LowCards.com Weekly Credit Card Update–September 5, 2014
Home Depot’s Credit Cards May Have Been Hacked
A massive batch of credit and debit card information that went on sale on a criminal Internet site Tuesday may be from Home Depot stores and could be linked to hackers responsible for breaches at Target and P.F. Chang’s. The credit card information was offered for sale Tuesday on an underground site that traffics in stolen financial information, journalist Brian Krebs reported on his blog. Story by Elizabeth Weise for USA Today.
New Services Help You Monitor Your Credit Cards
One card issuer is sending alerts to help you spot errors and bogus charges on your statements, and some banks offer apps to switch your debit card on or off. Some charges aren’t necessarily unlawful, but they may be unwanted. For example, two in three customers overlook potentially duplicate charges, says Capital One. Its new alert service, Second Look, flags such charges and sends an e-mail with instructions on how to question the transaction, if warranted. Second Look also highlights subscriptions that renew automatically and flags increases in recurring charges, such as a cable bill that might have risen without your noticing. Story by Jessica L. Anderson for Kiplinger.
Data Breach at Goodwill Compromises 868,000 Cards
Goodwill Industries confirmed that a data breach in 330 of its stores may have compromised an estimated 868,000 debit and credit cards. Payment card information, such as names, payment card numbers and expiration dates, may have been compromised. However, personal information such as addresses and PIN numbers were not affected. According to their investigation, a third-party vendor’s systems were attacked by malicious software, enabling criminals to access some payment card data of a number of the vendor’s customers. The impacted Goodwill stores used the same affected third-party vendor to process credit card payments. Story by Bill Hardekopf for LowCards.com.
Why Only Apple Has What It Takes To Disrupt Our Wallets
Many companies have tried to disrupt your wallet, but only Apple has what it takes to succeed. Apple’s September 9 event is quickly approaching, and there is widespread consensus that the Cupertino computer giant will release a new iPhone, a smart watch, and, perhaps most unexpectedly, a mobile payments platform. Story by Jacob Davidson for Time.
How Stolen Credit Cards Are Fenced on the Dark Web
Carder forums “are the Craig’s List of the hacker underground,” says Neal O’Farrell, founder of the non-profit Identity Theft Council. “It’s not just cards. It’s phishing kits, malware, spammer lists,” O’Farrell said. “It’s a like a shopping mall for cybercrime.” O’Farrell opened an account on one carder forum, rescator.la, where he was able to peruse offers for millions of Target credit cards. The website, registered in Latvia, listed the card information along with ZIP codes and e-mail addresses–information that makes it easier for criminals to use the cards to purchase goods online or withdraw money from bank accounts. The hacker asked for payment in Bitcoin, a difficult-to-trace digital currency. Story by Donna Leinwand Leger for USA Today.
CFPB Issues Warning on Deceptive Credit Card Marketing
The Consumer Financial Protection Bureau issued a warning to credit card companies about deceptive marketing tactics used to promote convenience checks and reduced or zero percent interest offers. The Bureau told banks to properly disclose the costs of these promotional offers and what would cause the reduced rates to cease. Banks that do not disclose these conditions may be cited for deceptive practices. Story by Bill Hardekopf for LowCards.com.
Loans at U.S. Credit Unions Jumped 9.8% in Second Quarter
U.S. credit unions are increasing their lending at the fastest clip in years, a sign that a once-sleepy part of the financial world is becoming more aggressive. Loan growth at U.S. credit unions was at 9.8% in the second quarter, according to data released Tuesday by the National Credit Union Administration, the government regulator for credit unions. That easily outstripped the 4.9% increase in loans outstanding at banks reported last week by the Federal Deposit Insurance Corp. Story by Saabira Chaudhuri for The Wall Street Journal.
LowCards.com Weekly Credit Card Rate Report
Based on the 1,000+ cards in the LowCards.com Complete Credit Card Index, the average advertised APR for credit cards is 14.48 percent, slightly lower than last week’s average of 14.49 percent. Six months ago, the average was 14.49 percent. One year ago, the average was 14.39 percent.