This Week In Credit Card News--Buying Pot With Your Card, Target Breach Could Now Affect 110 Million People

Jan 10 2014, 2:55pm CST | by

Target Breach Affected up to 110 Million Customers

Target extensively revised the estimated number of customers exposed by the widescale hack of its data during the holiday season, disclosing that 70 million to 110 million people had their personal information stolen. Target, which originally said on Dec. 19 that about 40 million in-store customers had debit and credit card data stolen between Nov. 27 and mid-December, also revealed that additional types of information–mailing and email addresses, names and phone numbers–were hacked. [New York Times]

Card Conundrum Develops in Colorado Over Marijuana Sales

Paying for marijuana with plastic is getting easier in Colorado. The official rules of Visa and MasterCard prohibit the use of their debit and credit cards for marijuana purchases, but some Colorado merchants are allowing customers to use them anyway. That is because the card giants, owners of the processing networks that handle electronic payments, have quietly decided not to enforce their rules, according to people familiar with their strategies. [The Wall Street Journal]

How Hack Attacks Can Cost You Money

In hack attacks like the one at Target, consumers are not likely to suffer too much. Individuals will have to cancel their accounts and wait for replacement cards, but banks will take the financial hit. It’s a much bigger problem when criminals make off with lists of usernames and passwords, as they did by hacking Adobe in October. Cybersecurity experts say that makes it easier to break into your email–and after that, everything else. [CNN Money]

Consumer Debt Grows at Slowest Pace in Six Months

Americans’ nonmortgage debt grew in November at the slowest pace in six months. The weaker growth largely reflected consumers pulling back on their credit card borrowing. So-called revolving credit grew at a 0.6% rate in November, down from a sharp 5.6% rise in October. [The Wall Street Journal]

Top Ten Signs of Identity Theft

Recent security breaches at Target show that personal information, email, credit cards and bank accounts are not as private and protected as we think. It is important for consumers to recognize suspicious activity and take steps to protect themselves. Here are the top 10 signs of identity theft. [LowCards.com]

Credit Card Swipe Fee Set to Enter Next Round

The eight-year-long fight between retailers and MasterCard and Visa over credit card swipe fees is expected to last another year or longer. The National Retail Federation is appealing a controversial settlement of a swipe fee lawsuit that was approved December 13 by U.S. District Judge John Gleeson in federal court in Brooklyn. [NewJersey.com]

Steep Penalties Taken in Stride by JPMorgan Chase

To settle a barrage of government legal actions over the last year, JPMorgan Chase has agreed to penalties that now total $20 billion, a sum that could cover the annual education budget of New York City or finance the Yankees’ payroll for 10 years. But since the financial crisis, JPMorgan has become so large and profitable that it has been able to weather the government’s legal blitz. [New York Times]

Target Breach Won’t be the Last Identity Theft

Consumers still will feel the aftershock of one of the largest retailer data breaches ever, which took place between Nov. 27 and Dec. 15. Identity theft is bound to be an even hotter topic in 2014. [Detroit Free Press]
/>

NY Transit Agency Plans to Turn Smartphones Into Subway Passes

The New York City MetroCard turned 20 years old this week, it will soon be a souvenir of the city’s past. The plastic and paper MetroCards are expected be replaced with near-field communication or radio frequency technology that allows riders to use key chains, credit cards or their smartphones to tap rather than slide through subway turnstiles or dip into bus buckets. [NBC News]

LowCards.com Weekly Credit Card Rate Report

Based on the 1,000+ cards in the LowCards.com Complete Credit Card Index, the average advertised APR for credit cards is 14.48%, slightly higher than last week’s 14.46% average. Six months ago, the average was 14.34%. One year ago, the average was 14.34%. [LowCards.com]

Provided by LowCards.com

Source: Forbes Business

 
 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

Indian American scientist develops path to brighter LCD displays
Washington, Nov 24 (IANS) Researchers led by an Indian-American have developed a polarising filter that can result in mobile device displays that last much longer on a single battery charge and cameras that can shoot in dim light.
 
 
Xi Jinping-Peng Liyuan love story goes viral on internet
Beijing, Nov 24 (IANS/EFE) A music video that tells the story of the deep love between Chinese President Xi Jinping and his wife Peng Liyuan has gone viral on the internet with more than 22 million views in a week, the People's Daily reported Monday.
 
 
Italian doctor contracts Ebola in Sierra Leone
Rome, Nov 24 (IANS) A doctor working for a voluntary organisation in Sierra Leone has become the first Italian to contract Ebola, media reported Monday.
 
 
Complete fossil of small dinosaur found
Seoul, Nov 24 (IANS/EFE) South Korean paleontologists have found a complete fossil of a small dinosaur in rare condition, the first such discovery of its kind in the country, according to the National Research Institute of Cultural Heritage in Seoul.
 
 
 

Latest from the Network

Turkey rejects easing relations with Egypt
Istanbul, Nov 24 (IANS) Turkish President Recep Tayyip Erdogan said Monday that he rejected the reconciliation efforts for friendly relations with Egypt. Turkey does not accept the legitimacy of Egyptian President...
Read more on Politics Balla
 
US defence chief Chuck Hagel forced out
Washington, Nov 24 (IANS) In a surprise development, US Defense Secretary Chuck Hagel resigned Monday reportedly under pressure amid criticism of President Barack Obama's national security team over how to deal with...
Read more on Politics Balla
 
Bette Midler slams 'silly' Ariana Grande
Bette Midler has slammed Ariana Grande's ''silly high voice''. The 68-year-old actress hit out at the 21-year-old star's sexy music videos for being ''silly beyond belief'', and insists the 'Bang Bang' hitmaker's...
Read more on Celebrity Balla
 
Demi Lovato: Me and Miley have nothing in common
Demi Lovato insists she and Miley Cyrus won't be friends again because they have nothing in common. The 22-year-old singers were good pals during their rise to fame but the 'Heart Attack' hitmaker admits that while she...
Read more on Celebrity Balla
 
Indian American scientist develops path to brighter LCD displays
Washington, Nov 24 (IANS) Researchers led by an Indian-American have developed a polarising filter that can result in mobile device displays that last much longer on a single battery charge and cameras that can shoot...
Read more on Politics Balla
 
Kohl's Black Friday Sale launched Online
The Kohl's Black Friday 2014 sale starts at 6pm on Thanksgiving Day in stores, but has launched now on kohls.com. Kohl's offers again the popular $15 Kohl's Cash on every $50 spent in this year's Black Friday sale. This...
Read more on Black Friday Countdown
 
Brenton Thwaites for Pirates of the Caribbean: Dead Men Tell No Tales
Brenton Thwaites will star in 'Pirates of the Caribbean: Dead Men Tell No Tales'. The star will play the role of British soldier Henry, beating fellow actors such as Ansel Elgort of 'The Fault In Our Stars' and George...
Read more on Movie Balla
 
Josh Hutcherson 'moves on' from young adult movies
Josh Hutcherson wants to ''move on'' from young adult films like 'The Hunger Games'. The 22-year-old actor - who has starred in four films based on the dystopian 'Hunger Games' novels since 2011 - plans to explore other...
Read more on Movie Balla
 
33 IS militants killed in Iraq's Mosul, two towns retaken (Roundup)
Baghadad, Nov 24 (IANS) At least 33 militants of the Islamic State (IS) died Monday in the Iraqi city of Mosul and the surrounding area, including a leader who was responsible for the sale of kidnapped Yazidi women,...
Read more on Politics Balla
 
Jailbreak in Argentina, 32 inmates escape
Buenos Aires, Nov 24 (IANS/EFE) Thirty-two inmates escaped over the weekend from a police jail in Rosario, a city in central Argentina, police said Monday. The inmates broke out of the jail Sunday by threatening the...
Read more on Politics Balla