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AmEx Sees Red as Cardholders Struggle

Credit card company is seeing more cards fall delinquent as economy worsens

(Newser) - American Express—expected today to report earnings skidded more than 30% from the third quarter a year ago—isn't quite the industry gem it once was, reports the Wall Street Journal. The company, long a top performer who catered to affluent customers, has seen a surge in delinquencies as the...

Indian Debt Collectors See US' Dark Side

Outsourced call centers get ring-side seat for economic crash

(Newser) - Most Indian call center employees develop a fairly utopian view of the US, which seems a land of brand-name splendor and plenty. Not so at Aegis BPO Services, a call center specializing in debt collection, where employees are getting an up-close and personal look at the credit crunch. “It’...

Dear Mom, Dad: Please Send Bailout

Parents face tough choices as debt-ridden kids struggle to find work

(Newser) - The families of many debt-laden college graduates are pondering bailouts of their own as the job market sours, the Wall Street Journal reports. With the average student loan now $22,000, parents of some struggling grads face a tough choice—to let their kids learn a lesson about credit the...

Feds Nab 11 Cybercrime Masterminds
Feds Nab
11 Cybercrime Masterminds
Aug 5, 2008 3:49 PM CDT

Feds Nab 11 Cybercrime Masterminds

40 million credit and debit card numbers stolen across US

(Newser) - An international crew of hackers who reportedly stole more than 40 million credit and debit card numbers from nine US companies were indicted today in what Attorney General Michael Mukasey is calling "the single largest and most complex identity theft case that's ever charged in this country." The...

Cybercrime Getting Organized
 Cybercrime Getting Organized 
Jul 16, 2008 5:20 PM CDT

Cybercrime Getting Organized

Hackers, identity thieves working more like mafia; profits increasing

(Newser) - There’s serious money to be made in cybercrime, and its perpetrators are beginning to reflect that fact, Ars Technica reports. Lone hackers have been replaced with hierarchical organizations that divide the criminal risks inherent in stealing and reselling (usually financial) information. The cybercrime "firms" are growing steadily as...

Creditors Fed Off Equity Boom, Creating 'Double Bubble'

US charged against home value now gone

(Newser) - As home values boomed, banks raised credit limits and extended offers for new cards, urging consumers to pay off the debt by drawing on their equity, USA Today reports. Many of those borrowers now face high interest rates on homes tapped of equity and hemorrhaging value—and the boom in...

Maxed-Out Debtors Find Credit Crutch

Support groups doing brisk business as Americans see red

(Newser) - With the economy sagging and 11.8 million credit-card accounts delinquent, support groups are popping up in churches, colleges, and coffee shops to help people curtail their spending and share red-ink horror stories, the Wall Street Journal reports. "It used to be that you had to live in shame...

Will Tax Rebates Boost Economy? Test Starts Today

The government has begun sending out the first cash

(Newser) - The first tax rebates designed to kick-start the economy should begin arriving in bank accounts today. The Treasury Department has begun sending electronic rebates to nearly 8 million people by the end of this week, and some 130 million checks will go out via snail mail in May. President Bush...

7 Ways to Raise Your Credit Score

Simple tips to boost that murky rating

(Newser) - Credit scores are key if you're getting a new cell phone, new home, new car—even a new job. The Today Show offers 7 simple steps to give your score a boost:
  1. Fix errors on your reports: A mistake on one report can sink a score.
  2. Be timely: Payment history
...

Discover Gobbles Up Diners Club
Discover Gobbles Up Diners Club
Apr 8, 2008 3:10 AM CDT

Discover Gobbles Up Diners Club

Firm moves into international credit card market with $165M deal

(Newser) - Discover Financial Services is moving into the global credit card market with its acquisition of Diners Club International from Citigroup, Bloomberg reports. The $165 million deal gives Discover a foothold in the 185 countries outside North America where Diners has a presence, which will add revenue at a time when...

Massive Data Theft Breached 'Secure' Network
Massive Data Theft Breached 'Secure' Network
UPDATED
Mar 31, 2008 11:23 AM CDT

Massive Data Theft Breached 'Secure' Network

Hacked supermarket chain sent data over cable, not wireless

(Newser) - High-tech thieves were able to penetrate what experts called an especially secure computer network when they stole 4.2 million credit and debit card numbers from the Hannaford and Sweetbay grocery chains. Unlike stores that send data over wireless networks, the supermarkets used a theoretically less porous fiber-optic cable.

Interest Soars Sky-High in Visa's $18B IPO

Record-breaking debut could mark turning point for markets

(Newser) - Visa pulled in almost $18 billion in its initial public offering yesterday, the San Francisco Chronicle reports. The credit card company's IPO was the biggest by far in US history and the second biggest ever. The $44-per-share price investors paid was $2 higher than the company's highest estimate, and the...

Credit Crunch Slows Spending
 Credit Crunch
 Slows Spending 
Mar 18, 2008 11:10 AM CDT

Credit Crunch Slows Spending

Consumers, businesses tighten belts just as economy needs fuel

(Newser) - Fewer credit card offers, tougher mortgage requirements, and a slowdown in business expansion all are likely because of the worsening credit crisis, reports the Washington Post. Banks are looking to limit exposure to high-risk customers and restore their own bottom lines. And that’s tough medicine for an economy that’...

Supermarket Breach Exposes 4M Credit Cards

Hannaford grocery stores report 1,800 related fraud cases

(Newser) - A data security breach at Hannaford, an East Coast supermarket chain, has exposed the credit card information of 4.2 million customers and resulted in 1,800 cases of fraud so far, the Boston Globe reports. The breach, which went undetected for three months, is one of the largest ever,...

Sprint, AT&T, BofA Faves of Identity Thieves

Half of all complaints in 2006 months came from 25 companies

(Newser) - Bank of America led as a target for identity thieves in a 2006 sample of FTC complaints, followed closely by AT&T and Sprint. The survey by Berkeley researchers found that half of all complaints involved 25 organizations, mainly banks and telecom companies, reports PC World. There were 88,000...

Consumers Cut Credit Card Spending
Consumers
Cut Credit
Card Spending
Feb 8, 2008 10:49 AM CST

Consumers Cut Credit Card Spending

Delinquencies rise; economists see slowdown

(Newser) - Americans may be falling out of love with their credit cards, the Wall Street Journal reports, and banks seem to be returning the sentiment. As more and more consumers are delinquent on their payments, banks in turn are tightening borrowing standards, making it harder for them to extend their credit....

Will That Be Cash or Cash?
Will That Be Cash or Cash?
Feb 5, 2008 9:20 AM CST

Will That Be Cash or Cash?

Americans save more, pay upfront as times get tougher

(Newser) - The collapsing housing market, shaky employment security, and uncertain economic outlook are changing Americans' buying habits: They’re paying with cash. Plastic has become synonymous with debt, helping revive the pay-as-you-go mentality, reports the New York Times. The change could have a major impact on an economy, and a culture,...

Dem Debaters Get Feisty
Dem Debaters Get Feisty
UPDATED
Jan 21, 2008 8:35 PM CST

Dem Debaters Get Feisty

Policy talk devolves into bickering between Clinton, Obama

(Newser) - Hillary Clinton and Barack Obama drowned out policy talk in a South Carolina presidential debate tonight as they bickered over Ronald Reagan and what Obama called Clinton's "corporate" past, CNN reports. On economic policy, they wrangled over Senate votes as much as subprime bailout plans. “This kind of...

GE Money Loses Data on 650,000 Credit Card Holders

Missing customer info raises data breach fears

(Newser) - GE Money has lost a computer tape with the personal information of up to 650,000 customers of JC Penney and other retailers, reports the AP. The tape went missing in the warehouse of a data storage company. There's "no indication of theft" and none of the data has...

American Express Feels Credit Crunch

With defaults on rise, company taking hefty fourth-quarter charge

(Newser) - With consumer spending slowing and credit defaults on the rise, American Express said today it will take a fourth-quarter charge of $275 million to build up its charge-card reserves, the Wall Street Journal reports. The company, which cited housing turmoil as a contributing factor, also predicted earnings to come in...

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