• Hacker Racks Up 40 Million In Fraudulent Credit Card Charges

    Updated: 2021-03-22 02:35:35
    Hacker Racks Up 40 Million In Fraudulent Credit Card Charges by Melanie Suiza on August 1, 2011 It may not seem fair to many people , especially those who were stolen from , that Rogelio Hackett has not only a 10 year prison term to serve , but is also being fined 100,000 for his credit card racket . It may seem especially unfair when considering that his fraudulent credit card use totaled almost 40 million dollars He pleaded guilty to trafficking and aggravated identity theft when his case went to court . He had been in this illegal business for about 9 years , and had made it a way of life . He was able to hack into accounts using the Internet . He didn’t only use these stolen credit card numbers himself , he also sold them to other people to . use Altogether , there were more than

  • Mastermind Admits to Theft of 130 Million Card Accounts

    Updated: 2021-03-22 02:35:35
    Mastermind Admits to Theft of 130 Million Card Accounts by Bill Hazelton on January 31, 2010 Whatever the number you have , I bet is isn’t as many as Albert Gomez . The Miami man admitted to stealing 40 million credit and debit card records last September . He now faces 17 25 years in prison for pleading guilty on a second . charge Scheduled to appear in court , Mr . Gomez faces charges on 130 million stolen credit and debit card accounts . The card information was gleaned from Payment Systems Inc . 7-Eleven Inc . Delhaize Groups Hannaford Brothers Co . and two other national . retailers Gomez admitted that he was the mastermind behind the international computer hacking ring that stole credit card and debit card financial information from several major US retailers including TJX Cos .

  • Subway and Other Small Retailers Hacked to the Tune of 3 Million

    Updated: 2021-03-22 02:35:34
    Subway and Other Small Retailers Hacked to the Tune of 3 Million by Karen Alinas on December 28, 2011 A recent indictment filed in U.S . District court indicates that a Romanian hacking band collected credit and debit card data from more than 80,000 victims over the course of the past three years . The real problem is that they didn’t even have to use sophisticated methods to collect that data . Instead , they relied on the poor security practices of these companies to grab the information they . wanted While security experts have said that if the retailers had been PCI complaint these incidents wouldn’t have occurred , the reality is that smaller retailers don’t often understand what PCI compliance involves , and they don’t have auditors to help them spot potential problem . areas In this

  • Robo-Signing Scandal Now Includes Your Credit Card Debt

    Updated: 2021-03-22 02:35:34
    Robo-Signing Scandal Now Includes Your Credit Card Debt by Ben DeMeter on February 8, 2012 Have you ever been unfairly sued by Chase Financial Services for your unpaid balance You might have a stronger case for dismissing the lawsuit than you think . This past Tuesday , American Banker reported that JPMorgan Chase and Co . just happened to quietly , unobtrusively and completely stop issuing new credit card lawsuits . While that doesn’t seem like much help to anyone who is currently fighting Chase in court , the implications of the decision are . interesting Why would Chase suddenly dismiss all of their in-house lawyers , who , just months ago , were earning the banking giant hundreds of millions of dollars in delinquency judgments and then pawning them off to third-party collectors Well ,

  • Chase Bank Balance Transfer Class Action Settlement

    Updated: 2021-03-22 02:35:34
    Chase Bank Balance Transfer Class Action Settlement by Carol Aliman on September 30, 2011 Chase Bank has finally reached a class action settlement for poorly informing cardholders about the terms of the promotional interest rate on both their balance transfers as well as their convenience check loans . Any customer who used one of these services between 2006 and 2010 might be able to get up to 12 from this . settlement The initial lawsuit , Milgram v . Chase Bank , USA Website , suggested that Chase had offered some cardholders an APR until a specified date , but didn’t let customers know what that specified date might be . As part of the settlement , Chase has refused to admit they are guilty , but they agreed to pay up to 7.8 million to resolve the . problem Every Chase customer who

  • Mobile Banking’s Rapid Ascent Continues

    Updated: 2021-03-22 02:35:34
    Mobile Banking’s Rapid Ascent Continues by Fran Riconalla on November 8, 2011 It shouldn’t be very surprising that the use of mobile banking and credit card management apps are on the rise . With the increase in smart phone numbers and the ease of mobile apps , the increase was bound to happen . A total of 12.7 million mobile users now report using a mobile banking . app Credit cards aren’t far behind . Around 6 million mobile users say they use an app to manage their credit card accounts . In addition to apps , browsers are also being employed by smart phone users to help them keep track of their banking tasks . Almost 17.6 million smart phone users opened their browsers for banking purposes in June 2011 . alone Overall , mobile users are readily adopting this platform for their personal

  • 4 Banking Acts of Kindness You Didn’t Read About

    Updated: 2021-03-22 02:35:34
    4 Heartwarming Banking Acts You Didn’t Hear About Last Year by Ben DeMeter on January 31, 2012 You might not believe it , but beneath the silky , tailored-suit armor of a coldly efficient banking executive there sometimes beats a heart of gold . Americans were so busy bashing the banking industry over new fees and foreclosure scandals last year that we overlooked a lot of the good that banks did for people in need . While some banks spent much of 2011 ripping us off , others passed the year by donating to . charity By donating , we’re not talking about JPMorgan donating” 4.6 million to the NYPD for dealing with those pesky Occupy Wall Street protestors . We’re talking about banks giving money to good causes in exchange for nothing but good will and tax breaks . So , before you storm your

  • Smart Ways to Fund Your Startup with Credit Cards

    Updated: 2021-03-22 02:35:33
    Smart Ways to Fund Your Startup with Credit Cards by Mindy Matter on May 28, 2012 Those preparing to start a new business have tough choices ahead . When seeking the money needed to start a business , investors are key , but what if none can be found . It is very tempting to use a credit card to get the business rolling , but without a plan , it can easily be a huge . mistake Many people are putting 5,000 to 10,000 on a credit card to start a tech business , but this can be a dangerous road . It is essential to only use the card when corresponding payments are due from customers . Always have another way to pay for the items purchased on the card . Also , it is essential to pay off balances in full each month to avoid the high interest . rates Try to avoid using credit cards for things

  • Terrorists Use Stolen Credit Card Information to Fund Activities

    Updated: 2021-03-22 02:35:33
    Terrorists Use Stolen Credit Card Information to Fund Activities by shannon on July 10, 2007 Even terrorists are getting involved with the credit card fraud and manipulation business . In fact , a Somali immigrant that was recently accused of making plots to blow up a shopping mall in Ohio stated that he provided stolen credit card information to another man a man that has been accused of purchasing items for al-Qaeda According to the attorney of the Somali immigrant , the statements were only made because the man felt he had to say anything” in order to get the government to stop questioning him . He basically after a while just started telling them whatever they wanted to hear , his attorney . said In addition to facing charges of plotting to blow up the mall , the man is also facing

  • What is Frozen Credit

    Updated: 2021-03-22 02:35:33
    What is Frozen Credit by kathryn on June 9, 2008 Frozen credit” sounds like such a horrible thing , doesn’t it It conjures up images of your credit cards being iced over and unavailable for use . But that’s not the case at all . Despite the chilly name , the term is used to describe something that you personally can do to protect yourself from credit card fraud and identity theft . What it refers to is the act of asking a credit bureau to make your credit report unavailable to new lenders . It’s a really simple thing that can serve to make it safer for you to use your credit cards So how does it work Basically , you decide that you don’t want your credit report to be available to anyone except yourself , the credit bureaus and the lenders that you already have existing credit card accounts

  • Senator Schumer Encourages Support of Low Interest Rate Student Loans

    Updated: 2021-03-22 02:35:33
    Senator Schumer Encourages Support of Low Interest Rate Student Loans by Mitch Villame on April 17, 2012 On July 1, students currently in college or about to begin college could see a serious rate increase when it comes to student loans . One senator , though , is hoping to keep that from happening . A new bill by Democratic Senator Charles Schumer would keep the interest rate on federally subsidized Stafford loans to a rate of 3.4 On July 1, the rate is scheduled to go up to 6.8 when a provision passed in 2007 authorizing the lower rate . expires This week , Schumer organized a news conference to help raise awareness of the coming storm . Because student loan debt now exceeds the credit card debt of most students , he won’t have trouble reaching many . people Schumer’s idea is to keep the

  • Paying Medical Bills with Credit Cards Good Idea

    Updated: 2021-03-22 02:35:33
    Paying Medical Bills with Credit Cards Good Idea by Tisha Tolar on April 30, 2009 It is becoming more and more common for people with high medical bills to pay for them with credit cards Some consumers who are very good at handling their debts and credit cards can do this , but they are in the minority . This practice of paying medical bills with credit cards is a sign of desperation for the rest of consumers who are already struggling to keep up with expenses . overall Why not Let us discuss high interest rates , over-limit fees , annual fees , and the general overall headache that credit cards have become . Unless you are good at paying off your balance every month , then this is not a good idea . Even if you are planning to pay it off over a few months , you had better figure in the

  • Costs of Elective and Cosmetic Procedure Medical Credit Cards

    Updated: 2021-03-22 02:35:33
    Costs of Elective and Cosmetic Procedure Medical Credit Cards by Karen Alinas on August 31, 2011 One of the latest trends for credit card issuers to attract new customers is the medical credit card . These cards are marketed to people wanting elective or cosmetic procedure not typically covered by insurance . They may even be advertised at the vet’s office These cards supposedly give these patients a means of paying off an expensive procedure over time while making sure the physician still gets paid on time . While this may sound like an excellent solution to a difficult problem , these cards can have some costs that you might not see right . away Before you buy into a card you found at the doctor’s or vet’s office , check out the company and the terms . Don’t put your trust in the card

  • Understanding the Impact of Credit Card Interest

    Updated: 2021-03-22 02:35:32
    Understanding the Impact of Credit Card Interest by Karen Alinas on December 20, 2011 The one thing that credit card consumers usually zero in on is the interest rate . However , there is much more to understand than that one . number Did you know that your interest rate can be increased if you are late on a payment If you are more than 60 days late on a payment , credit card companies can charge you a higher interest rate , a fee for a late payment , and the added interest you may accrue . Be sure to pay on time to avoid this . penalty Another thing to pay attention to is the interest rate for cash advances and balance transfers . You may know your interest rate on new purchases , but did you know that number does not always apply to balance transfers or cash advances Lastly , be sure to

  • Understanding the Factors in Your Credit Score

    Updated: 2021-03-22 02:35:32
    Understanding the Factors in Your Credit Score by kathryn on June 10, 2008 Everyone knows that you need to have a good credit score if you want to get good loans . With a good credit score , you can get favorable interest rates and great rewards on credit cards You can also qualify for higher loan limits and get approved for big loans such as home mortgages . With a bad credit score , you face limitations on what loans you can get and the ones that you do qualify for tend to come with terms that are definitely not in your favor . Well , this is important stuff to know but it’s useless to you if you don’t actually understand what your credit score is and how to make yours better . Understanding all of the different factors that contribute to calculating to your credit score is the place to

  • Are Those Credit Card Rewards Really Worth It

    Updated: 2021-03-22 02:35:32
    Are Those Credit Card Rewards Really Worth It by Carol Aliman on June 7, 2011 Recent article from Sandra Block of the GuampDN.com discusses the process of reconsidering those credit card rewards Cardholders typically willy apply for a credit card , where lenders will be cherry picking cardholders with the best FICO scores . A FICO score over 750 will net you the best rates and terms . People that want the best rates on cards though should really reconsider using those rewards . cards Rewards cards often have higher ongoing interest rates than non-rewards cards . If you don’t pay your monthly bill in full , most likely you end up paying more in interest than you earn in rewards . Additionally , consider the annual fees on those rewards cards . You have to do the math , if your annual fee is

  • Senator Durbin Suggests That Customers Leave Bank of America

    Updated: 2021-03-22 02:35:32
    Senator Durbin Suggests That Customers Leave Bank of America by Mitch Villame on October 12, 2011 Outraged that people are blaming him for the amendment to the Dodd-Frank Act that has led Bank of America to begin charging fees on debit cards Senator Dick Durbin has suggested those who are angry about the fees let Bank of America know by leaving the bank completely and finding a better bank that won’t charge them for using their own . money Durbin has suggested that consumers have a right to outraged , especially in light of the fact that Bank of America has been pushing their debit cards for years . Bank of America is trying to make up for the lost revenue that comes when retailers no longer have to pay 44 cents per transaction on debit cards thanks to Durbin’s . amendment Durbin said he

  • Bank of America Merger

    Updated: 2021-03-22 02:35:32
    Bank of America Merger by Bill Hazelton on October 18, 2006 If you haven’t heard by now , Bank of America is now one of the largest issuer of credit cards in the United States . This comes as a result of its recent merger with MBNA Now , the bank has a whopping 61.5 billion that’s right billion dollars of outstanding debt owed to it by its cardholders . If you have a bank account or carry a credit card which you likely do since there are not that many people who don’t , you have probably been hit by a bank merger or two . I know my bank is currently changing from one name to another , with the promise that we won’t even notice a difference which was followed shortly by a notification that the overdraft protection I had in place with the equity loan I have out will no longer stand with the

  • Bank of America Relaunches Card with New Rewards

    Updated: 2021-03-22 02:35:32
    Bank of America Relaunches Card with New Rewards by shannon on October 22, 2007 Apparently Bank of America believes that one of its cards is an oldie but goodie that deserves a second go around . On Tuesday , the company announced that it would be relaunching its BankAmericard , which first hit the market almost 50 years . ago When the BankAmericard was first introduced to the world , it was considered revolutionary because it was the first credit card to be a nationally accepted bank credit card . The new BankAmericard offers much more than its predecessor , however , with the only real similarity between the two being the name they . share The new BankAmericard is more properly known as the BankAmericard Rewards Visa . As the name implies , the reintroduced card will offer its

  • Why Stay At Home Moms and Dads May Not Be Eligible for Credit Cards Anymore

    Updated: 2021-03-22 02:35:31
    Why Stay At Home Moms and Dads May Not Be Eligible for Credit Cards Anymore by Jennifer Willson on May 25, 2011 Hmmm . those new Fed regulations really will set women back 50 . years We get it , Fed . You’re taking heat from all sides over this whole financial crisis thing and what many see as your lax oversight of consumer credit regulations . But did you have to go and take it out on all the stay at home moms and dads of the world Sure , the new rules you proposed were meant to keep people without individual income or adequate personal savings like college kids or the unemployed from getting their hands on a credit card . But what you failed to realize is that homemakers , Mr . Moms , and even retirees all fall into that category , . too Which means that even the loaded ladies on the

  • Human Rights Watch on Imprisonment for Debt

    Updated: 2021-03-21 14:16:20
    What happens in countries where no consumer bankruptcy regime exists as a safety valve to assuage the worst consequences of unpayable debt? A report this week from Human Rights Watch ("We Lost Everything": Debt Imprisonment in Jordan) offers one heart-wrenching...

  • Tapping Into Your Creative Side

    Updated: 2021-03-19 00:00:00
    No matter what field of study you’re in, the one thing you’ll find in common among every engaged student is creativity. This makes perfect sense, as being passionate about something is one way creativity can happen. When a student is passionate about whatever they are learning, they naturally start investigating and thinking about it the […] The post Tapping Into Your Creative Side appeared first on The International Student Blog.

  • Greensill "Secured" Lending

    Updated: 2021-03-17 16:33:46
    Slips readers will be interested in Matt Levine's column today, which takes a deep dive into the recently failed Greensill's lending against “prospective receivables,” which is kind of like lending against my prospective estate in Scotland. Both look a lot...

  • Book Recommendation: Caesars Palace Coup

    Updated: 2021-03-15 13:50:08
    A fun new book applies a revealing Law & Order analysis to the multi-billion-dollar, knock-down-drag-out reorganization of Caesar's Palace. In The Caesars Palace Coup, Financial Times editor, Sujeet Indap, and Fitch news team leader, Max Frumes, open with a detailed...

  • Not Cool, Bank of America

    Updated: 2021-03-13 20:06:36
    I used my phone to remotely deposit a check today at Bank of America. Before I was able to proceed with the transaction, however, Bank of America required me to agree to new terms and conditions for mobile deposits. The...

  • The Haitian Independence Debt

    Updated: 2021-03-09 00:27:21
    Mark Weidemaier and Mitu Gulati The Haitian Independence Debt of 1825 is perhaps the most odious in the history of sovereign debt. France agreed to grant recognition to the Haitian state in exchange for a massive indemnity payment, ostensibly intended...

  • How to Improve Your GPA

    Updated: 2021-03-01 21:07:36
    Well, you slipped up and didn’t get the grades you were looking for. You’re only human, after all, and there’s no need to start panicking about your GPA yet. There are actually several ways that you can improve your GPA prior to graduation should you need to. To help you out, here are some of […] The post How to Improve Your GPA appeared first on The International Student Blog.

  • Addressing Credit Invisibility Through Federal Contracting Power

    Updated: 2021-02-27 04:40:40
    The Biden administration could substantially reduce the number of "credit invisible" and "thin file" consumers without legislation, simply through a determined use of federal contract regarding multi-family mortgages and wireless spectrum licenses. By requiring credit reporting as a condition of...

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