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Credit card thieves move online while chips hinder in-store fraud
The adoption of credit card chip technology from retailers in the United States is having an unintended consequence: criminals are moving from brick and mortar stores to the Internet. The use of stolen card data to pay for merchandise on websites, mobile apps and call centers rose 40% last year. This forces traders to spend billions on online fraud protection. Issued by banks, cards containing the so-called EMV technology are much harder to counterfeit, which reduces personal fraud in stores.[[[[Bloomberg]
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ATM "shimmers" threatens credit card security
Card skimmers are devices used by criminals to steal information from your debt or credit card when you run it through the sleeve of an ATM or a gas pump. These devices are relatively cumbersome and difficult to hide, making them somewhat impractical for identity thieves. Unfortunately, a new threat has hit the market, a subtle and practically undetectable reader designed for chip-based credit cards. Known as "shimmers," these devices lie between the chip reader in an ATM or register and the chip on the card. & Nbsp;[[[[LowCards.com]
RushCard customers will receive $ 10 million in return
The tens of thousands of RushCard customers who have been hit by a 2015 service outage are getting a financial payback for their problems. The CFPB ordered Mastercard and UniRush, which operates the RushCard, to pay about $ 10 million to consumers who were unable to access their funds or who had been financially damaged from the interruption. The RushCard, which was co-founded by the pioneer of hip-hop and entrepreneur Russell Simmons, is a prepaid card, which means it is not linked to a bank account. In 2014, Mastercard became the new payment processor for the RushCard. The conversion to the new system in 2015 was not successful, due to what the CFPB called "an eruption of preventable failures" by companies. & Nbsp;[[[[CNN]
61% of people access mobile banking services on a regular basis
According to a new report, mobile banking has become mainstream. 61% of people use their mobile phone to carry out banking activities, with 48% using a dedicated banking app. The most common activity within a mobile banking app is to check a person's balance. The number of people controlling their balance on a smartphone has increased from 28% in 2014 to 44%. People are also more comfortable with paying bills in an app-29% in 2016 compared to 20% in 2014, with 22% sending money to other people via the app, with a 6% increase.[[[[ARCO]
PayPal Q4 Mobile payment transactions grow 53%
Mobile payments accounted for nearly a third of all money transferred via PayPal in the fourth quarter, for a total of $ 31 billion of transactions, the company said. The phone accounted for 31% of the total value of PayPal transactions for the quarter, with 53 billion dollars processed 53% over the same period of 2015. Among the busiest periods of the year there were days between Thanksgiving (November 24th) and Cyber & nbsp; November 28), when the company has processed over $ 2 billion of mobile sales.[[[[Mobile World Live]
Russell Simmons RushCard Company is sold to Green Dot
RushCard, the prepaid debit card company founded by hip-hop tycoon Russell Simmons, is purchased by rival Green Dot for $ 147 million. Green Dot will buy UniRush, the parent company of RushCard and Rapid! payroll debit card. Simmons started RushCard in 2003 as one of the first prepaid cards to focus on minority customers and charge lower-than-average fees. Prepaid debit cards are widely used by "unbanked," or those who do not have a checking or savings account and largely rely on money to pay their bills month by month.[[[[Associated Press]
Judge Rules Prepaid calling cards are telecommunications services for tax purposes
An administrative law judge in Texas recently agreed with the Federal Communications Commission and at least one previous US District Court ruling concerning the tax status of prepaid phone cards. In a recently published administrative ruling released in January, an administrative law judge ruled that prepaid phone cards sold in Texas should be considered a telecommunications service and not an intangible product, which the Internal Revenue Service defines as "property that has value but can not be seen or touched." Although the cards themselves do not provide the service directly, they allow the use of local exchange telecommunication services or exchange access services connected to the federated telecommunications network at the federal level.[[[[Texas SE record]
Fitbit kills its "money" payment service
Last year, Fitbit fitness tracker / fitness watch company Fitbit has made an amazing acquisition, buying the Coin payment company without any plan to continue its products. Instead, Fitbit planned to kill the Coin product and integrate the company's payment technology into its wearable devices. Now the service will shut down next month and the Coin magnetic strip devices will work until their batteries last or until the payment card number changes.[[[[Consumerist]
Mastercard is taking care of hepatitis C – With the power of payments
MasterCard has signed a Memorandum of Understanding with Gilead Sciences to explore how to use Mastercard Aid Network to simplify the delivery of Hepatitis C treatments in those countries with limited resources. & nbsp; Mastercard Aid Network is the internal technological solution of the card network designed to simplify the distribution of humanitarian aid for individual donors, NGOs and non-profit organizations. & Nbsp;[[[[PYMNTS]
Weekly report of the LowCards.com credit card
Based on the over 1,000 cards in the LowCards.com credit card index, the average advertised APR for credit cards is 14.97%, identical to last week's average. Six months ago, the average was 14.62%. A year ago, the average was 14.88%.[[[[LowCards.com]
Supplied by LowCards.com
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Credit card thieves move online while chips hinder in-store fraud
The adoption of credit card technology by retailers in the United States is having an unintended consequence: criminals are moving from physical stores to the Internet. The use of stolen card data to pay for merchandise on websites, mobile apps and call centers rose 40% last year. This forces traders to spend billions on online fraud protection. Issued by banks, cards containing the so-called EMV technology are much harder to counterfeit, which reduces personal fraud in stores. [Bloomberg]
ATM "Shimmers" threatens credit card security
Skimmers cards are devices used by criminals to steal information from your debit or credit card when you run it through the sleeve of an ATM or a gas pump. These devices are relatively cumbersome and difficult to hide, making them somewhat impractical for identity thieves. Unfortunately, a new threat has hit the market, a subtle and practically undetectable reader designed for chip-based credit cards. Known as "shimmers", these devices sit between the chip reader in an ATM or register and the chip on the card. [LowCards.com]
RushCard customers will receive $ 10 million in return
The tens of thousands of RushCard customers who have been hit by a 2015 service outage are getting a financial payback for their problems. The CFPB ordered Mastercard and UniRush, which operates the RushCard, to pay about $ 10 million to consumers who were unable to access their funds or who had been financially damaged from the interruption. The RushCard, which was co-founded by the pioneer of hip-hop and entrepreneur Russell Simmons, is a prepaid card, which means it is not linked to a bank account. In 2014, Mastercard became the new payment processor for the RushCard. The conversion to the new system in 2015 was not successful, due to what the CFPB defined as "a series of preventable failures" by companies. [CNN]
61% of people access mobile banking services on a regular basis
According to a new report, mobile banking has become mainstream. 61% of people use their mobile phone to carry out banking activities, with 48% using a dedicated banking app. The most common activity within a mobile banking app is to check a person's balance. The number of people controlling their balance on a smartphone has increased from 28% in 2014 to 44%. People are also more comfortable with paying bills in an app-29% in 2016 compared to 20% in 2014, with 22% sending money to other people via the app, with a 6% increase. [ARC]
PayPal Q4 Mobile payment transactions grow 53%
Mobile payments accounted for nearly a third of all money transferred via PayPal in the fourth quarter, for a total of $ 31 billion of transactions, the company said. The phone accounted for 31% of the total value of PayPal transactions for the quarter, with 53 billion dollars processed 53% over the same period of 2015. Among the busiest periods of the year there were days between Thanksgiving (November 24th) and Cyber Monday (November 28th) when the company processed over $ 2 billion in mobile sales. [Mobile World Live]
Russell Simmons RushCard Company is sold to Green Dot
RushCard, the prepaid debit card company founded by hip-hop tycoon Russell Simmons, is purchased by rival Green Dot for $ 147 million. Green Dot will buy UniRush, the parent company of RushCard and Rapid! payroll debit card. Simmons started RushCard in 2003 as one of the first prepaid cards to focus on minority customers and charge lower-than-average fees. Prepaid debit cards are widely used by "undefeated" or those who do not have a checking or savings account and rely heavily on cash to pay their bills month by month. [Associated Press]
Judge Rules Prepaid calling cards are telecommunications services for tax purposes
An administrative law judge in Texas recently agreed with the Federal Communications Commission and at least one previous US District Court ruling concerning the tax status of prepaid phone cards. In a recently published administrative ruling released in January, an administrative law judge ruled that prepaid phone cards sold in Texas should be considered a telecommunications service and not an intangible product, which the Internal Revenue Service defines as "property that has value but can not be seen or touched." Although cards themselves do not directly provide the service, they allow the use of local exchange telecommunication services or exchange access services related to the telecommunications network regulated at the federal level. [SE Texas Record]
Fitbit kills its "money" payment service
Last year, Fitbit fitness tracker / fitness watch company Fitbit has made an amazing acquisition, buying the Coin payment company without any plan to continue its products. Instead, Fitbit planned to kill the Coin product and integrate the company's payment technology into its wearable devices. Now the service will shut down next month and the Coin magnetic strip devices will work until their batteries last or until the payment card number changes. [Consumerist]
Mastercard is taking care of hepatitis C – With the power of payments
Mastercard has signed a Memorandum of Understanding with Gilead Sciences to explore how to use the Mastercard Aid Network to simplify delivery of Hepatitis C treatments in those countries with limited resources. Mastercard Aid Network is the internal technological solution of the card network designed to simplify the distribution of humanitarian aid to individual donors, NGOs and non-profit organizations. [PYMNTS]
Weekly report of the LowCards.com credit card
Based on the over 1,000 cards in the LowCards.com credit card index, the average advertised APR for credit cards is 14.97%, identical to last week's average. Six months ago, the average was 14.62%. A year ago, the average was 14.88%. [LowCards.com]
Provided by LowCards.com
