Credit Cards - Debts, Delinquency etc.

Re: Credit Cards

Postby winston » Sun Mar 27, 2016 2:44 pm

The real reason why some stores still don't take chip credit cards

By Brittany Jones-Cooper

The deadline for retailers to change to the chip-enabled payment systems was last October when U.S. credit card companies, including Visa and MasterCard, announced new liability rules.

This meant that businesses had to switch over to the new technology or take responsibility for any costs incurred in the event of fraudulent transactions.

Chip cards use EMV technology (which stands for Europay, Mastercard, Visa), and are more secure than traditional swipe cards because they create a unique transaction code that cannot be used again.

Cards with only a magnetic stripe use the same transaction code over and over, which makes it easier to skim information.


“It appeared that some merchants delayed EMV migration completely until the holiday season ended to prevent friction and confusion at the checkout line”


“Once the retailer installs the card reader, the credit card industry has to send people out to certify the installation."

According to the NRF, the certification process has taken longer than expected, with some retailers waiting months to get their EMV card readers up and running.


By 2017, 90% of merchants are expected to be EMV-ready.


Source: Yahoo

http://finance.yahoo.com/news/to-swipe- ... 53418.html
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Re: Credit Cards

Postby winston » Wed Mar 30, 2016 6:06 pm

MasterCard and Visa Both Look Good -- but Here's What You Should Buy

By Robert Moreno

Source: The Street

http://www.thestreet.com/story/13508194 ... _ven=YAHOO
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Re: Credit Cards

Postby winston » Sat May 21, 2016 9:34 am

Credit-Balance DuCard Debt Nears $1 Trillion as Banks Push Plastic

Outstanding balances near pre-crisis levels as banks promote cards and borrowers regain confidence

U.S. credit-card balances are on track to hit $1 trillion this year, as banks aggressively push their plastic and consumers grow more comfortable carrying debt.

Source: WSJ
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Re: Credit Cards

Postby winston » Mon Jun 13, 2016 8:48 am

Malaysia: Going from pen to PIN

BY SUZANNE LAZAROO

KUALA LUMPUR: Security for cre­dit and debit card usage will move a significant notch higher with the signature-based system to be replaced with PIN (personal identification number) verification.

About 39 million – eight million credit and 31 million co-badged debit cards in Malaysia – will be replaced with new PIN-enabled cards to meet the January 2017 deadline set by Bank Negara.

Merchant payment terminals are also to be upgraded to accommodate the new security-enhanced system.

The massive exercise is already underway with credit cardholders receiving their new cards in batches, while debit card users generally have to go to their respective banks to collect them.

The migration to PIN from signature is part of a worldwide shift which has been implemented in Europe, Canada, Australia and New Zealand, among others, with the Middle East also following suit.

The United States, however, is still using the old signature-verified system.

“This is a preventive measure as fraudsters will eye the weakest link – which is the signature-verified market,” said Paul Brisk, founding director of payment systems consultant Cotignac, which is handling the Malaysian system migration.

“That’s why the US has one of the highest number of credit card fraud cases, as it’s still dependent on signature verification,” he said in an interview.

The Association of Banks in Malaysia (ABM) executive director Chuah Mei-Lin said PIN-verification would be effective when it came to lost or stolen cards.

The issue of cloned cards was addressed with EMV (Europay, MasterCard, Visa) global chip standard cards introduced here between 2002 and 2005, she added.

“An EMV chip helps to reduce fraud as it is very difficult and costly to counterfeit. When a transaction is performed by reading the chip, it produces a unique one-time cryptogram which must then be validated for the transaction to be approved.

“The chip contains a secret unique cryptographic key, and unless that key can be extracted, it isn’t possible to copy or clone the chip,” Chuah explained.

Brisk said PIN-verification added an extra layer of security as it was a two-pronged system – combining a physical card and a PIN which would only be known to the user.

“In countries which have introduced this system, it is common practice for users to insert their own cards in the terminal. The transaction is faster and safer,” he said.

He said Malaysian-issued cards would use a six-digit PIN which will be required for all transactions except “contactless” (by way of waving or tapping the card at the terminal) transactions involving amounts of RM250 and below.

“The PIN should only be known to the user, it’s part of the terms and conditions of the card,” said Brisk.

Sathish Kumar, an information security manager for financial services, advised that one should have different PINs for different cards.

“I understand that most people use multiple banks and it may be difficult to remember different PINs, but it is the safest way,” he added.

“Some fraudsters use social engineering to detect your PIN. If you use different PINs, at least they won’t have access to all your accounts,” he said, suggesting that one way to remember PINs is to reverse the numbers for different cards.

Source: The Star
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Re: Credit Cards

Postby winston » Sat Jun 18, 2016 10:39 pm

not vested

3 Credit Card Stocks Standing on Thin Ice: AXP, V, DFS

Investors are expecting a pullback in credit card stocks

Source: Profit Scanner

http://investorplace.com/2016/06/credit ... 2VbHLh96M8
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Re: Credit Cards

Postby winston » Thu Jul 14, 2016 11:03 am

'1 in 3 Singapore consumers' victims of card fraud

The study looks at five risky behaviours:
1. leaving a smartphone unlocked when not in use,
2. shopping or banking online without security software,
3. writing the PIN on the card,
4. responding to e-mail or calls asking for banking information, and
5. throwing away unshredded bank statements.


Source: Straits Times

http://www.straitstimes.com/business/1- ... card-fraud
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Re: Credit Cards

Postby winston » Fri Sep 23, 2016 8:26 pm

Credit-card firms Visa and MasterCard reach fresh 52-week highs.
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Re: Credit Cards

Postby winston » Fri Sep 23, 2016 8:26 pm

Credit-card firms Visa and MasterCard reach fresh 52-week highs.
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Re: Credit Cards

Postby winston » Tue Aug 08, 2017 7:52 am

Credit card debt by Americans eclipses the record set before 2008 financial meltdown

Fed says card loans hit US$1.2 trillion in June

The bet is that this time it won’t end so badly.

In 2008, a drop in home prices spiralled into a global financial meltdown, and after the jobless rate surged toward 10 per cent, banks wrote off more than US$100 billion in credit-card loans over the next two years.


Source: SCMP


http://www.scmp.com/business/banking-fi ... d-set-2008
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Re: Credit Cards

Postby winston » Thu Aug 18, 2022 10:54 am

Credit Card Debts

Americans are piling up credit card debt as they struggle to keep up with the high cost of living.

US household debt surpassed $16 trillion for the first time ever during the second quarter, the New York Federal Reserve said Tuesday.

Even as borrowing costs surge, the NY Fed said credit card balances increased by $46 billion last quarter.

Over the past year, credit card debt has jumped by $100 billion, or 13%, the biggest percentage increase in more than 20 years…

Not only are credit card balances rising, but Americans opened 233 million new credit card accounts during the second quarter, the most since 2008, the NY Fed report found.

Source: CNN Business
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