Police: Two arrested for trying to use stolen credit card

Posted by administrator | 15/01/12 | Tagged Credit Card

Police: Two arrested for trying to use stolen credit card
News from Glens Falls Post-Star:

GLENS FALLS — Two men were arrested late Friday after they allegedly tried to use a stolen credit card at a Glens Falls bar, police said.

Police believe the two used the credit card at a variety of businesses in Warren and Saratoga counties, according to police.

Their luck ran out shortly before 10 p.m. Friday when they tried to use it at The Bullpen on Glen Street, where an employee knew the rightful owner of the credit card and knew that the men trying to use it were not that person, Glens Falls Police Sgt. Keith Knoop said.

Charged with felony counts of second-degree forgery and fourth-degree criminal possession of stolen property were Jason A. Naja, 39, of Landmark Motel, Moreau and Philip Lyons, 41, of Old Mill Lane, Lake George, police said.

Police believe the men used the card to make hundreds of dollars in cash withdrawals before they were caught, Knoop said. Additional charges are likely.

Both men were being held in the Glens Falls Police lockup pending arraignment Saturday. Glens Falls Police Officer James Galante made the arrest.

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Tampa Bay businesses find savings in new fingertip, credit card technology
News from Tampabay.com:

ST. PETERSBURG — People usually have three reactions when they use a credit card at Marina Williams’ art gallery and vintage shop on Central Avenue.

Bewilderment. A gasp. Then a squeal.

Paying with plastic at Williams’ shop, ARTpool Gallery, is futuristic and a little weird.

Williams and a growing number of other Tampa Bay area businesses are embracing a growing trend in business that can save them money on credit or debit card transaction fees while amusing their customers.

Using technology developed by Square, a California-based startup, merchants “swipe” credit and debit cards with a quarter-sized device that plugs into any iPod Touch, iPad, iPhone or Android phone.

All customers have to do is sign the screen — with their finger.

“They’re all like, ‘Oooh, I get to sign my name with my finger?’ ” said Williams, who has been using Square for about two months. “Some of them try to get really precise. Others just go for it.”

After the transaction is done, the customer can have a receipt sent to her or his phone or email. No paper needed.

“They always say it’s the coolest thing they’ve ever seen,” said Dave Ward, who owns Buddy Brew Coffee in Tampa.

Ward and his wife, Susan, have been using Square at their business since it came out in October 2010. The couple also incorporate iPads into their point-of-sale p…………… continues on Tampabay.com

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Prepaid debit cards may help change credit scoring

Posted by administrator | 15/01/12 | Tagged Credit Card Debt

Prepaid debit cards may help change credit scoring
News from STLtoday.com:

Suze Orman has an intriguing idea, but it comes wrapped in a flimsy package.

I’m not thrilled with the package, but I do like the idea she has bundled in it. And you might appreciate the idea too if you are among the people who think FICO and the credit scoring groups do a lousy job of rating some people who are responsible with their money.

I’m talking about Orman’s new prepaid debit card called The Approved Card. Like other prepaid debit cards on the market, I wouldn’t suggest it for most people. Finding a bank or credit union that will offer you a debit card free of fees would be a better alternative.

But the potential gem here is that Orman has talked one credit scoring firm, TransUnion, into following transactions of people using The Approved Card. And Orman hopes that TransUnion sees a spending pattern by users that might prompt the firm to adjust how credit scoring is done.

Orman says she’s not sure where this will lead, and TransUnion won’t provide much clarity. When I tried to talk with the company, a spokesman merely emailed me: “TransUnion is committed to supporting Suze’s efforts to understand the impact of prepaid card use on an individual’s credit health. Our goal is to help Suze understand whether including this data in a consumer’s credit report would impact access to credit products.”

Maybe that m…………… continues on STLtoday.com

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The evolution of American debt
News from Salon:

In the US today, debt is ubiquitous. Whether it’s paying back thousands of dollars in student loans, using your Visa card for a pack of gum when you’re out of cash, or taking out a mortgage on a first home, it’s been woven into our financial system so tightly, that even when we suffer the sometimes cruel and unusual detriments of borrowing, we have little to no realistic impetus to stop. But it wasn’t always this way. In fact before the 20th century, debt was a taboo, feared, shameful, and kept in the shadows. So what events and institutions brought debt from its meager beginnings to its central role in American life?

In his new book, “Borrow: The American Way of Debt,” Cornell professor Louis Hyman writes, in essence, a biography of American debt. He traces debt through American history: from the late 19th century, when unpaid dues meant public ignominy, to the 1920s, when the auto industry changed the face of borrowing to the mortgage fallouts that led the Great Depression to the invention of the credit card as we now know it, all the way to the current shambles of our national economic livelihood. Along the way we meet characters like the Henry Ford, the xenophobic inventor of the Model T whose…………… continues on Salon

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