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Fraud News

When New York City police and prosecutors recently announced they had charged more than 100 people in what they described as the largest identity theft bust in U.S. history, they also blamed U.S. credit card issuers for relying on outdated technology that makes Americans cardholders especially vulnerable to thieves. That's a problem we investigated in our June 2011 Consumer Reports story “House of Cards.”
As we explained, American credit- and debit-card data are usually stored unencrypted on a...

By COLLEEN LONG
updated 10/7/2011 2:54:20 PM ET
NEW YORK — Bank tellers, restaurant workers and other service employees in New York lifted credit card data from foreign tourists and residents as part of an identity theft ring that stretched to China, Europe and the Middle East and victimized thousands, authorities said Friday.
In total, 111 people were arrested after a more than $13 million spending spree in luxury goods, and five separate criminal enterprises were dismantled. District Attorney...

By: Lynn Oldshue, Editor
New interchange fee regulations go into effect this Saturday, October 1, but many consumers are already experiencing some painful consequences.
New rules that will cut the cost of the interchange fee for merchants have already helped trigger more fees for debit card use, some monthly charges on checking accounts, eliminated most debit card reward programs, and may end the convenience of using a debit card for small purchases.
Consumers may give little thought to the...

Credit card fraud and identity theft are rising at a rapid pace. Here's how you can protect yourself against them 
There is some good news in your inbox. Your wait for a tax refund is over. At least that is what the mail says: "The Reserve Bank of India takes full responsibility of your tax refund to your bank account. Please select your bank and complete the refund request." All you have to do is open the link, key in your name, credit card number and code number at the back of the...



Federal regulators plan to take enforcement action against Discover Financial Services, one of the nation's largest issuers of credit cards. The allegation: Discover deceptively marketed to consumers programs that were supposed to protect consumers from being deceived.
At the heart of the issue are "fee-based products and programs" such as so-called identity theft protection plans, payment protection plans, wallet lost or stolen protection plans and a "credit score tracker."


Debit Credit Cards Stacked FinanceDiscover...

When Edgar Dworsky, a Massachusetts-based consumer advocate and founder of ConsumerWorld.org, shops through an unfamiliar website, he uses what's known as a virtual credit card number to avoid sharing his actual credit card number.
"With so many instances of online fraud and credit card numbers being stolen or hacked, either by [the merchant] or someone who might hack into their system," Dworsky says he doesn't want to take any chances that could compromise his credit card. He also uses a...

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