Identity thieves can take over your accounts, just by swapping their address for yours with your financial institutions. Banknet360 elucidates how this works:
credit cards
Citibank's "All-Electronic Program" Sends Paper Notice Stating Account Is Available To View Online
By 5.12.07
After enrolling in Citibank’s “All-Electronic Program,” FiveCentNickel was surprised to find the following notice in his mailbox:
Your Citibank statement is now available at http://www.citicards.com/. This notification is part of the All-Electronic Program you enrolled in to receive your statements online only instead of in the mail.
How counterintuitive. If Citi needs to send mail, why not send the account statement, rather than a notice that the statement is available online? Better yet, send neither. Or at least change the name to something more accurate, like the “Mostly, But Not Quite All-Electronic Program.” — CAREY GREENBERG-BERGER
Other Stores May Be Just As Vulnurable To Hacking As TJ Maxx
By 5.10.07
The Wall Street Journal is reporting that the most likely scenario for how the hackers stole an estimated 200 million card numbers is as simple as a person with a laptop breaking into the wifi network of a store:
The biggest known theft of credit-card numbers in history began two summers ago outside a Marshalls discount clothing store near St. Paul, Minn.
How Crooks Steal or "Skim" Your ATM Card
By 5.9.07
Why do we suddenly want to watch The Departed? Anyway, after talking with the detective the Today show set up their own skimming operation in Times Square. Just about 1/2 of the people who used the ATM fell for a skimming box located just outside the door where the swipe pad that unlocks the door would normally be. Sad.—MEGHANN MARCO
Hasbro And Visa Pervert LIFE Board Game To Train Children In Racking Up Credit Card Debt
By 5.8.07
As if credit card-related debt wasn’t a big enough problem in the U.S., Hasbro and Visa want to fuel the fire. Hasbro is launching a new edition of The Game of Life called Twists and Turns that will replace play money with a Visa-branded card. Matt Collins, Hasbro’s vice president of marketing, said of the switch, “When we started to design a completely new edition of the popular game, we knew it was also time to reflect the way people choose to pay and be paid – and replacing cash with Visa was an obvious choice.”
Ask The Consumerists: Get A Lower Rate Without Hurting My Credit?
By 5.4.07
Hi Meghann, nice work on Consumerist. You all do a great job, and I enjoy the blog, read it a lot, and learn a lot from it. I thought I would run a situation/question by you and see if you all have any answers or know where to find them.
Retailers Get Sued For Printing Too Many Credit Card Digits On Receipts
By 5.3.07
As of Dec 4th, 2006, it’s illegal for a retailer to print more than five digits of your credit card on your receipt. Retailers who persisted are getting hit in a recent whirlwind of class-action lawsuits.
Credit Cards To Feature Mutating Passcodes
By 5.1.07
A major bank will offer Credit cards with built-in, constantly shifting passwords starting in May.
Bankers Join The Class Action Fun Against TJX
By 4.28.07
TJX, the parent company of TJ Maxx and Marshall’s, is facing a class action lawsuit from the 45 million customers whose credit card data they lost; now, bankers associations representing 300 banks in Maine, Connecticut and Massachusetts have decided to file a class action suit of their own. From InfoWorld:
Banks — especially in states like Massachusetts — were also hard hit. Why? Because under current federal law, its banks, not merchants, who have to pay to make customers whole again: forgiving fraudulent purchases on credit and debit cards and, of course, cancelling compromised cards and bank accounts, then issuing new ones to their customers. Needless to say, that’s an expensive process, especially when you’ve got to repeat it 45 million times, as banks across the country will have to do in the wake of TJX. Not surprise, then, that banks aren’t taking this sitting down.
Banks are in the process of notifying consumers, some who did not think they were affected, that they will soon receive new debit and credit cards in the mail. — CAREY GREENBERG-BERGER
Credit Cards Fees Doubled Over Ten Years
By 4.26.07
Since 1994, credit card late and overlimit fees have more than doubled. We’re no economist, but that doesn’t seem to keep pace with inflation.
Watch Out For Hidden Fees With Secure Credit Cards
By 4.26.07
Earlier we talked about how secured credit cards can be useful tool, but it’s important to be aware of their risks. Disreputable secured credit card lenders are infamous for preying on the unsuspecting with hidden fees and charges. Bankrate writes:
What Is A Secured Credit Card?
By 4.25.07
Secured credit cards can be a good way for people with no or bad credit history to gain, rebuild, and get access to credit. People like students, debtors and n’er-do-wells.
Seven Tips For Soon-To-Be College Grads
By 4.22.07
What was the most helpful piece of advice you received after graduating? Tell us in the comments. — CAREY GREENBERG-BERGER
SNL Skit: Don't Buy Stuff You Can't Afford
By 4.16.07
SNL offers a revolutionary debt and money-management program. Chris Parnell teaches Steve Martin and Amy Poehler the secret to financial success. It’s all detailed in a new book called, “Don’t Buy Stuff You Can’t Afford.” Every debtor in America should read it.
Estimate Your FICO Score For Free
By 4.15.07
To creditors, you are a walking, talking, three digit number. Creditors use that number, your FICO score, to judge your credit worthiness. A good FICO score can lead to favorable terms, but unless you pay a fee or sign up for a free trial, your score is cloaked in a shroud of secrecy. Until now.
How Waiters Steal Your Credit Card
By 4.11.07
Unfortunately, there’s not much you can do except watch your credit card statement and report any suspicious transactions as soon as possible. — BEN POPKEN
