Today Clearent announced a partnership with American National Bank to provide merchant services to the bank’s commercial customers in North Central Texas.
American National Bank embarked on a search for a new merchant account service provider to help them grow and manage their program. “Because of the issues we experienced in the past, finding a partner that was dedicated to providing superior customer service was at the top of our list,” remarked Roy Olsen, SVP/Cashier of American National Bank. “Our customers expect their questions to be answered quickly and accurately, and Clearent helps us do just that. It’s easy to see that their experienced team is committed to providing the same level of service that our customers have come to know and expect.”
Clearent’s innovative technology was another driving factor behind American National Bank’s decision to change providers. “We now have access to an intuitive, graphical interface for boarding our merchants. Clearent’s system is so easy to use that we’ve been able to get merchants up and processing faster, and even reduce the amount of time it takes to train our employees,” said Olsen.
In addition, American National Bank now has access to a suite of online tools that makes it easier to manage their program and provide better service to their merchants. Olsen continued, “With our last provider, it was very difficult to get the data we were looking for. Clearent’s online reporting tools are unlike any in the industry. We get the answers we’re looking for quickly and easily.”
American National Bank was also extremely pleased with their conversion to Clearent, including how quickly it was completed and the hands-on support they received throughout the process. Olsen commented, “Thanks to Clearent, we were able to convert 95% of our merchants in just a few weeks. They were right here, helping us manage the process and reaching out to our customers to make sure each step of the plan was executed smoothly.”
“We’re excited to have the opportunity to support American National Bank as their merchant account service provider,” remarked Dan Geraty, CEO of Clearent. “Now more than ever, providing superior customer service is a critical focus for banks. We’re committed to delivering exceptional support, along with a full range of products and services to support American National Bank’s growing portfolio.”
2011年5月10日 星期二
The Real Enemy of Unions
Last August, on a blazing-hot Nebraska evening, I sat in a cool hotel bar in downtown Omaha and listened as a team of Dockers-clad union organizers joked, drank, and argued their way into an alliance with a group of southern and western ranchers. The organizers, from the United Food and Commercial Workers (UFCW), made a simple argument: Meat-packing houses like JBS and Smithfield — their already immense power swelled from years of mergers — are using their dominance of cattle markets to hammer down what they pay for beef and for in-house unionized meatcutters. So rather than “scrap over nickels,” perhaps the ranchers and workers should lock arms and fight for bigger stakes.
Cowboys and labor? Plotting together? Polo shirt and bolo tie? In recent years, the two groups have, on occasion, signed the same statements against foreign trade. But closer to home, ranchers and unions have tended to view one another as rivals for the same wafer-thin slice of the retail dollar — and as parties on opposite ends of a gaping cultural divide. “It wasn’t easy,” one union organizer summed it up recently. “In recent years, we have not been friends.”
Yet half a year on, it’s evident that the alliance was no momentary fling, no mere “enemy of my enemy” excuse to clink a few beer bottles before stumbling back to opposite ends of the political corral. When the Justice Department held a series of hearings last year on concentration in agriculture markets, including cattle, the UFCW helped to pack the room for the cattlemen’s testimony, one of the only times in recent decades that an American labor union has promoted stronger enforcement of anti-monopoly law.
And in exchange? While in that room, the UFCW got a chance to make the case that the trustbusters should take on Walmart. The union views the retailing goliath as the main force smashing down the wages and benefits of the retail workers the union represents. More to the point, the union has also come to view Walmart as the real power driving the big meatpackers’ assault on both cattlemen and packing- house workers. (The basic thinking here is that Walmart now controls such a giant swath of the U.S. marketplace that it can dictate prices even to the biggest of suppliers, which leaves less money in the system for the people who actually produce goods and provide labor.)
Ever since Scott Walker and the Republican Party of Wisconsin set out to bust the public-sector unions in that state, one of the biggest questions in American politics has been whether organized labor, seventy-five years after winning a seat at the mahogany table, is about to get the bum’s rush. And if so, what does this mean for the Democratic Party and for popular politics in general?
Yet the future may be brighter than even the most optimistic of union members hope. If, that is, the UFCW’s example inspires the rest of organized labor to open its eyes to the political and economic dangers posed by the radical consolidation evident in most sectors of America’s political economy over the last generation. Doing so would give organized labor a far more complete and sophisticated grasp of how the few exert power over the many in America today. And it would arm organized workers with a message that enables them to reach out to all sorts of economic groups that now tend to oppose labor politically—not least America’s independent entrepreneurs.
In a recent editorial, the Wall Street Journal urged GOP operatives to attack the “monopoly power” of unions to win votes and undermine popular political structures. If organized workers respond in kind, and attack the monopoly power of actual monopolists—the people who pose real threats to the economic and political well-being of the great majority of Americans—maybe they too would win some votes. Better yet, maybe they could begin to undermine the ideological and institutional foundations of the very groups that are now using both major parties to organize the assault against labor.
Cowboys and labor? Plotting together? Polo shirt and bolo tie? In recent years, the two groups have, on occasion, signed the same statements against foreign trade. But closer to home, ranchers and unions have tended to view one another as rivals for the same wafer-thin slice of the retail dollar — and as parties on opposite ends of a gaping cultural divide. “It wasn’t easy,” one union organizer summed it up recently. “In recent years, we have not been friends.”
Yet half a year on, it’s evident that the alliance was no momentary fling, no mere “enemy of my enemy” excuse to clink a few beer bottles before stumbling back to opposite ends of the political corral. When the Justice Department held a series of hearings last year on concentration in agriculture markets, including cattle, the UFCW helped to pack the room for the cattlemen’s testimony, one of the only times in recent decades that an American labor union has promoted stronger enforcement of anti-monopoly law.
And in exchange? While in that room, the UFCW got a chance to make the case that the trustbusters should take on Walmart. The union views the retailing goliath as the main force smashing down the wages and benefits of the retail workers the union represents. More to the point, the union has also come to view Walmart as the real power driving the big meatpackers’ assault on both cattlemen and packing- house workers. (The basic thinking here is that Walmart now controls such a giant swath of the U.S. marketplace that it can dictate prices even to the biggest of suppliers, which leaves less money in the system for the people who actually produce goods and provide labor.)
Ever since Scott Walker and the Republican Party of Wisconsin set out to bust the public-sector unions in that state, one of the biggest questions in American politics has been whether organized labor, seventy-five years after winning a seat at the mahogany table, is about to get the bum’s rush. And if so, what does this mean for the Democratic Party and for popular politics in general?
Yet the future may be brighter than even the most optimistic of union members hope. If, that is, the UFCW’s example inspires the rest of organized labor to open its eyes to the political and economic dangers posed by the radical consolidation evident in most sectors of America’s political economy over the last generation. Doing so would give organized labor a far more complete and sophisticated grasp of how the few exert power over the many in America today. And it would arm organized workers with a message that enables them to reach out to all sorts of economic groups that now tend to oppose labor politically—not least America’s independent entrepreneurs.
In a recent editorial, the Wall Street Journal urged GOP operatives to attack the “monopoly power” of unions to win votes and undermine popular political structures. If organized workers respond in kind, and attack the monopoly power of actual monopolists—the people who pose real threats to the economic and political well-being of the great majority of Americans—maybe they too would win some votes. Better yet, maybe they could begin to undermine the ideological and institutional foundations of the very groups that are now using both major parties to organize the assault against labor.
2011年5月8日 星期日
The foolishness of Civil War reenactors
Last month, the Civil War sesquicentennial began with a bang with a "living history" event in Charleston, S.C., that commemorated the firing on Fort Sumter, the momentous act of violence that started the war.
If you’re not familiar with what "living history" means, this is a term that Civil War reenactors use to describe their hobby of dressing up in Union and Confederate uniforms and acting out battles and other significant events that occurred between 1861 and 1865. On April 12, 1861, Confederate forces fired (for real) on Fort Sumter, a military installation manned by federal troops, and continued the bombardment for more than 30 hours, when, outgunned and almost out of supplies, the Union commander, Major Robert Anderson, surrendered the fort and its garrison. It was the fall of Fort Sumter that began the Civil War, and modern reenactors pretended to do it all over again, only this time they did not use live ammunition, did not keep modern Charlestonians from getting their sleep by sustaining the thunder of cannons through the night, and presumably did no damage to the preserved stone walls of the Fort Sumter National Monument, which is located on an island in the middle of Charleston harbor.
In fact, the "living historians" at Charleston fudged the history more than a little by firing their first shot at the fort at 6:45 in the morning rather than at the very famous historical time of 4:30 a.m. Presumably, this enabled the reenactors to sleep a little later than their historical counterparts did 150 years ago. Then, when the mortar shot was finally fired to begin the reenactment, it barely sailed up 40 yards or so into the sky, although the noise it made was, according to the Charleston Post and Courier, "thunderous." But the newspaper also reported that the pyrotechnics left something to be desired: Rather than the "star shell" of a century and a half ago, the explosion seemed more like a "bottle rocket." The fireworks technician in charge of the mortar shot explained that the burst was "intentionally weak, as a safety precaution to the crowds of people on hand to witness the waterfront ceremony." So much for historical accuracy.
If you’re not familiar with what "living history" means, this is a term that Civil War reenactors use to describe their hobby of dressing up in Union and Confederate uniforms and acting out battles and other significant events that occurred between 1861 and 1865. On April 12, 1861, Confederate forces fired (for real) on Fort Sumter, a military installation manned by federal troops, and continued the bombardment for more than 30 hours, when, outgunned and almost out of supplies, the Union commander, Major Robert Anderson, surrendered the fort and its garrison. It was the fall of Fort Sumter that began the Civil War, and modern reenactors pretended to do it all over again, only this time they did not use live ammunition, did not keep modern Charlestonians from getting their sleep by sustaining the thunder of cannons through the night, and presumably did no damage to the preserved stone walls of the Fort Sumter National Monument, which is located on an island in the middle of Charleston harbor.
In fact, the "living historians" at Charleston fudged the history more than a little by firing their first shot at the fort at 6:45 in the morning rather than at the very famous historical time of 4:30 a.m. Presumably, this enabled the reenactors to sleep a little later than their historical counterparts did 150 years ago. Then, when the mortar shot was finally fired to begin the reenactment, it barely sailed up 40 yards or so into the sky, although the noise it made was, according to the Charleston Post and Courier, "thunderous." But the newspaper also reported that the pyrotechnics left something to be desired: Rather than the "star shell" of a century and a half ago, the explosion seemed more like a "bottle rocket." The fireworks technician in charge of the mortar shot explained that the burst was "intentionally weak, as a safety precaution to the crowds of people on hand to witness the waterfront ceremony." So much for historical accuracy.
Towards a Cashless Economy
Sanusi Lamido Sanusi, governor of the Central Bank of Nigeria, announces new policy measures designed to reduce excessive use of cash in the economy
In recent times, the bankers, committee meeting has become a forum where the Central Bank of Nigeria, CBN, unveils its monetary policies, especially those affecting the banking sector. It was at that forum that Sanusi Lamido Sanusi, governor of the CBN, announced the sacking of chief executives of eight banks that were pronounced technically distressed. It was, therefore, not surprising that Sanusi chose the April 28, monthly meeting of the bankers’ committee to announce new guidelines on cash withdrawals from banks.
Under the new CBN policy contained in a circular titled: ‘Industry Policy on Retail Cash Collection and Lodgement; signed by Mohammed Nda, CBN director, Currency Operations Department, individuals can only withdraw or lodge a maximum of N150,000 cash per day while the limit for companies is put at N1 million per day with effect from June I, 2012.
The guidelines spell out sanction, for individuals and companies that flout the new cash policy. For individuals that make cash transactions above the daily limit, they would be surcharged N100 per every N1000 while the penalty for a corporate organisation that exceeds the one million daily withdrawal limit is pegged at N200 per every N1000.
The new policy also directs banks to cease cash-in-transit lodgement services hitherto rendered to merchant customers. The banks are, instead, to engage the services of the CBN licenced cash-in-transit,CIT, companies to aid cash movements to and from their banks at mutually agreed terms. The sanction for any bank that flouts the ban on cash-in-transit lodgement services is one million Naira per specie movement.
To achieve effective inter-operation ability of local currency point of sales, POS, transactions, the CBN has removed the exclusivity clause by any financial services providers. What this implies is that no card scheme, whether foreign or local, shall be permitted to operate exclusive acquirer agreement or contract in Nigeria with effect from the stipulated implementation date.
The CBN also spelt out penalties for defaulting payments scheme, processors and switching companies that would fail to adhere strictly to the new order. According to the apex bank, any payment scheme, processors, switching company, service provider or banks that contravenes the no-exclusivity policy, risks suspension for a minimum of one month in the first instance and a possible withdrawal of its licence if the contravention is repeated.
Also third party cheques above N150, 000 shall not be eligible for encashment over the counter as from June 1, 2012 as the value for such cheques shall be received through the clearing house. The policy says where any bank that allows third party cheque encashment above the limit, shall be liable to a sanction of whichever is higher of 10 percent of the face value of the cheque or N100 ,000.
The new policy shall apply to both public and private sector transactions and ,therefore, the CBN directs all financial institutions including Mortgage and Microfinance Banks as well as cash-in-transit companies, payments system service providers, interswitch, card acquirers, issuers and providers to take appropriate measures to ensure compliance. The apex bank has instructed the Banking Supervision Department and other Financial Institutions Supervision Department to monitor compliance with the policy by the relevant institutions. Banks are also advised to carry out public awareness programmes to enlighten their customers about the policy and to also educate them on alternative electronic payment channels available to them.
Under the implementation guidelines, the pilot phase of the policy shall be in force in Lagos, Port Harcourt, Kano, Aba and the Federal Capital Territory before its extension to other parts of the country.
According to the CBN, the policy is aimed at reducing high usage of cash, moderate its cost management and encourage the use of electronic channels. It explained that the new policy was premised on the increasing dominance of cash in the economy with its implication for cost of cash management to the banking industry, security and money laundering.
Expectedly, the new CBN policy is currently generating sharp reactions from Nigerians. Businessmen, private and public servants see the new policy as a bitter pill to swallow. Chinedu Ozor, who deals in electronics in Alaba market, feels the new policy would hurt traders more given the fact that their business is on a cash-and-carry basis. “My brother, on a daily basis we need lots of cash to transact our business and so that means I cannot withdraw more than N150,000 when, in some occasions, I need up to N5 million to take delivery of my products.”
Edwin Asemota, managing director of Esaco Ventures, is equally worried over the new policy. He said his staff emolument alone takes more than four million Naira and in most cases, he needs up to N10 million to transact business. With the new policy on cash withdrawal, he laments that doing business would be difficult since he would be surcharged for any time he withdraws more than the stipulated amount.
Joseph Chibundu, a trader at Ladipo market, Lagos, has also found the policy unrealistic. His quarrel is not really with the merit of the policy but with the stipulated limits for individuals and corporate account holders which he described as too low. He would want the CBN to raise the limit for individual from N150, 000 to N500, 000 and corporate account from one to two million Naira.
Another area of concern by many Nigerians is the electronic money transfer scheme that was introduced into the country almost a decade ago. Bamidele Olusegun, a former bank examiner, foresees a problem in the area of money transfer. He argues that eventhough the CBN stated that the policy is aimed at checking money laundering and also to add value to Naira in the face of the growing two digit inflationary ratio in the country, the policy could be abused as is the case with beneficiaries of Western Union who end up being short-changed by operating banks.
Those who have also frowned at the policy argue that the high level of illiteracy in the country, low level of banking population and porous e-banking system are factors that would work against its success of the scheme. For instance, many have argued that if the idea is to promote e-banking by encouraging the use of e-payment channels like Automated Teller Machines, ATM, the wide-scale fraud associated with its use would make the policy counter productive. Olufemi Timothy, president, Renaissance Shareholders’ Association, said the policy could further dampen the savings culture in the country.
Bismark Rewane, managing director of Financial Derivatives Company Limited, wants Sanusi to tread with caution because if the policy is rushed like the way it is done now with just a year before implementation, it would turn out to be counter productive. He noted that the transformation from a cash-centric to a plastic economy, which is the intention of CBN, it will need a longer period than one year. He prefers a gradual introduction to enable the fundamental structures to be put in place.
However, some Nigerians have applauded the policy. Akin Akeredolu, public relations officer, Association of Stock broking Houses of Nigeria, ASHON, says the policy is laudable and healthy for the nation’s development. He faults insinuations that the policy would discourage saving culture.
Since his appointment, Sanusi, a renowed risk management expert, has not hidden his desire to make Nigeria a cashless economy as one of the strategies to reduce inflation in the country. Before the new policy was announced, the CBN had disclosed its intention to introduce a mobile payment scheme in the country by next month. Mobile payment is the means of payment for goods and services with such mobile devices such as phones.
In recent times, banks have encouraged their customers to use ATM cards. And in order to enforce the use of e-payment cards for transactions so as to discourage congestion in the banking halls, some banks have even introduced surcharge on withdrawals over the counter.
In recent times, the bankers, committee meeting has become a forum where the Central Bank of Nigeria, CBN, unveils its monetary policies, especially those affecting the banking sector. It was at that forum that Sanusi Lamido Sanusi, governor of the CBN, announced the sacking of chief executives of eight banks that were pronounced technically distressed. It was, therefore, not surprising that Sanusi chose the April 28, monthly meeting of the bankers’ committee to announce new guidelines on cash withdrawals from banks.
Under the new CBN policy contained in a circular titled: ‘Industry Policy on Retail Cash Collection and Lodgement; signed by Mohammed Nda, CBN director, Currency Operations Department, individuals can only withdraw or lodge a maximum of N150,000 cash per day while the limit for companies is put at N1 million per day with effect from June I, 2012.
The guidelines spell out sanction, for individuals and companies that flout the new cash policy. For individuals that make cash transactions above the daily limit, they would be surcharged N100 per every N1000 while the penalty for a corporate organisation that exceeds the one million daily withdrawal limit is pegged at N200 per every N1000.
The new policy also directs banks to cease cash-in-transit lodgement services hitherto rendered to merchant customers. The banks are, instead, to engage the services of the CBN licenced cash-in-transit,CIT, companies to aid cash movements to and from their banks at mutually agreed terms. The sanction for any bank that flouts the ban on cash-in-transit lodgement services is one million Naira per specie movement.
To achieve effective inter-operation ability of local currency point of sales, POS, transactions, the CBN has removed the exclusivity clause by any financial services providers. What this implies is that no card scheme, whether foreign or local, shall be permitted to operate exclusive acquirer agreement or contract in Nigeria with effect from the stipulated implementation date.
The CBN also spelt out penalties for defaulting payments scheme, processors and switching companies that would fail to adhere strictly to the new order. According to the apex bank, any payment scheme, processors, switching company, service provider or banks that contravenes the no-exclusivity policy, risks suspension for a minimum of one month in the first instance and a possible withdrawal of its licence if the contravention is repeated.
Also third party cheques above N150, 000 shall not be eligible for encashment over the counter as from June 1, 2012 as the value for such cheques shall be received through the clearing house. The policy says where any bank that allows third party cheque encashment above the limit, shall be liable to a sanction of whichever is higher of 10 percent of the face value of the cheque or N100 ,000.
The new policy shall apply to both public and private sector transactions and ,therefore, the CBN directs all financial institutions including Mortgage and Microfinance Banks as well as cash-in-transit companies, payments system service providers, interswitch, card acquirers, issuers and providers to take appropriate measures to ensure compliance. The apex bank has instructed the Banking Supervision Department and other Financial Institutions Supervision Department to monitor compliance with the policy by the relevant institutions. Banks are also advised to carry out public awareness programmes to enlighten their customers about the policy and to also educate them on alternative electronic payment channels available to them.
Under the implementation guidelines, the pilot phase of the policy shall be in force in Lagos, Port Harcourt, Kano, Aba and the Federal Capital Territory before its extension to other parts of the country.
According to the CBN, the policy is aimed at reducing high usage of cash, moderate its cost management and encourage the use of electronic channels. It explained that the new policy was premised on the increasing dominance of cash in the economy with its implication for cost of cash management to the banking industry, security and money laundering.
Expectedly, the new CBN policy is currently generating sharp reactions from Nigerians. Businessmen, private and public servants see the new policy as a bitter pill to swallow. Chinedu Ozor, who deals in electronics in Alaba market, feels the new policy would hurt traders more given the fact that their business is on a cash-and-carry basis. “My brother, on a daily basis we need lots of cash to transact our business and so that means I cannot withdraw more than N150,000 when, in some occasions, I need up to N5 million to take delivery of my products.”
Edwin Asemota, managing director of Esaco Ventures, is equally worried over the new policy. He said his staff emolument alone takes more than four million Naira and in most cases, he needs up to N10 million to transact business. With the new policy on cash withdrawal, he laments that doing business would be difficult since he would be surcharged for any time he withdraws more than the stipulated amount.
Joseph Chibundu, a trader at Ladipo market, Lagos, has also found the policy unrealistic. His quarrel is not really with the merit of the policy but with the stipulated limits for individuals and corporate account holders which he described as too low. He would want the CBN to raise the limit for individual from N150, 000 to N500, 000 and corporate account from one to two million Naira.
Another area of concern by many Nigerians is the electronic money transfer scheme that was introduced into the country almost a decade ago. Bamidele Olusegun, a former bank examiner, foresees a problem in the area of money transfer. He argues that eventhough the CBN stated that the policy is aimed at checking money laundering and also to add value to Naira in the face of the growing two digit inflationary ratio in the country, the policy could be abused as is the case with beneficiaries of Western Union who end up being short-changed by operating banks.
Those who have also frowned at the policy argue that the high level of illiteracy in the country, low level of banking population and porous e-banking system are factors that would work against its success of the scheme. For instance, many have argued that if the idea is to promote e-banking by encouraging the use of e-payment channels like Automated Teller Machines, ATM, the wide-scale fraud associated with its use would make the policy counter productive. Olufemi Timothy, president, Renaissance Shareholders’ Association, said the policy could further dampen the savings culture in the country.
Bismark Rewane, managing director of Financial Derivatives Company Limited, wants Sanusi to tread with caution because if the policy is rushed like the way it is done now with just a year before implementation, it would turn out to be counter productive. He noted that the transformation from a cash-centric to a plastic economy, which is the intention of CBN, it will need a longer period than one year. He prefers a gradual introduction to enable the fundamental structures to be put in place.
However, some Nigerians have applauded the policy. Akin Akeredolu, public relations officer, Association of Stock broking Houses of Nigeria, ASHON, says the policy is laudable and healthy for the nation’s development. He faults insinuations that the policy would discourage saving culture.
Since his appointment, Sanusi, a renowed risk management expert, has not hidden his desire to make Nigeria a cashless economy as one of the strategies to reduce inflation in the country. Before the new policy was announced, the CBN had disclosed its intention to introduce a mobile payment scheme in the country by next month. Mobile payment is the means of payment for goods and services with such mobile devices such as phones.
In recent times, banks have encouraged their customers to use ATM cards. And in order to enforce the use of e-payment cards for transactions so as to discourage congestion in the banking halls, some banks have even introduced surcharge on withdrawals over the counter.
2011年5月5日 星期四
Updated: CCAvenue Payment Gateway Hacked: Report
Additionally, Anon, in the comments, says that “its still possible that someone accessed this backup somewhere in their file system on their server; and asks “if there was no hack, how is company confidential schema, employee data out in the public domain?” Note that Patel told us that it’s not “real live database schema”.
Akash Mahajan points out “Sorry for nitpicking but, Passwords need to be hashed. Hashing means one way encryption. This means once hashed there is no way of getting the original value back. Ideally secure passwords are salted and hashed. This helps in avoiding a dictionary attack against hashed passwords.”
More questions in the comments from asdf
Update 5: Hetal R on Twitter says that when he tried resetting a CCAvenue password, he got the plaintext password, and that is a security hole. He says that “By encrypted, it means non-decryptable. When you click on forgot password, a link should be sent, allowing password reset”. Sounds reasonable enough.
Update 4: Also read this Q&A with Patel, where he addresses some of the questions we received, and some claims made in that hacking report.
Update 3: the account of HackerRegiment.com, it appears, has been suspended. Details, last we checked, were still up at Pluggd.in and ClubHack. We’ve just got more details from Vishwas Patel, who says that the information that was published as ‘hacked’ was incorrect, and there is misinformation being spread. He’s pointed out a few things that point towards incorrect information.
Note that MediaNama is not in a position or qualified to determine hacker intent/claims or CCAvenue claims. We’ll let sides be represented. Take your pick.
Update 2: Patel further clarifies that “More than 85-90% of our transactions are netbanking and non-credit cards related transactions. Those transactions go through the bank server, where the end customer enters usernames and passwords, and we don’t store those. They are entered on the bank servers. There is no payment related info on our servers. CCAvenue is just a redirector in this case.”
Update 1: An initial response from Vishwas Patel, CEO of Avenues India, which owns CCAvenue, who says that he’ll get back to us after they’ve looked into this in detail. On the face of it, this is what he has to say: “From our side, we’ll have to look into it. It is not possible, because of the kind of application level firewalls that we have put up. We don’t store credit card numbers or any other kind of payment details because of the Payment Card Industry Data Security Standards, and there is no credit card or payment related info on our servers. There are new standards that have come in, that is PCI DSS 2.0, which are more stringent than the earlier standards, and we have just completed the assessment under that last week.”
Earlier: CCAvenue, among India’s largest online payment gateway services, has been hacked using “Hidden SQL injection”, according to a report on HackerRegiment.com. Apparently, all admin passwords at CCAvenue have been leaked. HackerRegiment has published a copy of some if the information it received via email from a hacker called d3hydr8 (leetspeak for dehydrate), including a list of databases, some information on tables within the databases, and more importantly, screenshots that suggest that administrator passwords may have leaked. Please note that MediaNama is unable to confirm the veracity of this report – calls, SMS’ and emails to Avenues India CEO Vishwas Patel await a response.
A MediaNama reader informs us that they’ve just made a payment via CCAvenue, so it appears that it is still active. HackerRegiment says it has informed India’s Computer Emergency Response Team. We’ll update in case we get a response from CCAvenue.
Akash Mahajan points out “Sorry for nitpicking but, Passwords need to be hashed. Hashing means one way encryption. This means once hashed there is no way of getting the original value back. Ideally secure passwords are salted and hashed. This helps in avoiding a dictionary attack against hashed passwords.”
More questions in the comments from asdf
Update 5: Hetal R on Twitter says that when he tried resetting a CCAvenue password, he got the plaintext password, and that is a security hole. He says that “By encrypted, it means non-decryptable. When you click on forgot password, a link should be sent, allowing password reset”. Sounds reasonable enough.
Update 4: Also read this Q&A with Patel, where he addresses some of the questions we received, and some claims made in that hacking report.
Update 3: the account of HackerRegiment.com, it appears, has been suspended. Details, last we checked, were still up at Pluggd.in and ClubHack. We’ve just got more details from Vishwas Patel, who says that the information that was published as ‘hacked’ was incorrect, and there is misinformation being spread. He’s pointed out a few things that point towards incorrect information.
Note that MediaNama is not in a position or qualified to determine hacker intent/claims or CCAvenue claims. We’ll let sides be represented. Take your pick.
Update 2: Patel further clarifies that “More than 85-90% of our transactions are netbanking and non-credit cards related transactions. Those transactions go through the bank server, where the end customer enters usernames and passwords, and we don’t store those. They are entered on the bank servers. There is no payment related info on our servers. CCAvenue is just a redirector in this case.”
Update 1: An initial response from Vishwas Patel, CEO of Avenues India, which owns CCAvenue, who says that he’ll get back to us after they’ve looked into this in detail. On the face of it, this is what he has to say: “From our side, we’ll have to look into it. It is not possible, because of the kind of application level firewalls that we have put up. We don’t store credit card numbers or any other kind of payment details because of the Payment Card Industry Data Security Standards, and there is no credit card or payment related info on our servers. There are new standards that have come in, that is PCI DSS 2.0, which are more stringent than the earlier standards, and we have just completed the assessment under that last week.”
Earlier: CCAvenue, among India’s largest online payment gateway services, has been hacked using “Hidden SQL injection”, according to a report on HackerRegiment.com. Apparently, all admin passwords at CCAvenue have been leaked. HackerRegiment has published a copy of some if the information it received via email from a hacker called d3hydr8 (leetspeak for dehydrate), including a list of databases, some information on tables within the databases, and more importantly, screenshots that suggest that administrator passwords may have leaked. Please note that MediaNama is unable to confirm the veracity of this report – calls, SMS’ and emails to Avenues India CEO Vishwas Patel await a response.
A MediaNama reader informs us that they’ve just made a payment via CCAvenue, so it appears that it is still active. HackerRegiment says it has informed India’s Computer Emergency Response Team. We’ll update in case we get a response from CCAvenue.
Square gets backing from Visa…and adds encryption
San Francisco startup Square which makes tiny card readers for smartphones that enable virtually anyone to process credit card transactions, has received an undisclosed strategic investment from Visa. Visa is the top credit card company on the planet: Visa’s investment in Square amounts to an endorsement of Square’s technology and ideas, which were recently very publicly challenged by Verifone for suffering from a fundamental security flaw.
Launched by Twitter co-founder Jack Dorsey in 2009, last year Square began offering free credit card readers to merchants and individuals on very simple 2.75 percent terms, with no merchant account or other complicated banking setup required to process credit card transactions. The Square reader pops into an Android or iOS smartphone via an audio port, and Square’s application software processes the rest of the transaction. Square has signed up hundreds of thousands of individuals and businesses, and the technology is widely seen as disruptive to the broader credit card industry, which thrives on processing fees to merchants and selling expensive point-of-sale card readers for processing transactions.
Few were surprised when credit card processor VeriFone came out against Square, but the public and aggressive nature of the attack were almost unprecedented, claiming that any programmer could make an app that skimmed consumer’s credit card information. At the heart of Verifone’s complaint was that the Square reader sends creditor card data to the smartphone in an unencrypted format, making it ripe for plucking by other applications.
Square’s Jack Dorsey responded that all the information anyone needs to “skim” a card is printed on the card itself, and any technology—including paper and pen—can be used to obtain that information, and noted that partner bank JPMorgan Chase didn’t have any problem with Square’s technology.
Nonetheless, now that Visa has made an unspecified investment in Square, the company plans to add encryption to its card readers. Square COO characterizes adding encryption to the card reader not as a capitulation to Verifone, but as an adoption of best practices.
“Square complies with all current industry standards, and we are committed to meeting or exceeding industry guidelines as they evolve — all while keeping our card reader free,” Rabois wrote.
Jack Dorsey recently returned to Twitter as executive chairman; he continues to serve as CEO of Square.
Launched by Twitter co-founder Jack Dorsey in 2009, last year Square began offering free credit card readers to merchants and individuals on very simple 2.75 percent terms, with no merchant account or other complicated banking setup required to process credit card transactions. The Square reader pops into an Android or iOS smartphone via an audio port, and Square’s application software processes the rest of the transaction. Square has signed up hundreds of thousands of individuals and businesses, and the technology is widely seen as disruptive to the broader credit card industry, which thrives on processing fees to merchants and selling expensive point-of-sale card readers for processing transactions.
Few were surprised when credit card processor VeriFone came out against Square, but the public and aggressive nature of the attack were almost unprecedented, claiming that any programmer could make an app that skimmed consumer’s credit card information. At the heart of Verifone’s complaint was that the Square reader sends creditor card data to the smartphone in an unencrypted format, making it ripe for plucking by other applications.
Square’s Jack Dorsey responded that all the information anyone needs to “skim” a card is printed on the card itself, and any technology—including paper and pen—can be used to obtain that information, and noted that partner bank JPMorgan Chase didn’t have any problem with Square’s technology.
Nonetheless, now that Visa has made an unspecified investment in Square, the company plans to add encryption to its card readers. Square COO characterizes adding encryption to the card reader not as a capitulation to Verifone, but as an adoption of best practices.
“Square complies with all current industry standards, and we are committed to meeting or exceeding industry guidelines as they evolve — all while keeping our card reader free,” Rabois wrote.
Jack Dorsey recently returned to Twitter as executive chairman; he continues to serve as CEO of Square.
2011年5月2日 星期一
Budget promises to again go unfulfilled?
The Finance Minister's Union Budget-2011 was received with gaiety. The budget promised several things which would all lead to better economic growth for the country. A big promise that was made was to bring down the country's fiscal deficit to 4.6% of GDP from the 2010 level of 5.1%. And another was to provide all support so that the economic growth continues at the higher trajectory.
However, as time has progressed, the key promises of the Union Budget 2011 appear to be getting challenged. The reason- higher crude oil prices. Since the budget was announced in February this year, crude oil prices have increased substantially. In fact, crude oil has touched US$ 125 per barrel. This is way higher than the Budget estimate of US$ 95 per barrel. This has put substantial pressure on the Government's fuel subsidy bill particularly with respect to diesel which forms nearly 60% of the total fuel subsidy.
As a result, the government has come under pressure to increase the prices of diesel. If it decides to follow this path, then it adds to the risk of higher inflation. The inflation would be compounded in the event of a failure in monsoons or any other global turmoil that leads to higher commodity prices. In addition, diesel pricing is a sensitive issue for electoral votes.
Therefore, the government now stands on crossroads. If it decides to take the path of increasing diesel prices, it risks higher inflation. This would lead to further pressures in the economy in the form of higher interest rates as well as slowing economic growth. If it decides to do nothing and allow diesel prices to remain where they are, then it risks a higher subsidy bill. This would lead to a burgeoning fiscal deficit. In either case, the promises made in the Union Budget appear to be in danger of remaining on paper. However, it is important to remember that reading too much into short-term economic forecasts can be very risky for investment decisions.
Do you think the Government will increase diesel prices soon? Share your comments with us or post your views on our facebook page.
However, as time has progressed, the key promises of the Union Budget 2011 appear to be getting challenged. The reason- higher crude oil prices. Since the budget was announced in February this year, crude oil prices have increased substantially. In fact, crude oil has touched US$ 125 per barrel. This is way higher than the Budget estimate of US$ 95 per barrel. This has put substantial pressure on the Government's fuel subsidy bill particularly with respect to diesel which forms nearly 60% of the total fuel subsidy.
As a result, the government has come under pressure to increase the prices of diesel. If it decides to follow this path, then it adds to the risk of higher inflation. The inflation would be compounded in the event of a failure in monsoons or any other global turmoil that leads to higher commodity prices. In addition, diesel pricing is a sensitive issue for electoral votes.
Therefore, the government now stands on crossroads. If it decides to take the path of increasing diesel prices, it risks higher inflation. This would lead to further pressures in the economy in the form of higher interest rates as well as slowing economic growth. If it decides to do nothing and allow diesel prices to remain where they are, then it risks a higher subsidy bill. This would lead to a burgeoning fiscal deficit. In either case, the promises made in the Union Budget appear to be in danger of remaining on paper. However, it is important to remember that reading too much into short-term economic forecasts can be very risky for investment decisions.
Do you think the Government will increase diesel prices soon? Share your comments with us or post your views on our facebook page.
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