Keyword: creditcards
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NEW YORK (AP) -- More than 8 million consumers stopped using credit cards over the past year. The decline stems from a combination of consumer choices and bank actions. An analysis by credit reporting agency TransUnion found that use of general purpose credit cards bearing MasterCard or Visa logos, or issued by Discover or American Express, fell more than 11 percent in the third quarter, compared with the July to September period last year.
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St. Petersburg, Florida - If you had any doubt that someone could steal your credit card numbers by simply walking past you, a few minutes with Walt Augustinowicz will probably chance your mind. "Wow that is crazy. It kind of makes me nervous," said Reina Monsour after watching one of Augustinowicz's demonstrations. "Technology is getting scarier and scarier," added Ivan Marik after watching another demonstration. By simply using a credit card scanner attached to a battery pack, Augustinowicz shows how easy it is to grab sensitive information from an unsuspecting person.
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NOTE The following text SNIPPET is a quote: International Hacker Arraigned After Extradition Elaborate Scheme Stole over $9.4 Million from Credit Card Processor ATLANTA, GA—SERGEI TŠURIKOV, 26, of Tallinn, Estonia, has been extradited to the United States. TŠURIKOV appeared today and was arraigned before United States Magistrate Judge E. Clayton Scofield III, on federal charges of conspiracy to commit wire fraud, wire fraud, conspiracy to commit computer fraud, computer fraud, and aggravated identity theft. TŠURIKOV was indicted by a federal grand jury on these charges on November 10, 2010, along with VIKTOR PLESHCHUK, 29, of St. Petersburg, Russia; OLEG COVELIN,...
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Credit cards appear to be the reverse Robin Hoods of the financial world. A new paper from the Federal Reserve Bank of Boston says merchant fees and reward programs offered by many credit-card issuers essentially take money from those who have the least and give it to those who have the most. The imbalance may have to be remedied via government intervention, the authors, Scott Schuh, Oz Shy and Joana Stavins, argued. The paper was published as part of the bank’s Public Policy Discussion Papers on Monday. It comes amid big changes for the financial industry, as the nation’s bank...
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Note: The following text is a quote: http://www.justice.gov/usao/mow/news2010/harrison.ind.htm JULY 9, 2010 FOR IMMEDIATE RELEASE BLACK MARKET TRAVEL AGENTS 38 DEFENDANTS INDICTED IN MULTI-MILLION DOLLAR FRAUD LOCAL INVESTIGATION EXPOSES NATIONWIDE NETWORK THAT USED STOLEN IDENTITIES, CREDIT CARDS TO PURCHASE AIRLINE TICKETS KANSAS CITY, Mo. – Beth Phillips, United States Attorney for the Western District of Missouri, announced today that 38 defendants from across the United States have been charged in a series of indictments that allege an extensive network of black market travel agents who used the stolen identities of thousands of victims as part of a multi-million dollar fraud scheme...
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Subscribers to Classmates.com might be surprised to learn that they’ve agreed to an automatic renewal clause. It happened to me. I learned about it after finding a $39 renewal charge on my credit card. My credit card company subsequently gave me a $39 conditional credit based on my complaint; but that credit was revoked after Classmates disputed it. In their paperwork, Classmates writes that members may …“terminate Subscription Services at any time by contacting our Member Care Department via email or via our live chat representative.“ I'm now at an age where “who needs it?”; but I was late in...
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Please Watch: http://www.thefoxnation.com/president-obama/2010/04/22/massive-govt-takeover-feds-monitor-checking-accounts-credit-cards
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Karl Rove discusses the current Obama-Dodd financial reform Bill. - video "It creates a new office and monitors every finanical transaction in the United States"
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Capital One Financial Corp's U.S. credit-card defaults rose in March in a sign that consumers may still be under stress. In a regulatory filing, Capital One said the annualized net charge-off rate -- debts the company believes it will never collect -- for U.S. credit cards rose to 10.87 percent in March from 10.19 percent in February. However, accounts at least 30 days delinquent -- an indicator of future loan losses - declined to 5.30 percent from 5.51 percent. For U.S. auto loans, Capital One's charge-off rate was 2.10 percent in March, down from 2.50 percent in February, and the...
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As banks shy away from making risky consumer loans, a mediocre credit history just won't cut it anymore. To get the best rates on mortgages, credit cards and auto loans, you need a killer score. Your FICO score is a numerical measure of your creditworthiness that ranges from 300 to 850. While there are a few different credit scoring systems available, it's the FICO score, created by the Fair Isaac Corporation, that most lenders look at when they check your credit. Lenders have already raised their standards by about 20 to 40 points this year, according to Barry Paperno, consumer...
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Debit cards have different protections and uses. Sometimes they're not the best choice. Sometimes reaching for your wallet is like a multiple choice test: How do you really want to pay? While credit cards and debit cards may look almost identical, not all plastic is the same. "It's important that consumers understand the difference between a debit card and a credit card," says John Breyault, director of the Fraud Center for the National Consumers League, a Washington, D.C.-based advocacy group. "There's a difference in how the transactions are processed and the protections offered to consumers when they use them." While...
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Just sent my last electronic payment for my last credit card.
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CHICAGO (MarketWatch) -- Credit-card debt has been falling for 16 straight months but consumers aren't paying off their financial obligations as much you might think. Instead, they're walking away from the debt, forcing credit-card issuers to write off as much as 90% of that reported drop, according to a new report by CardHub.com. U.S. banks charged off a record $83.3 billion in credit-card losses last year. That makes up the bulk of the $93.2 billion drop in outstanding credit-card debt that was reported by the Federal Reserve for 2009.
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2010 credit card reform The majority of new regulations go into effect Feb. 22, 2010. The new credit card reform laws were created to protect consumers. The majority of these reforms prohibit credit card issuers from changing the terms of a consumer’s credit card. Below is a summary of the changes you can expect as a result of the credit card reform: __________________>> Significant changes to the terms of your credit card must be given 45 days prior to the change taking affect. Under current rules, credit card companies only needed to give 15 days notice prior to making certain...
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Nothing good to see in the credit card arena. Capital One's January annualized net charge offs hit a record 10.41%, while 30-Day delinquencies stayed at the highest of the past 3 months. ---SNIP---
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If you have bad credit in the new era of credit card regulation, be prepared to pay -- dearly -- for the privilege of using credit. That's the message underlying recent credit card offers that feature jaw-dropping interest rates of up to 79.9 percent. The sky-high rates may be a sign of things to come in the market for so-called subprime credit cards as issuers who lend to the riskiest of borrowers try to figure out how to stay in business and comply with the new credit card reform law. "We need to price our product based on the risk...
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The Market Ticker Anecdotal report thus far....On the forum there is a report of a number of merchants dropping credit card processing entirely due to rampant (and bogus) chargebacks.Does anyone remember my Tickers on "Is The Government a Felon or a Cop" posts? Go read 'em again.One of the more recent had this to say: If the people cannot find justice within the government's apparatus, are they to sit quietly and ask "Please Sir, may I have another (beating, rape, robbery, take your pick)?"Or should we expect that at some point - perhaps not now, but perhaps not far down the...
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Friend or foe? Banks hope you'll think of them more kindly this year by offering a slew of new products aimed at making life easier for customers. But that convenience, along with pretty much everything else your bank offers, will likely come at a price. In fact, consumers should expect to spend a lot more on fees this year as banks look to replace the money they expect to lose once new credit card rules go into effect next month. Come February, the Credit Card Act of 2009 will be put in place. The act is generally considered among personal...
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Note: The following text is a quote: Alleged International Hacker Indicted for Massive Attack on U.S. Retail and Banking Networks Data Related to More Than 130 Million Credit and Debit Cards Allegedly Stolen WASHINGTON – Albert Gonzales, 28, of Miami, Fla., was indicted today for conspiring to hack into computer networks supporting major American retail and financial organizations, and stealing data relating to more than 130 million credit and debit cards, announced Assistant Attorney General of the Criminal Division Lanny A. Breuer, Acting U.S. Attorney for the District of New Jersey Ralph J. Marra Jr. and U.S. Secret Service Assistant...
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Uncle Obama has gotten ahold of your credit card. And he's amassing charges on it that - you - not he - are liable for. You can call the fraud line, you can call the police, you can call any politician or government agency, and they will all tell you the same thing. Shut up and pay up. Since misery loves company, you might feel better knowing that you're not the only one being extorted. Uncle Obama and his buddies have the credit and debit cards of every man woman and child in America. And they're charging up a...
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