Will Mobile Payments Replace Actual Credit Card Use Soon?

Posted by administrator | 07/03/12 | Tagged Credit Card

Will Mobile Payments Replace Actual Credit Card Use Soon?
News from Business Insider:

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‘Social’ credit card from Barclays lets users set terms
News from Washington Post:

As the financial industry faces deteriorating public opinion and a raft of new regulations, one bank is adopting an un­or­tho­dox philosophy: If you can’t beat ’em, join ’em.

Barclays this week announced that it is launching a new credit card that will use social media to crowdsource features that could range from where call centers are located to the size of late fees. The British bank said the goal is to rebuild trust among increasingly wary consumers and create a new level of transparency for credit cards. It even plans to disclose how much it makes off the card — and potentially return some of that money to customers.

“Underneath it is the core tenets that people are asking for,” said Paul Wilmore, managing director of consumer markets for Barclaycard US, the bank’s payments division. “It’s simple and transparent, and people have a voice in dictating how these features work.”

According to a Gallup survey last summer, a record 36 percent of Americans reported that they lacked confidence in the nation’s banks. Less than a quarter of the people surveyed said they viewed banks positively. That sentiment was crystallized in the fall when

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Rash of credit-, debit-card theft hits Rapides Parish consumers
News from Alexandria Town Talk:

With recent reports of identity theft in Central Louisiana, authorities are encouraging residents to monitor their bank accounts to prevent becoming victims of scams.

Law enforcement agencies are investigating numerous cases of illegal purchases made with residents’ credit and debit cards. Rapides Parish Sheriff’s Office Detective Winston R. “Bobby” Bell Jr. said the Sheriff’s Office began receiving complaints on Feb. 10.

“The purchases have been made in Georgia, Virginia, New York, Arizona, Texas, Ohio and Alabama,” he said. “This a multi-agency investigation.”

Alexandria Police Detective Lee Leach said the department is looking into “several dozen” reports of illegal purchases.

“It appears to be some type of data breach or rogue employee of a business who stole credit and debit card information,” Leach said. “The charges have all been made out of state. We are working with the (Rapides Parish) Sheriff’s Office and Secret Service to find who did this.”

Over the past three years, credit card theft cases have jumped 31 percent. Even higher during that period — 37 percent — is the number of households victimized by more than one type of identity theft, according to the Bureau of Justice Statistics’ National Crime Victimization Survey.

The U.S. Department of Justice released the bureau’s findings in fulfillment of a…………… continues on Alexandria Town Talk

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BLM official: Clean up credit card, billing abuses
News from Salt Lake Tribune:

The U.S. Bureau of Land Management is cracking down on inappropriate employee uses of agency credit cards and incentive gift cards, and investigating past abuses, officials in Washington said Tuesday.

The agency, which manages about 42 percent of the lands in Utah, is responding to a directive from Deputy Director Michael Pool to better police employee purchases. Pool discontinued the use of retail gift cards as work rewards after alleged abuses and told all BLM state directors to closely manage billing of agency firefighting hours. He called the fire billing “scamming the system with no managerial oversight and detection systems in place,” according to an internal memo released by the agency.

BLM spokesman Tom Gorey, in Washington, said he could not say how much money was involved. The agency is continuing its investigation, he said.

“We’ve got to do a better job of monitoring and auditing,” he said, “because these abuses have reached at least a level that [Pool] is clearly sending a message.”

He added that such internal audits frequently raise issues. “We’re an agency of 10,000-plus employees. There’s going to be a percentage that misuse their credit cards and do other things in violation of our regulations.”

continues on Salt Lake Tribune

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