Security Alert — “Heartbleed” Bug

April 17, 2014

Recent news articles have focused attention on the “Heartbleed” Bug, which is a vulnerability in secure web systems that could put personal information at risk. OMEGA Processing wanted to take this opportunity to explain more about the Heartbleed Bug, how to remedy the vulnerability and assure our merchants that our web servers are secure and not affected. At the time of this release, we have had no merchants report that they have been affected by the bug.

What
The Heartbleed Bug has revealed that it is possible for a malicious user to retrieve sensitive information — including usernames, passwords and other personal or financial data — from secure web servers. The programming flaw is contained in certain versions of OpenSSL (Secure Sockets Layer), which is the standard security technology for establishing an encrypted link between a web server and a browser. Most websites with an address beginning with “https:\” are vulnerable, as well as webmail, instant messaging, firewalls, routers, database servers and other services that run SSL. Microsoft’s IIS web server does not utilize the OpenSSL library, so it is not impacted, but other network devices could be.

Vulnerability and Mitigation
OMEGA Processing’s scanning vendor has scanned the servers of our merchants who are enrolled in our Data Protection Program. Those merchants who were possibly affected by the Heartbleed bug are being individually notified by, our data protection partner.
The following versions of OpenSSL are vulnerable to the Heartbleed bug:

1.0.1 through 1.0.1f
1.02-beta 1.

To rectify the vulnerability, these OpenSSL versions should be upgraded to 1.01g and 1.02-beta2. More information on upgrading OpenSSL versions can be found at https://www.openssl.org/.

Any secret (private) keys that were generated with a vulnerable version of OpenSSL should be considered compromised and regenerated using the upgraded SSL version. Also, any passwords that were used in any vulnerable system should be updated, as the old ones might have been compromised.

OMEGA Processing Security
OMEGA Processing’s web servers have been scanned by our independent vendor and deemed unaffected by the Heartbleed Bug.

If you have any questions about your payments process and its vulnerability to the Heartbleed Bug, please contact OMEGA Processing’s customer service department at 866.888.9724 Ext. 7.


TRANSACT 14 Session Recap – CEO Roundtable

April 11, 2014

There wasn’t a better way to finish our TRANSACT 14 sessions than with a Processor CEO Roundtable discussion. We heard some very insightful comments both about the industry and business as a whole. Read on for more details…..

Participants:

  • Robert Carr: Chairman and CEO, Heartland Payment Systems
  • Mark Pyke: Presidnet, TSYS
  • Jeffrey Sloan: President and CEO Global Payment Systems

Opening thought

  • RC: Pick a business that you are really interested, get it right and make the cusotmers happy; control your growth
  • MP: Become a subject matter expert
  • JS: It’s a people-based business. At the end of the day you have to build the right team and work together for a common goal; It’s OK to screw up

On Disrupters and Opportunities

  • BC: Disruptors take the frustration out of the transaction
  • MP Retention is all about innovation; Learn from the disruptors

Data Breaches/EMV

  • BC: The breaches are not going to go away — there will be another big one
  • MP: The banks do not have a mandate from the Issuers to issue EMV cards
  • JS: Change of consumer behavior is tough

Bitcoin

  • BC: Anonymity makes it suspect
  • MP: Interesting technology but it’s a commodity not a currency

What is the one opportunity in the industry

  • BC: Reputation of the ISO is improving
  • MP: Opportunity to harvest our merchants to generate more revenue for our customers
  • JS: Ability to grow the markets…vertical markets… digital wallets, loyalty, gift, couponing

Time to go home and digest all the information, technology and products we have been exposed to this week. The goal? Make electronic payment processing with OMEGA Processing easier, more efficient and more secure.

 

 

 

 


TRANSACT 14 Session Recap – Startup Investor Roundtable

April 11, 2014

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Here’s what we took away from the roundtable discussion featuring noted start-up investors.

Moderator: Steve McLaughlin, Managing Partner, FT Partners

Participants:

  • Dan Rosen, General Partner, Commerce Ventures
  • Sean Flynn, Shasta Ventures
  • Rick Young, Principal, NEA
  • Benjamin Malka, MBA, General Partner, North Hill Ventures

The Payment is the CORE of the transaction. The DATA associated with the payment is what merchants are looking for — i.e. what does the customer buy, how often do they buy, how do they shop, etc. Merchants throw that data away every night!

How do you make it dead simple for the merchants. It has to be cheap, and you have to make it easy.

A great deal of consolidation is ahead for the industry. You need to build the right mousetrap or partner with a few key select partners.

Acquirers must innovate!

You have to find a way to DRIVE REVENUE for merchants.

If you are afraid to talk to your existing customers, then somebody else will. Find ways to add value.

Change the world and leave it a better place — that should be everyone’s goal. If you take care of your customer, the rest of it will take care of itself.

And, that’s a good note to finish on for now. Stay tuned for more.

http://www.electran.org/events/transact14/

www.omegap.com

 

 


TRANSACT 14 Session Recap – Merchants and Payments Top Issues & Opportunities

April 10, 2014

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After yesterday’s fascinating Opening Keynote session, OMEGA Processing attended Merchants and Payments: Top Issues and Opportunities.

Moderator: Catherine Johnston, President & CEO, ACT Canada

Roundtable Participants:

  • Mark Horwedel, CEO, Merchant Advisory Group
  • Jaqueline Clinton, Principal, Muration Group
  • Karen Cox, VP, Moneris Solutions Corporation
  • Oliver Manahan, Vice President, MasterCard Worldwide
  • Robert Hayhow, Vice President, TD Merchant Services
  • John Drechny, Senior Director Payment Services, Wal-Mart Stores

Here are some takeaways from the session:

  • 40% of companies that were the TOP companies in the year 2000, NO LONGER EXIST. Why? They didn’t reinvent themselves.
  • There are 1200 Acquirers and ISOs in the US
  • Trend — Payments will move away from cards
  • Is Pitney Bowes reinventing itself??? Are Chase and Visa creating a new model???
  • Discover card is more flexible — they will be more creative, widely supporting the disruptors
  • Connectivity is going to be an important part of growth… we are all driven by social, work and activities
  • Essential to empower showers — 50% of shoppers will compare prices WHILE shopping in the store
  • 51% of customers use mobile connectivity to make purchasing decisions

Stay tuned for more updates as we attend sessions on BitCoin, Next-Generation POS systems, CEO Roundtable, and Security in Mobile Payments

 


Transact 2014 – News from the World’s Largest Payments Industry Event

April 9, 2014

Keynote speakers from Visa, Google and VeriFone, as well as the exhibit hall opening, highlighted today’s TRANSACT 14 trade show events. Record crowds and move than 210 exhibitors are converging at the Mandalay Bay Convention Center in Las Vegas this week for the world’s largest payments industry event, presented by the Electronic Transactions Association (ETA).

OMEGA Processing was on hand for today’s keynote speakers. Here are some interesting takeaways from the discussions:

Bill Sheedy, Visa’s Executive Vice President Corporate Strategy, M&A, Government Relations and Europe

  • Industries are emerging into payments — Amazon, Starbucks, Google, Apple — how do they play and how do we all survive?
  • Point-of-Sale is changing — we are going from unsophisticated to sophisticated and the terminal is going the way of the dinosaur
  • We need to make the point-of-sale process less frustrating for the consumer.
  • Trust, Security and Technology are all key
  • Visa is emphasizing security, including EMV
  • Card-not-present transactions will require some type of tokenization
  • Encryption….. yet another hurdle for both the industry and the small merchant.

Ariel Bardin — Google’s Vice President Product Management, Payments

  • Consumers are spending more time on their mobile device vs. PC (34 hours on the internet vs. 27 hours)
  • 42 million people made a purchase on their mobile device in 2013, a 45% increase over the previous year
  • Google Shopping Express — same day order and delivery
  • 1 billion Android devices in the market — activating 1.5 million per day
  • Android payment security perspective — using identity verification, including GPS so you know where the device and user are located
  • NFC portion of Google app works so developers can make payments easily and securely available
  • Other possibilities — local consumer product ads and digital local storefronts
  • Google merchants reporting VERY large increases when Google Wallet is being used
  • Google goal — create great user experience

Paul Galant — VeriFone’s CEO

  • Payments industry is going through its greatest transformation in history
  • Personal perspective — no one is entitled to success in America. You earn it through hard work and innovation. (Galant was born in Russia)
  • VeriFone’s service businesses now accounts for 40% of revenue
  • Committed to developing a non-predatory environment
  • It’s VeriFone’s job to understand clients and what their needs are and then deliver the apps that the merchant needs to more effectively manage their business
  • Virtual loyalty programs — allow you to create a community of loyalty participants
  • 8% of VeriFone’s purchases are online, 92% brick and mortar
  • 3 million new EMV devices to be deployed in US over next 5 years — all consumer facing

After Keynote session, it was time to cut the ribbon and open the Exhibit Hall with over 210 exhibitors launching their newest payments and technology innovations.

Exhibit Hall Ribbon Cutting

Stay tuned to OMEGA Processing’s social media pages this week — we will be providing regular updates. Go to http://www.electran.org/events/transact14/ for the official TRANSACT 14 website.

 

 


The Bank of Kentucky Center, flagship namesake facility for The Bank of Kentucky, financial partner of OMEGA Processing Solutions: Epicenter of the universe today. At least for high school hoops in Northern Kentucky.

March 9, 2014
The Bank of Kentucky Center at Northern Kentucky University, flagship of The Bank of Kentucky, financial partner of OMEGA Processing Solutions.

The Bank of Kentucky Center at Northern Kentucky University, flagship namesake facility for The Bank of Kentucky, financial partner of OMEGA Processing Solutions.

The Bank of Kentucky Center is a flagship namesake facility for The Bank of Kentucky, financial partner of OMEGA Processing Solutions. Today, it’s also the epi-center of the universe for Northern Kentucky high school basketball.

“It doesn’t get any better than this,” is the Cincinnati Enquirer’s take on the rematch between Newport Central Catholic and Covington Catholic. Mother Nature suspended player earlier this season; both teams are undefeated in regional play, with the Thoroughbreds (NCC) standing at 17-0 and the Colonels (CC) at 11-0.

Home to Norse Basketball, The Bank of Kentucky Center will play host to the Noon tilt today. OMEGA Processing Solutions proudly handles payments processing for the 9,400-seat facility, and for The Bank of Kentucky.

In addition to NKU basketball, The Bank of Kentucky Center hosts concerts, conventions and sporting events, as well as fall and spring NKU commencement ceremonies. In 2012, The Bank of Kentucky Center hosted the NCAA Division II Men’s Elite Eight hoops tourney, which saw Western Washington win its first-ever national championship.

The Bank of Kentucky Center is also home to the Thomas J. Kearns Student-Athlete Academic Center, a dedicated area for study and tutoring for NKU’s student-athletes.

OMEGA Processing Solutions proudly handles the payments processing for The Bank of Kentucky Center, flagship of The Bank of Kentucky.

OMEGA Processing Solutions proudly handles payments processing for The Bank of Kentucky Center, and its namesake financial institution, The Bank of Kentucky.


Customer Service Constitution

February 18, 2014

Many companies employ industry consultants to assist them in indentifying their core values or mission statements. OMEGA Processing took a different approach. We presented our customer service team members with a  prompt — “OMEGA Processing can provide a world-class customer experience by ______________ ?”

Summarized below are their responses, which we like to call our “Customer Service Constitution.”

•  Striving to exceed our customers’ expectations and assuring them with an empathetic ear.

•  Asking questions to identify the real issue or problem, giving a competent diagnosis and providing an effective and timely resolution.

•  Coming up with fresh solutions for difficult problems.

•  Going above and beyond on EVERY CALL

•  Having a smile in our voices, treating the customer courteously and being patient no matter how busy we are.

•  Paying attention to even the smallest detail and asking at the end of the call if there is anything else that the customer needs.

•  Providing the customer with a positive experience from the initial point-of-contact to the resolution and ensuring that the customer ends the call happier than when they began.

•  Closing every call by thanking the customer for entrusting OMEGA Processing with their business.

Not all electronic payments processing companies are alike. Contact OMEGA Processing today at 866.888.9724 to experience the OMEGA difference!


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