Archive for the ‘credit card’ Category

Apple’s new credit card comes with forced arbitration—here’s how to opt out

August 14th, 2019
Shiny!

Enlarge / Shiny!

Apple's new credit card is rolling out in stages to interested users (I got mine Monday!) and the early reception is generally positive. The card's primary draw isn't in its benefits, which are perfectly fine but not outstanding by any metric, but instead lies with its tight vertical integration with the Apple technology ecosystem and the (hopefully) increased security one gains by moving to using tokenized payments for (most of) your point-of-sale transactions. The card otherwise has a lot in common with other traditional credit cards—and, unfortunately, one of those things is the Apple Card's forced arbitration provision.

Briefly, this means that there is language in the Apple Card/Goldman Sachs' customer agreement that requires customers to give up their right to file lawsuits against Goldman or Apple, either individually or as members of a class, and instead forces customers into accepting binding arbitration to resolve disputes. Although binding arbitration is frequently defended by proponents as being faster and less expensive than lawsuits, arbitration heavily favors companies over consumers in disputes. The arbitrator or arbitrators are typically chosen by the company engaging in arbitration and tend to favor the company's interests; studies show that in the vast majority of cases, the odds of winning are heavily on the company's side. The bias in arbitration outcomes has been taken advantage of by numerous companies—including companies we regularly cover—to engage in some truly shady dealings.

(It's not just consumers who get shafted by arbitration—many companies force their own employees into mandatory arbitration, too, though a number of employers are beginning to walk back the practice.)

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Posted in apple, Apple Card, arbitration, Biz & IT, credit card, forced arbitration, mandatory arbitration | Comments (0)

Apple’s innovative virtual credit card is now available—but only to some people

August 6th, 2019

Apple Card, the tech giant's innovative take on virtual (and physical, for that matter) credit cards, has begun rolling out to users who previously expressed interest by signing up to be notified on the card's website.

Users Apple notifies of the card's availability can sign up for the virtual card from within the Wallet app on their iPhones, and they can also order the physical card from there, though that will obviously take a bit of time to arrive. Once you've signed up for the virtual card, though, you can start using it right away if approved.

It's a gradual rollout, and Apple hasn't explained its criteria for selecting the first customers to receive the card—it seems it's random. But sign-ups for the card are expected to open up to everyone who is interested by the end of August. Well, it will open up to everyone in the United States, at least—the card isn't yet available in other regions like Europe or Latin America yet, though Apple is in talks with partners about making that happen in the future.

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Posted in apple, Apple Card, credit card, Goldman Sachs, Tech | Comments (0)

Capital One Data Breach Affects 106 Million Customers; Hacker Arrested

July 30th, 2019
Another week, another massive data breach. Capital One, the fifth-largest U.S. credit-card issuer and banking institution, has recently suffered a data breach exposing the personal information of more than 100 million credit card applicants in the United States and 6 million in Canada. The data breach that occurred on March 22nd and 23rd this year allowed attackers to steal information of

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Ongoing Attack Stealing Credit Cards From Over A Hundred Shopping Sites

May 8th, 2019
Researchers from Chinese cybersecurity firm Qihoo 360's NetLab have revealed details of an ongoing credit card hacking campaign that is currently stealing payment card information of customers visiting more than 105 e-commerce websites. While monitoring a malicious domain, www.magento-analytics[.]com, for over last seven months, researchers found that the attackers have been injecting

Posted in credit card, credit card breach, cyber security, eCommerce Software, ecommerce website templates, hacking news, Magento, Magento Ecommerce Website | Comments (0)

Hackers infect e-commerce sites by compromising their advertising partner

January 16th, 2019
Magecart strikes again, one of the most notorious hacking groups specializes in stealing credit card details from poorly-secured e-commerce websites. According to security researchers from RiskIQ and Trend Micro, cybercriminals of a new subgroup of Magecart, labeled as "Magecart Group 12," recently successfully compromised nearly 277 e-commerce websites by using supply-chain attacks. Magecart

Posted in Card Skimming, credit card, credit card hacking, Credit card skimming, Cyber Attack, debit card hacking, e-commerce websites, eCommerce Software, hacking news, JavaScript code, magecart | Comments (0)

Pilot project demos credit cards with shifting CVV codes to stop fraud

December 28th, 2018

Idemia

US-based PNC Bank is in the middle of a pilot project that aims to test out credit cards with constantly changing card verification values (or CVVs) to reduce online credit card fraud. The dynamic CVV is displayed on the back of such a card in e-ink, and changes according to an algorithm supplied by Visa.

Credit card fraud has long been a problem in the US. To stop thieves from re-using credit card numbers in brick-and-mortar stores, the US has been moving to chip-based credit and debit cards, which create a unique code for each transaction (although this transition to chip cards has been less successful than was hoped). But online credit card fraud is another beast. Once a fraudster has stolen a credit card number, they often can use the static number to make online purchases without being thwarted by chip complications.

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Posted in Biz & IT, credit card, credit card fraud, EMV, Tech | Comments (0)

US Court Sentences Russian Lawmaker’s Son to 27 Years in Jail for Hacking

April 22nd, 2017

The son of a prominent Russian lawmaker was sentenced on Friday by a US federal court to 27 years in prison after being convicted of stealing millions of US credit card numbers and causing some $170 million in damages to businesses and individuals.

This sentence is so far the longest sentence ever imposed in the United States for a hacking-related case.

Roman Valeryevich Seleznev, 32, the

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MasterCard launches Credit Card with Built-In Fingerprint Scanner

April 21st, 2017

MasterCard has unveiled its brand new payment card that has a built-in biometric fingerprint scanner, allowing customers to authorize payments with their fingerprint, without requiring a PIN code or a signature.

The company is already testing the new biometric payment cards, combined with the on-board chips, in South Africa and says it hopes to roll out the new cards to the rest of the world

Posted in Biometric Scanner, biometric security, credit card, credit card hacking, credit card security, Fingerprint clone, fingerprint scanner, Fingerprint security system, MasterCard | Comments (0)

324,000 Financial Records with CVV Numbers Stolen From A Payment Gateway

September 13th, 2016

Around 324,000 users have likely had their payment records stolen either from payment processor BlueSnap or its customer Regpack; however, neither of the company has admitted a data breach.

BlueSnap is a payment provider which allows websites to take payments from customers by offering merchant facilities, whereas RegPack is a global online enrollment platform that uses BlueSnap to process

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Russian Lawmaker’s Son Convicted of Stealing 2.9 Million Credit Card Numbers

August 29th, 2016

The son of a prominent Russian lawmaker has been found guilty in the United States of running a hacking scheme that stole and sold 2.9 million US credit card numbers using Point-of-Sale (POS) malware, costing financial institutions more than $169 Million.

Roman Seleznev, 32, the son of Russian Parliament member Valery Seleznev, was arrested in 2014 while attempting to board a flight in the

Posted in ATM skimming, credit card, credit card fraud, credit card numbers, credit card security, hacking credit cards, Russian hackers | Comments (0)