Credit Cards - Debts, Delinquency etc.

[winston]

What That Chip in Your New Credit Card Means for You

Better security and, for a while, confusion at checkout. Here's what you should know.

by Ben Steverman

Source: Bloomberg

http://www.bloomberg.com/news/articles/ ... 092915_BIZ

[winston]

Credit-card companies MasterCard and Visa climb 20%-plus over the past year.

[winston]

Security Loophole Found in Credit Cards from 7 Banks

Security loophole was found in the local credit cards' Near Field Communication (NFC) technology, the local TV station NOW TV reported.

Hong Kong Monetary Authority (HKMA) mentioned that the data security in contactless credit cards issued by seven Hong Kong banks were not in compliance with HKMA's requirement while the unauthorized people can ascertain the users' information by the inductor.

It was known that such credit cards were issued by BOC HONG KONG (02388.HK), Bank of Hong Kong, China CITIC Bank International, DBS Bank, ICBC (Asia), DAHSING BANKING (02356.HK) and OCBC Wing Hang.

Source: AAStocks Financial News

[behappyalways]

拍卡支付功能洩私隱
金管局叫停七銀行信用卡
http://hk.apple.nextmedia.com/news/art/ ... 1444378370

Security Loophole Found in Credit Cards from 7 Banks

Security loophole was found in the local credit cards' Near Field Communication (NFC) technology, the local TV station NOW TV reported.

Hong Kong Monetary Authority (HKMA) mentioned that the data security in contactless credit cards issued by seven Hong Kong banks were not in compliance with HKMA's requirement while the unauthorized people can ascertain the users' information by the inductor.

It was known that such credit cards were issued by BOC HONG KONG (02388.HK), Bank of Hong Kong, China CITIC Bank International, DBS Bank, ICBC (Asia), DAHSING BANKING (02356.HK) and OCBC Wing Hang.

Source: AAStocks Financial News

[winston]

THE UPTREND IN CREDIT CARDS CONTINUES

Today's chart suggests that things can't be all that bad for the U.S. economy...

Regular readers know we like to keep an eye on businesses that gauge the "temperature" of the U.S. economy. And while things aren't totally rosy, they aren't as bad as some folks would have you believe.

For example, we've noted the recent highs in shares of ski-resort operator Vail Resorts, payroll-processing firm Automatic Data Processing, and cruise line Carnival. Today, we can add credit-card companies to the list.

Visa (V) and MasterCard (MA) are another good way to judge the health of the economy. When people are spending money and paying their bills, credit-card companies make plenty of money, which pushes shares higher.

As you can see below, both Visa and MasterCard are enjoying huge, steady uptrends. Over the past three years, shares of both companies have more than doubled. When these companies are marching higher, it's a good sign that "things can't be all that bad" in America.

Source: Daily Wealth

[winston]

Visa system launch

An online payment system, Visa Checkout, was launched in the SAR yesterday, allowing users to make payments for goods or services with their username and password, or simply a fingerprint authentication.

A registration is needed to activate the account with the 16-digit Visa card number, expiry date and security code. The new function features faster payment, allowing consumers to make purchases on any device.

"With Visa Checkout, consumers .... can also enjoy a peace of mind of using one of the most secure online payment services in the world," said Caroline Ada, country manager Hong Kong & Macau at Visa.

Mobile e-commerce is becoming more popular among locals, with 23 percent more Visa cardholders becoming mobile shoppers this year, compared to 2014, a company survey said.

Source: The Standard

[winston]

This guy has 1,497 credit cards — does he know something we don’t?

Source: Market Watch

http://www.marketwatch.com/story/this-g ... eid=yhoof2

[winston]

How fraudsters are getting around chip and pin cards

by Kelli B. Grant

Source: CNBC.com

http://www.cnbc.com/2016/02/02/how-frau ... =103350985

[winston]

Credit Card Debt Is Rising At Its Fastest Pace Since 2008

by ED CARSON

The U.S. economy sputtered into the end of last year, but consumers were charging into the new year, with credit card debt rising at the fastest pace in more than seven years.

Consumer credit outstanding, which includes all consumer borrowing outside of mortgages, rose by annualized $21.27 billion in December to $3.55 trillion, according to Federal Reserve data. Economists had expected $16.5 billion.

Revolving credit, which is mostly credit card debt, rose by $5.84 billion after rising $6.36 billion in November. Year over year, revolving credit rose 5.1%, the fastest gain since October 2008, when the financial crisis was at its peak.


Source: Investor's Business Daily

http://www.investors.com/news/economy/c ... &ven=yahoo

[winston]

More fall for 'Macau Scam' in Malacca

MALACCA: Despite repeated reminders by authorities, another four people in Malacca have fallen prey to the 'Macau Scam' syndicate this year.

State Commercial Crime Investigation Department chief Superintendent Ee Khong Koy said police have received two reports each in Jan and Mar this year involving total losses of more than RM800,000.

He said all the victims were businessmen aged between 30 to 60 years old.

"In all the four cases, the syndicate members had contacted the victims via a short message service (sms).

"The messages from a 63660 number informed them that their credit card had been used in some transactions," he told reporters at the state police headquarters here yesterday.

He said the victims were told to contact a telephone number, purportedly of the bank issuing the credit cards, for confirmation.

Ee said the public should be wary of the syndicate's modus operandi.

He said those who received such messages or telephone calls should not be easily deceived by it.

"They should contact their banks using the numbers in their keeping.

Ee said the cases were being investigated under Section 420 of the Penal Code for cheating.

No arrest has been made.

Source: New Straits Times Press