Credit card concerns

Posted by administrator | 20/02/12 | Tagged Credit Card Debt

Credit card concerns
News from ABC Online:

Updated February 20, 2012 08:51:17

Newcastle accounting firm sounds warning on credit card balance transfers.

A Newcastle accounting firm is worried people are getting into more financial trouble as a result of credit card balance transfers.

Several of the big lenders offer balance transfers, allowing people to benefit from zero or low interest rates for a fixed period of time.

But Mitch Griffiths from Lawler Partners says many people do not destroy their old card, prompting fears about an increase in personal bankruptcies.

“The major driver for the personal insolvency is the credit card debt at this stage,” he said.

“What we are seeing is people having a large credit card debt doing some sort of balance transfer but they are continuing to use the old card which in turn you have two debts then.”

Mr Griffiths says increased recovery action by the Australian Taxation Office could cause more businesses to fail.

He says there were steady numbers of insolvencies last year, with the retail sector hit particularly hard due to…………… continues on ABC Online

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Man stays in Joliet motel with girlfriend’s corpse nearly two days
News from Chicago Sun-Times:

Updated: February 19, 2012 1:25PM

A man stayed in a Joliet motel room with his dead girlfriend’s corpse for nearly two days and used her debit card to buy vodka before calling authorities, police said this weekend.

Derek Tanke, 47, of Joliet, has been arrested on felony charges of concealment of a death, unlawful use of a credit card and ID theft, said Joliet Chief Michael Trafton. Tanke and his girlfriend, Nancy A. Johnston, 54, both were staying at the Bel-Air Motel, 1103 Plainfield Road, Trafton said.

Authorities found Johnston dead Friday morning in a motel room that had a significant odor of decomposition, Trafton said.

A pathologist working for the Will County coroner’s office has informed police that Johnston’s death was not a homicide, Trafton said.

Johnston had numerous medical problems and likely died Wednesday, Trafton said.

Tanke did not call authorities until Friday morning, Trafton said. Before he called, Tanke took Johnston’s debit card, withdrew money from an automated teller machine and bought vodka, Trafton said. Tanke also used…………… continues on Chicago Sun-Times

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Credit card RFID theft protection is as simple as an ‘on’ button
News from

University researchers from the Pittsburgh Swanson School of Engineering have created an effective solution to curb credit card RFID and NFC theft, and it’s as simple as pressing a button.

University researchers are working on a simple solution to the unnervingly easy-to-hack radio frequency ID chips (RFID) and near-field communication cards (NFC) installed in credit cards. Think of it as button that activates the cards when ready to be used for payment.

While scanning credit cards rather than swiping them is convenient, the need for better security derives from unforeseen loopholes in the technology that have been exposed since its introduction. In the case of credit cards installed with RFID chips, the first step to stealing an unsuspecting victim’s credit card information  is as simple as an eBay purchase.

A simple Google search for “credit card rfid hack” turns up numerous YouTube videos of hacks, and even step-by-step outlines. More unnerving is the realization that contactless RFID readers can be purchased on eBay for as low as $ 50. But while RFID credit card supporters claim cards must be 1 to 3 inches from a reader to…………… continues on

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