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Showing posts with label Credit card. Show all posts
Showing posts with label Credit card. Show all posts

Wednesday, December 25, 2013

Target Customer Information Shows Up on the Black Market

Today's post was shared by Steven Greenhouse and comes from bits.blogs.nytimes.com


A Target customer preparing to sign a credit card receipt at a store in Miami on Thursday. The company disclosed that hackers had recently stolen credit or debit card numbers for 40 million customers who had shopped in its stores.
A Target customer preparing to sign a credit card receipt at a store in Miami on Thursday. The company disclosed that hackers had recently stolen credit or debit card numbers for 40 million customers who had shopped in its stores.
The nightmare before Christmas continues for Target.
Stolen Target customer information from a security breach involving its in-store point-of-sale systems has already begun flooding the black market, according to numerous people in the fraud industry tracking the situation.
On Dec. 11, one week after hackers breached Target’s systems, Easy Solutions, a company that tracks fraud, noticed a ten- to twentyfold increase in the number of high-value stolen cards on black market web sites, from nearly every bank and credit union.
The black market for credit card and debit card numbers is highly sophisticated, with numerous card-selling sites that are indistinguishable from a modern-day e-commerce site. Many sell cards in bulk to account for the possibility of cancellations. Some go for as little as a quarter. Corporate cards can sell for as much as $45.
But the security blogger Brian Krebs, who first broke news of the Target security breach on his website, said some Target customers’ high-value...
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Sunday, December 15, 2013

Why The Roberts Court’s Anti-Consumer Decisions Are Even Worse Than They Seemed

Today's post was shared by Take Justice Back and comes from thinkprogress.org


"Why The Roberts Court’s Anti-Consumer Decisions Are Even Worse Than They Seemed"
Thanks in part to several recent decisions by the U.S. Supreme Court under Chief Justice John G. Roberts, most consumers are bound to contractual terms that severely restrict avenues for holding corporations accountable. Arbitration clauses, for example, force consumers to enter the private conflict resolution proceedings as an alternative to filing a lawsuit in court. Many arbitration clauses also prohibit “class action” cases, meaning each individual wanting to challenge the same practice must file his or her own separate case even when doing so would be prohibitively expensive.
The Consumer Financial Protection Bureau has a new study out that tells us why these clauses are even worse: Consumers almost never use arbitration. Out of tens of millions of people subject to arbitration clauses in agreements for credit cards, loans, checking accounts, and other financial transactions, only 900 people used arbitration between 2010 and 2012. During that same period, and even with so many contracts prohibiting court challenges, consumers filed more than 3,000 federal court cases on credit card disputes alone, including more than 400 class action lawsuits, each involving potentially millions of consumers, according to CFPB Director Richard Cordray.
“One...
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