Banks want BJ&#39;s to pay for credit card fraud
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CHICAGO, Aug 17  - BJ&#39;s Wholesale Club Inc. (BJ.N: Quote, Profile, Research) on Tuesday said credit card issuers want the retailer to reimburse them for up to $16 million in fraudulent credit card charges and other costs stemming from a possible ...
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Business & money: Criminal investigation into possible fraud and insider trading involves some of world's largest banks
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Credit and debit card fraud rose by nearly a fifth to Â£478.8m in the year up to July, an industry body says.
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Bank of New York Co. Inc. is talking to US prosecutors about paying a $24 million penalty in order to avoid a criminal indictment on charges of failing to report suspicious activity at
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The banking industry warns customers with online accounts to guard against a new wave of sophisticated cyber-fraud.
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Banks are accused of seizing on a court victory to urge customers to drop claims for repayment of charges.
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Consumer group Which? says banks should automatically compensate victims of online phishing frauds.
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A leading security expert warns that new chip and pin credit and debit cards could be open to fraud.
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Every day, consumers pay untold sums to companies that promise a quick credit fix. Most of the time, that money is wasted.
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Phishing is one of the fastest-growing forms of personal fraud in the world. While consumers are the most obvious victims, the damage spreads far wider--hurting companies&#39; finances and reputations and potentially
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US consumers already swamped with offers from credit card companies can expect more solicitations in the coming months from American Express and Discover Financial Services.
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American Express (AXP:NYSE - news - research) wants rival MasterCard, Visa and eight big banks to pay damages for years of allegedly uncompetitive practices in the charge card business.
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Credit card firms have upped their interest rates to offset cuts in their default charges, a report says.
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(InfoWorld) - Credit card thieves are becoming big-time charity donors, but it's not out of the goodness of their hearts. According to Symantec, the criminals are starting to use charitable donations as a way to check whether their stolen credit card numbers are working. Fraudsters have been using a similar technique for years, but until recently, they tended to make minor purchases on online retail sites. Now, as these sites have become better at identifying and blocking these transactions, the criminals have begun looking elsewhere, said Zulfikar Ramzan, senior principal researcher with Symantec. "Using a charitable organization as a way to verify a credit card number is a relatively new technique, and it's probably being used by a minority of the more innovative guys," he said. Credit card numbers are bought and sold in underground "carder" forums, which bring together the people who have stolen the credit card numbers with those who want to use them. These charitable donations are typically made by the person buying the card numbers as a final check to ensure that the numbers will work, Ramzan said. Last month, the Red Cross was forced to return nearly $7,000 that was donated in the course of 700 fraudulent transactions, said Carrie Martin, a spokeswoman for the American Red Cross. "We routinely see this kind of activity," she said. "We have someone in place who deals with this on a regular basis." This fraud accounted for a tiny sliver of the Red Cross's $6 billion in revenue last year, but the organization also has to pay staff to stay on top of the fraud, Martin said. This is not the only time that fraudsters have found ways to misuse charities. In another common scam, the criminal will give the charity a fake check and ask that a portion of it be returned in cash. Though the check will initially clear in the charity's bank account it will eventually be returned. By then, however, the charity will have already paid out to the thieves. "These kinds of things have hit charities before," said Ramzan "I feel bad because all these charities are trying to do good and you have these fraudsters that try to take advantage of them because of the way they work."
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With holiday shopping in full swing, U.S. banking regulators on Tuesday urged consumers to carefully check the terms and conditions when buying gift cards, including fees and expiration dates.
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Bank of America, JP Morgan Chase and Washington Mutual rate highest for consumer ID theft protection.
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The City watchdog asks insurers and brokers to inform on firms that they think are committing fraud.