2/7/11
Seeking information on Gevorg Gorj Kegeyan, a 53-year-old man. He was arrested last week on credit card fraud charges after search warrants were served at his home and three businesses Wednesday.
Warrants were served at The Cigarette Box, 5891 W. Craig Road; Colton's General Store, 675 U.S. Highway 95 in Searchlight; and The Cigarette Box, 2311 S. Casino Drive in Laughlin.
Credit cards, gift cards, ATM cards and skimming machines were discovered in police searches.
Credit and Debit Card Minimum Purchase Requirements Allowed
Should small merchants institute credit and debit card minimum purchase requirements?
Many small businesses will start instituting minimum purchase requirements for credit and debit card purchases now that they are permitted by the Dodd-Frank financial reform law. The Dodd-Frank financial reform law allows merchants to require up to a $10 minimum for credit card purchases. A handful of consumer advocates are unhappy with the minimum purchase requirements and MasterCard is also opposed to limits on credit card purchases. However many small merchants find that they must either pass the costs of interchange onto all their customers or only to those who use cards.
Most merchants understand that accepting cards improves their sales. While customers demand the convenience of credit and debit card acceptance, card use is down and costs are up for merchants. Small merchants must conduct a cost benefit analysis to determine how required minimum purchase requirements will affect their customers’ satisfaction and sales.
Loretta Hunnicutt
Many small businesses will start instituting minimum purchase requirements for credit and debit card purchases now that they are permitted by the Dodd-Frank financial reform law. The Dodd-Frank financial reform law allows merchants to require up to a $10 minimum for credit card purchases. A handful of consumer advocates are unhappy with the minimum purchase requirements and MasterCard is also opposed to limits on credit card purchases. However many small merchants find that they must either pass the costs of interchange onto all their customers or only to those who use cards.
Most merchants understand that accepting cards improves their sales. While customers demand the convenience of credit and debit card acceptance, card use is down and costs are up for merchants. Small merchants must conduct a cost benefit analysis to determine how required minimum purchase requirements will affect their customers’ satisfaction and sales.
Loretta Hunnicutt
Small Retail Businesses: Trends To Consider
New business opportunities exist to launch local community based retailers and wholesalers that advocate certain values and produce their own goods. Furthermore, local community stores are experiencing a revival. Retail locations near cultural and spiritual venues will be attractive.
The investments of retail companies are focused on introducing sustainable solutions, products and energy saving measures, as well as virtual local community building and e-commerce solutions.Debit cards and cash are tending to be the payment solutions of choice.
The following are the top consumer demands and trends:
Products and companies that signal local, organic, and ethically sound production are preferred.
Consumers’ priorities are their social lives and the experience of community (even cooperatives at the community level are experiencing a revival).
Consumers expect that retailers will make the shopping experience as easy as possible.
Companies use local promotional web spaces, and branding is linked to value “movements.”
Retail companies are seeking to increase the proportion of goods they source from local high quality suppliers.
Companies should consider focusing on providing convenience and e-commerce options to make shopping easy and effortless for consumers.
Loretta Hunnicutt
The investments of retail companies are focused on introducing sustainable solutions, products and energy saving measures, as well as virtual local community building and e-commerce solutions.Debit cards and cash are tending to be the payment solutions of choice.
The following are the top consumer demands and trends:
Products and companies that signal local, organic, and ethically sound production are preferred.
Consumers’ priorities are their social lives and the experience of community (even cooperatives at the community level are experiencing a revival).
Consumers expect that retailers will make the shopping experience as easy as possible.
Companies use local promotional web spaces, and branding is linked to value “movements.”
Retail companies are seeking to increase the proportion of goods they source from local high quality suppliers.
Companies should consider focusing on providing convenience and e-commerce options to make shopping easy and effortless for consumers.
Loretta Hunnicutt
Consumer Spending Up Due To Luxury Item Sales
Consumers are increasing their spending in 2010 for the first time in three years. Higher levels of spending were tracked by the government in roughly two-thirds of the 350 categories; most notable is luxury spending. According to the Bureau of Economic Analysis, spending on luxury items such as TVs, jewelry, recreational vehicles, and high-end pet supplies helped consumer spending post a year-over-year increase of 1.4 percent during the first eight months of 2010.
Luxury sales have been fueling much of the spending. TV sales haved increased nearly 35 percent this year. There has been a strong demand for three-dimensional TVs, bigger panels, and high definition. Winnebago has also reportec that have doubled. Sales of pet supplies also have increased and included sales of high-end items such as timed car food dispensers, organic dog food.
Small businesses should watch these trends and consider if and how their inventories might change to better meet these demands.
Luxury sales have been fueling much of the spending. TV sales haved increased nearly 35 percent this year. There has been a strong demand for three-dimensional TVs, bigger panels, and high definition. Winnebago has also reportec that have doubled. Sales of pet supplies also have increased and included sales of high-end items such as timed car food dispensers, organic dog food.
Small businesses should watch these trends and consider if and how their inventories might change to better meet these demands.
Western Commercial Bank Fails
Western Commercial Bank was closed today Friday, November 5, 2010.
Western Commercial Bank was merged into First California Bank in Westlake Village after being closed by the state Department of Financial Institutions.
Western Commercial's $98 million in loans and other assets as well as its $101 million in deposits will be taken over by First California, with the FDIC sharing losses on about $84 million of loans. The FDIC said the failure was expected to cost the nation's deposit insurance fund $25.2 million.
First Vietnamese American Bank in Los Angeles was also closed earlier today due to its poor performance. The bank will be taken over by Los Angeles-based Grandpoint Bank and will reopen Saturday as a branch of the Grandpoint Bank, the FDIC said
The bank is the 143rd institution issured by the Federal Deposit Insurance Corp. (FDIC) to fail in the nation this year, and the 12th in California. The bank's failure will cost the FDIC's Deposit Insurance Fund 9.6 million dollars.
Western Commercial Bank closed November 5, 2010
First Vietnamese American Bank closed November 5, 2010
Innovative Bank closed April 16, 2010
Butte Community Bank closed August 20, 2010
Pacific State Bank closed August 20, 2010
First Regional Bank closed February 1, 2010
For more information on bank closings visit FDIC
Seeking information on Mr. Franks and his associates. Seeking information on FVAB and any related blogs created on or about July 2010, including blogspot sites.
Loretta Hunnicutt
Western Commercial Bank was merged into First California Bank in Westlake Village after being closed by the state Department of Financial Institutions.
Western Commercial's $98 million in loans and other assets as well as its $101 million in deposits will be taken over by First California, with the FDIC sharing losses on about $84 million of loans. The FDIC said the failure was expected to cost the nation's deposit insurance fund $25.2 million.
First Vietnamese American Bank in Los Angeles was also closed earlier today due to its poor performance. The bank will be taken over by Los Angeles-based Grandpoint Bank and will reopen Saturday as a branch of the Grandpoint Bank, the FDIC said
The bank is the 143rd institution issured by the Federal Deposit Insurance Corp. (FDIC) to fail in the nation this year, and the 12th in California. The bank's failure will cost the FDIC's Deposit Insurance Fund 9.6 million dollars.
Western Commercial Bank closed November 5, 2010
First Vietnamese American Bank closed November 5, 2010
Innovative Bank closed April 16, 2010
Butte Community Bank closed August 20, 2010
Pacific State Bank closed August 20, 2010
First Regional Bank closed February 1, 2010
For more information on bank closings visit FDIC
Seeking information on Mr. Franks and his associates. Seeking information on FVAB and any related blogs created on or about July 2010, including blogspot sites.
Loretta Hunnicutt
Card-Not-Present Fraud Risks and Mobile Payments
Mobile Payments Increase Fraud Risks
The highest card-not-present fraud volume in 2009 was from merchants accepting mobile phone payments. According to a Javelin Strategy and Research survey, on average, retailers faced about 3,400 attempts to perpetrate fraudulent transactions per month. Due to the large number of attempts, 38 percent of counterfeit transactions go through undetected.
As a percentage of total revenue, fraud losses were 1.13 percent for mobile merchants, 0.86 percent for merchants with both online and brick-and-mortar outlets, and 0.83 percent for online-only merchants. In the Javelin poll, 25 percent of retailers of questioned said they still plan to start accepting mobile payments within the next year. The majority of consumer card fraud occurs on existing debit and credit card accounts, according to the Javelin survey, with credit and debit card fraud respectively accounting for 65 percent and 28 percent of all existing card fraud last year.
Merchants should fight fraud by increasing the use of point-of-sale authentication devices, rules-based filters, internet protocol address detection, tracking tools and online-purchase authentication systems. They should not rush into the acceptance of mobile phone payments without first reducing their likelihood of victimization. Merchants should thoroughly check the history, reliability, and security of their merchant service providers.
Loretta Hunnicutt
The highest card-not-present fraud volume in 2009 was from merchants accepting mobile phone payments. According to a Javelin Strategy and Research survey, on average, retailers faced about 3,400 attempts to perpetrate fraudulent transactions per month. Due to the large number of attempts, 38 percent of counterfeit transactions go through undetected.
As a percentage of total revenue, fraud losses were 1.13 percent for mobile merchants, 0.86 percent for merchants with both online and brick-and-mortar outlets, and 0.83 percent for online-only merchants. In the Javelin poll, 25 percent of retailers of questioned said they still plan to start accepting mobile payments within the next year. The majority of consumer card fraud occurs on existing debit and credit card accounts, according to the Javelin survey, with credit and debit card fraud respectively accounting for 65 percent and 28 percent of all existing card fraud last year.
Merchants should fight fraud by increasing the use of point-of-sale authentication devices, rules-based filters, internet protocol address detection, tracking tools and online-purchase authentication systems. They should not rush into the acceptance of mobile phone payments without first reducing their likelihood of victimization. Merchants should thoroughly check the history, reliability, and security of their merchant service providers.
Loretta Hunnicutt
Good News For Small Merchants
PCI News For Small Business Owners
Good News for small merchants; the PCI Council will offer a web site for small merchants. In order to provide assistance to small merchants in understanding the impact of data security measures, this fall the PCI Security Standards Council will launch a Web site. The PCI Data Security Standard principles and reasoning will be available. The PCI Data Security Standard council’s Troy Leach said that small merchants will be able to understand why the measures are important to them, and “why it's important to protect their customer information." According to an article in ISO & Agent Weekly “The council also plans to align the Data Security Standard, Payment Application Data Security Standard, and PIN Transaction Security Standard into three-year cycles. The move would give merchants more time to work with the current versions while reviewing upcoming versions, says the council's Jeremy King.”
Good News for small merchants; the PCI Council will offer a web site for small merchants. In order to provide assistance to small merchants in understanding the impact of data security measures, this fall the PCI Security Standards Council will launch a Web site. The PCI Data Security Standard principles and reasoning will be available. The PCI Data Security Standard council’s Troy Leach said that small merchants will be able to understand why the measures are important to them, and “why it's important to protect their customer information." According to an article in ISO & Agent Weekly “The council also plans to align the Data Security Standard, Payment Application Data Security Standard, and PIN Transaction Security Standard into three-year cycles. The move would give merchants more time to work with the current versions while reviewing upcoming versions, says the council's Jeremy King.”
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