Four Men Indicted for Massive, Multi-Million Dollar Hack

Four men have been indicted on charges that they hacked into financial institutions across the globe and used stolen information to manipulate stocks, commit credit card fraud and operate illegal online casinos. The hackers and their conspirators generated over $100 million … Continue reading

MasterCard Launches Safety Net Program for Cybersecurity

To help protect banks and payment processors against cyber hacking, MasterCard has developed a special program called Safety Net that identifies potential threats before they turn into full-blown attacks. The program is designed to screen billions of transactions a day … Continue reading

Beware of the New Credit Card E-Mail Scam

Criminals are finding a way to scam consumers with the recent conversion to the more secure chip-embedded credit cards. Since only about 40% of Americans have received their new EMV cards, many are wondering when their current card will be … Continue reading

Criminals Use Charity Websites to Test Credit Card Numbers

If your credit card bill contains an unauthorized donation to a charity, you are not alone. New information reveals that criminals are using unsecured charity websites to test stolen credit card numbers on a global scale. Many charity websites have simplified … Continue reading Weekly Credit Card Update–September 17, 2015

Bank of America Reveals Details of Biometric Smartphone App Bank of America has launched a mobile banking app which uses fingerprint and Touch ID sign-in. The bank says its new fingerprint and Touch ID sign-in capabilities provide eligible Android, iPhone … Continue reading

Only 22% of Small Businesses Are Ready for EMV Deadline

Yet another study has emerged showing that small businesses are unprepared for the October 2015 deadline of transitioning to EMV card readers. Only 22% of small retailers are ready for the deadline, and 23% feel chip and PIN card readers … Continue reading Weekly Credit Card Update–September 4, 2015

Credit Card Fraudsters Pump Gas Stations for Profit As motorists head out on the last big driving weekend of the summer, the credit card industry and gas-station owners are deploying everything from sophisticated software to heavy-duty padlocks to combat an … Continue reading Weekly Credit Card Update–August 7, 2015

Using a Digital Wallet May Cost You in Credit Card Rewards Mobile payments are surging as an alternative payment method, with Forrester Research estimating that the industry will nearly triple in terms of transactions by 2019. Digital wallets are typically … Continue reading

Hackers Turn Square Card Reader into Portable Skimmer

Credit card thieves may now have an easier way to steal card numbers, thanks to a hacking opportunity that was uncovered on the Square portable card reader. The hack essentially turns off the encryption settings on the reader, allowing users … Continue reading

Consumers Learning to “Dip” Their Credit Cards

If you have recently received a new credit card in the mail, you may have been asked to "dip" your card when you made your transaction at the store. "Dipping" is replacing "swiping" in today's world of credit cards. New … Continue reading

Growth in European Card Fraud Fueled by Card-Not-Present Transactions

According to the latest FICO report, card fraud in Europe only grew by 6% in 2014. A majority of this increase was due to cross-border fraud, with domestic losses remaining relatively flat. While this number shows promise for the continent's card … Continue reading Weekly Credit Card Update–July 17, 2015

Credit Cards are the Preferred Payment Method It's all in the cards--the days of cash and carry are long gone. When consumers pay for purchases today, whether in person or online, the overwhelming majority prefer to use a debit or … Continue reading Weekly Credit Card Update–June 26, 2015

Who's Addicted to Mobile Banking Are consumers addicted to mobile banking? Well, if pulling out a mobile phone to check a bank account balance during dinner--and even on a date--qualifies as addictive, then the answer is yes. A Chase-commissioned survey … Continue reading Weekly Credit Card Update–May 29, 2015

As Chip Cards Become Norm, Other Fraud Targets Rise Studies show a climb in the number of "digital shoppers" in the U.S. every year from 2010 with growth expected to continue. But as more buy online, security experts say "Card … Continue reading Weekly Credit Card Update–May 22, 2015

Debit Card Data Thefts at All Kinds of ATMs Soar Criminals are stealing card data from U.S. automated teller machines at the highest rate in two decades, preying on ATMs while merchants crack down on fraud at the checkout counter. … Continue reading

Elite Credit Cards Twice as Vulnerable to Fraud

New research from fraud prevention firm Forter shows elite credit cards, like the American Express Centurion and Visa Black card, are twice as vulnerable to fraudulent online transactions as standard credit cards. According to Forter's most recent data, elite credit … Continue reading Weekly Credit Card Update–April 3, 2015

Creditless Can Benefit from New FICO Score People struggling with a bad credit score, or lack of one, could benefit from a program rolling out in the next few months aimed at making it easier to get a Visa or … Continue reading

Constantly-Changing CVV Code Could Boost Card Security

In an effort to boost security and reduce the risk of credit card fraud, a tech company in France has come up with a CVV code for credit cards that changes every 40-60 minutes. According to CNN, Oberthur Technologies found … Continue reading

American Express Offers $100 Reimbursement for Merchants Upgrading to EMV Terminals

To help merchants make the switch to EMV terminals before the October 2015 deadline, American Express has launched a Small Merchant EMV Assistance Program that offers a $100 reimbursement for retailers that upgrade their payment terminals. The company has put … Continue reading Weekly Credit Card Update–February 20, 2015

In Challenge to Apple Pay, Samsung Buys Mobile Payment Company Samsung is buying mobile-payment startup LoopPay as the Korean phone maker steps up to challenge Apple and its payment system on iPhones. The deal strengthens speculation that Samsung Electronics plans … Continue reading

Visa Launches Smartphone Tracking to Reduce Declined Card Transactions

If you have ever experienced the frustration of having your card declined while traveling, a new service from Visa may now help you avoid that problem. Visa's Mobile Location Confirmation uses geolocation detection to cut unnecessary purchase declines by nearly … Continue reading

Fraud-Fighting Credit Card “Final” Receives $1 Million in Funding

As the fight against credit card fraud continues in America, credit card startup Final has received a huge boost from investors---$1 million. Final is a credit card that enables users to generate multiple card numbers. Rather than a single, static … Continue reading

True Link Raises $3.4 Million to Develop Debit Card to Help Fraud Protection for the Elderly

True Link Financial has been working on a debit card solution for seniors that will help protect them against identity theft. The startup recently scored an extra $3.4 million in funding which could significantly improve the card's features. The card helps provide … Continue reading Weekly Credit Card Update–January 9, 2015

Why New Credit Cards May Fall Short on Fraud Control Big U.S. banks are steering clear of an advanced security measure used in credit cards around the world, opting for a system that is more convenient for shoppers but may … Continue reading

Possible Credit Card Breach at Chick-fil-A

Chick-fil-A today acknowledged it is investigating reports of unusual activity involving debit and credit cards used at some of their restaurants. Initial reports indicate this may have affected up to 9,000 customers and may be concentrated in stores located in … Continue reading Weekly Credit Card Update–December 5, 2014

What Happens When You Swipe Your Card? This holiday shopping season, you might worry that every time you swipe your credit or debit card some criminal might be swiping your account number and with good reason. The number of reported, … Continue reading Weekly Credit Card Update–November 21, 2014

Shoppers Just Don't Care About Credit Card Hacks If Target and The Home Depot are still reeling from the collective breach of 96 million customers' credit and debit cards, it didn't show in either company's earnings reports this week. Target … Continue reading

Debit Cards Decline in Popularity

A new report indicates debit cards are dropping in popularity, even though they remain the most common form of payment in America. According to the TSYS's 2014 Consumer Payment Study, the decline is primarily motivated by security fears from the number … Continue reading Weekly Credit Card Update–November 7, 2014

Here's How the New Chip and PIN Credit Cards Could be DOA A recent Gallup survey found that 69% of Americans worry "frequently" or "occasionally" about having a credit card compromised by computer hackers. It's not shocking. Consumers are becoming … Continue reading Weekly Credit Card Update–October 10, 2014

Banks in U.S. Moving to Chip-Based Debit and Credit Cards In the coming year, banks in the United States are likely to replace debit or credit cards with versions that have tiny computer chips embedded in them, a move aimed … Continue reading

Young Adults at Highest Risk of Credit Card Fraud

New research from the Better Business Bureau indicates that young adults, age 18 to 24, are more at risk of credit card fraud than other generations of adults. This may be due to how willing young adults are to share … Continue reading

Gold Dealer Now Takes Bitcoin Instead of Credit Cards

In an effort to prevent credit card fraud on the sale of gold, the owner of Agora Commodities has decided to do away with credit card payments in favor of Bitcoin. The dealer will no longer be processing payments with … Continue reading

Innovative ATM Reader Fights Credit Card Skimming

America has been fighting to stay ahead of credit card skimming and identity theft. But Diebold, Inc. has developed a new ATM card reader called ActivEdge that may be a revolutionary anti-skimming device. The secret to ActivEdge's security is the … Continue reading Weekly Credit Card Update–August 22, 2014

Visa Wants to Make it Even Harder for Thieves to Buy Gas with Your Credit Card Gas stations are among the easiest places for crooks to use stolen credit cards. Pumps are usually unattended, so all the thieves have to … Continue reading

UPS Reveals Data Breach in 51 Stores

United Parcel Service reported yesterday that a data breach may have occurred in 51 of their UPS Stores, possibly leading to the theft of customer debit and credit card information. Malicious software that was not identified by current anti-virus software … Continue reading

New Visa Service Helps Gas Stations Combat Credit Card Fraud

Visa is helping gas stations fight credit card fraud through a new program known as the Visa Transaction Advisor. This system uses intelligent analytics to identify purchases that have a high risk of being fraudulent. Self-serve gas stations are known … Continue reading

“Backoff” Malware Program Causes Big Headache for Homeland Security

A program intended to help consumers fight credit card fraud is causing a significant problem for the Department of Homeland Security. Backoff is a malware program deployed to a store's point-of-sale system through remote access applications. Remote access applications are programs that … Continue reading

Rogue Flash Player Steals Credit Card Information from Android Devices

A new Trojan has started threatening Android users by disguising itself as Adobe Flash Player. Encountering this program could easily put your credit card data at risk. At this time, the malware is mostly targeting Russian users, but its codes … Continue reading

Credit Card Fraud on the Rise before EMV Switchover

With America on the verge of converting to EMV credit cards in the next few years, fraudsters are trying to get in on last-minute scams. This is particularly true for credit card thieves in Europe, who consider the unsecure American … Continue reading

Understanding Your Credit Card Number

Do you know what the numbers mean on the front of your credit card? Are they just a random accumulation of numbers? Or do they serve a specific purpose? Much like the VIN on your car, credit card numbers are … Continue reading Weekly Credit Card Update–June 20, 2014

Suze Orman's Approved Prepaid Debit Cards are Quietly Discontinued Suze Orman is quietly getting out of the payments business. Starting July 1, Ms. Orman's Approved card, a prepaid debit card aimed at budget-challenged consumers, will no longer work, according to … Continue reading

Credit Card Fraud May Also Be in Play at World Cup

Events like the World Cup are breeding grounds for credit card breaches, so soccer fans are being warned about using their cards during the popular event. The World Cup is taking place over the next month throughout 12 locations in Brazil, … Continue reading Weekly Credit Card Update–June 13, 2014

Credit Card Use Surges in AprilAmerican consumers threw caution to the wind in April and ran up their credit-card balances at the fastest pace in almost 13 years. The amount of outstanding revolving credit--a figure that’s mostly credit card debt--rose … Continue reading

AT&T Develops New Program to Help Prevent Credit Card Fraud

AT&T will pilot a new service that could help credit card companies prevent fraud. The program will let the credit card company know the current location of the accountholder based on the location of his or her phone. If that … Continue reading

Who Pays For Fraudulent Credit Card Transactions?

Credit card fraud is an issue that affects a number of different parties. Credit cardholders, banks, merchants and the scammer are all involved in a process that can take weeks or even months to fully resolve. The best way to … Continue reading

Teen Steals Credit Card to Rent $12 Million Vacation Home

A 19-year-old in California was charged with credit card fraud last week after he used a stolen card to rent a $12 million vacation home for $27,000. The teen also spent $13,000 renting a 2012 McLaren sports car worth $240,000. … Continue reading

Man Admits Role in $200 Million International Credit Card Fraud

A man from New York has officially confessed to his role in a $200 million credit card scandal that spread over several continents. Khawaja Ikram pled guilty in court to conspiracy to commit bank fraud. Ikram was originally charged in … Continue reading