RFID-blocking wallets are designed to help insulate you from a very particular brand of electronic pickpocketing, called RFID skimming. The concern is that some credit cards, passports, and drivers licenses now come with embedded radio frequency identification chips. When activated by an RFID reader, these chips transmit certain types of information wirelessly, so that you can verify your identity or even make a purchase without swiping your card. The downside: Anyone with an RFID reader can activate those chips and pick up whatever information theyre designed to transmit. And, if theyre sneaky about it, they can do it without your knowledge.
Banks are only issuing chip and signature cards in the United States, a less secure standard as signatures can easily be forged. It has been reported by the Federal Reserve that including a PIN makes a transaction up to 700% more secure. Yet to date, banks are not issuing these cards to American customers.
Banks and card networks have made conflicting statements as to why they are issuing more fraud-prone credit cards to their American customers.
In a Wall Street Journal article this week, for example, a senior executive at MasterCard said that many consumers find it difficult to remember a four-digit PIN number....
Leaders in Minnesota are trying again to get rid of payday loans, saying theyre a trap. Previously they tried to put a limit on how many loans people can take out. They wanted to limit people to only take out four, but that didnt go through.
The biggest concern is that theres no restriction how much interest the lenders can charge.
We spoke to a local woman who has used pay day loans in the past. Alyssa Trask says for her and her husband they were a vicious cycle.
His next paycheck was just enough just enough to pay off the loan and the interest, and so then we had no money for bills or living expenses. So we had to get another loan, and it was like the same thing over...
Koch said that while Australia needed strong banks, they didnt have a birthright to make super-profits.
The average Australian gets fleeced every step of the way with their credit cards, Koch said, from over-the-top surcharges for using a card through to interest rates that havent responded to the Reserve Bank of Australias moves to lower borrowing costs.
Koch said it was really unconscionable that the minimum monthly repayment did not cover the interest on a credit card. This was a bank tactic to maximise their profit to the disadvantage of the customers.
Australias banks were the most profitable in the world, he said.
My view is every single Australian is ripped...
Make DIY Pet Supplies
There are a lot of items that dog owners buy that they could easily make at home. Fleece blankets, dog treats and even dog beds are super easy to make, which can save adopters a lot of money, especially for items you need to buy on a regular basis. A lot of dogs love to cuddle up in a comfortable blanket, but you might not want to turn all of your bedding over to the family pet. Instead of buying, you can easily make fleece blankets to fit any dog’s style. Dog treats can really add up, especially if you’re using treats as a training incentive. You can make really tasty no-bake coconut pumpkin treats...
Gallatin police are looking for a woman they say stole credit cards and made unauthorized purchases.
At approximately 4:45 pm Sunday, Aug. 16, the suspect used two credit cards to make four prepaid debit card purchases at the Gallatin Walmart, according to a news release. The prepaid cards were valued at $400 each.
Investigators said the woman fled the scene in a silver Nissan as a passenger.
Anyone who knows the identity of the woman or her whereabouts are asked to call Officer Matt Cline at 615-452-1313.
CUMBERLAND COUNTY, Pa. West Shore Regional Police are on the lookout for two female suspects wanted for theft and illegal use of credit cards.
When it comes to swiping plastic, consumers are the most satisfied with their Discover cards.
The company ranked highest in JD Powers 2015 Credit Card Satisfaction Study.
Last year, Discover and American Express tied for first place. American Express had taken the top spot since 2007.
The study focused on six factors: interaction, credit card terms, billing and payment, rewards, benefits and services and problem resolution. Discover scored a total of 828 points based on a 1,000-point scale while American Express recorded 820 points.
So what pushed Discover over the edge to claim the title this year? How easy it is for customers to redeem rewards.
A lot of its focus...
Did you know that the average adult in the US carries$5,596 in consumer debt?That fact alone might account for credit cards’ bad rap. Your careless use of credit can wreak havoc on your finances in a variety of ways.
You might rack up a mountain of debt you’ll need years to pay off. You might end up paying thousands in interest – to the detriment of your other financial goals. Your credit score might get hammered, hurting your chances to qualify for a mortgage or a car loan.
Credit cards aren’t inherently bad; using a card doesn’t guarantee you a sluice run into deep consumer debt. Learn about credit and how your plastic works before racking up charges.
EMV use has spread worldwide, and America is the last market of any substance that hasnt adopted the standard. EMV chips are mostly used in a contact-based form: You dip or slide a card into a reader, which creates a circuit that allows handshaking with the payment terminal. A unique transaction is created that involves cryptographic data embedded in the chip.
For cards that require PINs, the transaction cant be completed without that code, which isnt transmitted remotely as with todays debit and ATM transactions. Some cards are equipped with near-field communications (NFC) radios for contactless EMV, and will work with point-of-sale systems that support Apple Pay and other...