November 1, 2007

Countrywide Soars on Outlook
Investor's Business Daily (10/29/07) P. A1

A recent forecast of a 25 percent to 75 percent improvement in the fourth quarter and a 10 percent to 15 percent return on equity next year has boosted Countrywide's shares 32 percent to $17.30. The mortgage market is turning around, according to Countrywide.
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Wells Fargo to Assist Wildfire Victims
Inc.com (10/25/07)

To help its customers recover from the fires in Southern California, Wells Fargo is unveiling a number of special programs. For eligible customers, Wells Fargo will provide up to $25,000 in emergency unsecured loans. Credit card and ATM card customers will receive case-by-case assistance. Qualified small business customers can obtain bridge and term loans, credit protection activation, emergency credit line increases, and other types of aid from Wells Fargo.
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Over 50 Million Consumers to Pay for Goods and Services Via Mobile Phone by 2011
Cellular-News (10/30/07)

Roughly 52 million consumers will take up new mobile technologies such as Near Field Communication (NFC) and other physical mobile payment techniques to purchase everyday goods and services by 2011, driving up the value of the physical mobile payments market to $11.5 billion, according to new projections by Juniper Research. Contactless payment will be supported by about 12 percent of the mobile phones in circulation by 2011, equaling close to 470 million NFC-enabled handsets worldwide. The Juniper report also found that mobile payment applications and services are already available in various formats in most areas, where they are being adopted in either a trial or commercial mode. Far East and U.S.-based industry players are viewed as especially open to the concept of using NFC or radio-frequency identification to effect mobile payments for physical goods and services, while a robust business model that ensures revenue to all participants must be developed by members of the mobile payments value chain, Juniper says.
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Interview: The Future of Credit Card Fraud
Practical eCommerce (10/07)

Bizzuka CEO John Munsell notes in an interview that online transactions make up only 0.3 percent of all identity thefts, which contradicts many people's fears that purchasing goods online is risky. He points out that Payment Card Industry (PCI) security standards require vendors to fortify their code and boost the security of access to personal data. Munsell uses Bizzuka's e-commerce engine as an example, noting that it is scanned by a third party every night and tested for exposure in order to maintain PCI certification. "The bottom line is, PCI compliance makes online purchasing much more secure," he says. Munsell describes PCI compliance as a collaborative operation between MasterCard, American Express, Visa, JCB, and Discover to shield cardholders from identity theft with a series of security standards; failure to comply can result in hefty fines. Merchant PCI compliance is segmented into four risk areas, based on the merchant's transaction volume, which also dictates reporting and scanning requirements retailers must meet. Munsell recommends that shoppers check for PCI compliance before making online purchases, while merchants assessing Web site or e-commerce solution providers should ensure that their vendors supply PCI compliance before going forward. In addition, merchants should check that compliance by the vendor is ongoing. Munsell speculates that states will continue to enact laws that hold merchants accountable for insecure Web sites, and he believes that "acquirers will also be brought into the legislation as part of their fiduciary responsibilities."
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Gift Cards Motivate Consumers to Buy
dBusinessNews (10/26/07)

A recent study by First Data Corp. reveals gift card incentives are a great marketing strategy for companies looking to harness more consumer buying power. Of the 526 respondents surveyed, 67 percent were very familiar with gift card incentives and 57 percent of those who had used them said they influenced their overall purchase. Fifty-two percent also reported gift cards had an impact on their choice of store, and 41 percent said it influenced their brand selection. Seventy-six percent also said they were interested in using gift cards as a way to buy or test out a product. Finally, 87 percent of consumers who already had received incentive gift cards would like to receive them again.
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More Merchants Complying With Visa's Security Rules
Wall Street Journal (10/25/07) P. A20; Sidel, Robin

Visa says that about 65 percent of the nation's 327 largest merchants--those that process more than 6 million card transactions annually--have verified that they are following the Payment Card Industry Data Security Standard, up from 44 percent at the end of August. Last month Visa pressured the major retailers to comply with the security rules, a strategy that appears to have paid off. Meanwhile, 43 percent of medium-sized merchants--those that process between 1 million and 6 million card transactions a year--say they are complying with the PCI standards, up from 38 percent in August. In addition, virtually all medium-sized and large merchants have told Visa that card data is not being stored in their computer systems. The improved compliance rates have been attributed to Visa's threat to fine large merchants $25,000 a month if they did not meet the PCI standards by Sept. 30. Visa would not say whether or not it has levied any fines for noncompliance.
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