has obtained a copy of the contract between the Seminole Boosters, FSU's athletic fundraising arm, and Bank of America. The deal, which FSU endorsed in a side letter, was supposed to remain confidential.

Under the secret terms of the agreement, FSU pockets a piece of every dollar charged by students and alumni under the program, with a guarantee of more than $10 million over 7 years. That money goes directly to the private Seminole Boosters, FSU's athletic fundraising arm, which among other things helps pay the multi-million dollar salaries of coaches like Bobby Bowden.

The card marketed to students by Bank of America has less favorable terms, like higher interest rates, than its non-student credit cards.

Students on campus were troubled by their school's role in the deal. "It's like they're setting us up for failure," said Yari Alpizar, a freshman from Marathon, Florida. "I don't think they should be allowed to do this. It's an invasion of privacy."

FSU is not alone. Bank of America has acknowledged it has arrangements similar to the one with FSU with more than 900 participating schools and colleges. Congress and some State Attorneys General are investigating these relationships between credit card companies and Universities.

To read the entire report and review the supporting information visit: www.consumerwarningnetwork.com . The Consumer Warning Network is website launched by a team of former Federal Prosecutors, Investigative Journalists and former FBI Agents working together to expose fraud and educate the public on consumer issues.

source : http://www.google.com/news?

Money: Card-inal Rules

Debit or credit? The answer is in: shoppers love their debit cards and use them more often than any other form of payment. Sure, they are convenient. But if you're going to use your debit card regularly, do it right.

• Get something for it. Only about half of the banks that issue debit cards offer credit-card-type rewards programs, according to a survey, so make sure yours is one of them. And learn how to get with the program. Citi-bank, for example, offers higher rewards for customers who use the card with a signature than for those who use a PIN (merchants pay issuers less for PIN transactions).
• Protect it. Things can get ugly when a debit card gets stolen, because a thief can use your card like a credit card (a PIN isn't usually required), but the money comes directly out of your checking account. So an impostor with your card can clean out your checking account before you know your wallet is missing. Then those rent and utility checks start to bounce. That's worse than if your credit card is stolen, because you can dispute fake credit charges before they affect your other bills and bank accounts. Most banks promise to make you whole again, but the time spent calling and explaining your predicament to landlords and electricity companies can be miserable. Sign your card and keep it separate from your credit-card wallet. Don't use your account number at in-secure Web sites or loan it to friends, and watch your transactions closely.
• Keep track of what you've got. Most banks are happy to let you use your debit card to overdraw your checking account and then charge overdraft fees as high as $30 for each transaction. So keep a close eye on your bank balances.

source : http://www.newsweek.com/id/34909