NEW YORK - (06/27/05) -- Orbiscom said it expects recentbroad security breaches involving credit card data to give a liftto its Controlled Payment Numbers technology aimed at securingonline purchases. The product, known as ControlPay, enables creditand debit cardholders to generate a substitute number when making a'card not present' purchase. The real card number is never revealedduring the purchase and is never stored in the merchant's database.Orbiscom markets the product to several large card issuers undervarious brand names, including ShopSafe (MBNA); Discover Desktop(Discover); and Virtual Account Numbers (Citibank).
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A team of ex-First Republic private bankers hopes to serve entrepreneurs who once worked with Silicon Valley Bank.
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The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
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In a joint letter signed by over 50 bank trade groups, leaders in the banking industry urged regulators to revise bank regulatory thresholds upward to keep up with inflation.
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Dime Community Bancshares, which has added dozens of bankers over the past two years, is now ready to consider expanding its geography.
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The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
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