Credit Cards Articles

A successful and very lucrative internet scam that has been in progress for about four years now has been busted this week by the United States Federal Trade Commission.  This scam was designed by some savvy internet thieves who utilized a massive fraud network of very small charges across a large number of card holders, resulting in the theft of millions of dollars from unsuspecting consumers across the United States.  This is one of the many scams that have occurred over the last few years.  The credit card industry continues to remain vulnerable to the threat of hackers despite advanced security systems used to protect data.

The Scam

The details of the scam and the specifics of who was behind it have yet to be determined.  What authorities do know is that it has provided a very valuable and expensive lesson about the importance of secure credit card systems and protecting consumers from this type of fraud.

What happened was that the scam artists responsible for the theft found loopholes in the credit card processing systems. The

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Credit card security is always an issue when transacting over the internet. This new twist on an old standby has people up in arms in Austin, Texas. Credit card numbers from restaurant guests at a local downtown hotel were stolen when enterprising fraudsters hacked into the hotel’s accounting network.

The hotel has fixed the security breach but it is not known exactly how many victims there are but local law enforcements have estimated that up to 700 credit card numbers have been stolen. Numbers from the guests of the Driskill Hotel restaurant were stolen along with patrons who stayed at one of the approximately three dozen locations managed by Destination Hotels and Resorts, the parent company of Driskill Hotel. T

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The following post is by Fred from OnlineBanksBlog.com, a personal finance site focused on helping people find the best bank rates.

The number of banking products available today compared to the number available just ten years ago is astounding. Online savings accounts and checking accounts have changed the way consumers bank. Now, with the advent of these online accounts, I find myself wondering whether money market accounts are still relevant.

Money Market Accounts Historically

In times past, most financial advisers have touted the money market savings account (often called an MMA) as the way to save money for the short- or medium-term.

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Credit card companies are tricking consumers with unsatisfactory solicitations, Senator Charles Schumer (D-NY) explained in a letter sent to the Federal Reserve on Wednesday. In his letter, he revealed that the number of professional and business credit cards sent to consumers skyrocketed in the first quarter because they don’t have to same protections as personal cards.

Are Credit Card Issuers Trying to Bypass the Law?

Despite the many changes that have occurred as a result of the Credit CARD Act, card issuers have apparently been determined to find ways to lure in customers while avoiding all of the rules they’re meant to abide by.

Since many of the guidelines listed in the act don’t apply to business credit cards, companies have opted to distribute new and exciting business and professional credit card offers to non-business consumers, rather than focusing on personal cards.

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