Elizabeth Roberts's blog

First-Party Credit Card Fraud Rises With Unemployment: What Banks and Issuers Need to Know

FARMINGTON, Conn., June 20, 2012 -- /PRNewswire-iReach/ -- An error at a Bank of America ATM allowed a man to fraudulently withdraw $1.5 million before he was caught. As the worldwide economy remains in an extended period of recession, threats from first-party credit card fraud and other related issues will keep banks on their toes. Staying ahead of the trends in this market will be essential to banks and businesses that wish to remain competitive and reduce the threat of loss due to fraud. With premium market research from the world's leading publishers, Global Information Inc. helps these businesses stay on the cutting edge with the best forecasts, trends research, and analyses.

First-Party Credit Card Fraud: Trends, Analytics, and Prevention Strategies

First-party fraud is a scheme where borrowers apply for and use credit, while having no intent of ever paying off incurred debt. Historically, this fraud has been difficult for credit card issuers to identify specifically as intentional theft, and thus most lenders simply write it off as bad debt. Recently, however, the payment industry and its vendors have been intensifying efforts to combat first-party fraud, especially as the criminal underworld exploits vulnerabilities in the banking system. Issuers are incorporating advanced fraud prevention technologies to identify criminal activity rings, expunge bad accounts, and bring stronger attention and insight onto cases of potential first-party fraud.

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• Bad Credit Resources
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Courtney optimistic about halting student loan rate hike

Washington - With 12 days until the interest rate is set to double on new federally guaranteed student loans, U.S. Rep. Joe Courtney, D- 2nd District, told conference-goers here Monday that he is hopeful Congress will pass some version of his bill to avoid the rate hike.

If lawmakers do not act, the interest rate on subsidized Stafford Loans for the 2012-13 academic year would jump from 3.4 percent to 6.8 percent July 1, returning to its earlier level. A 2007 law, now expiring, gradually reduced the interest rate on this type of loan, which is offered to low- and moderate-income undergraduates.

In an interview with The Day, Courtney said he sees reasons for optimism in a recent proposal by Senate Majority Leader Harry Reid, D-Nevada, that identifies a new and, hopefully, less controversial way involving pension fund payments to offset the $6 billion cost of keeping the current rates for another year.

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• Bad Credit Resources: Credit Cards For Bad Credit
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Toll of US recession: Family net worth plunged 35 percent in five years

The toll of the great housing bust and financial crisis came into clearer focus Monday, as the Census Bureau released numbers showing a 35 percent drop in net worth for the median US household between 2005 and 2010.

The numbers give a report card on the financial health of US families before and after the recession. The typical household saw its net worth – financial assets minus debts – fall from $102,844 in 2005 to $66,740 five years later, with the census giving those numbers in inflation-adjusted 2010 dollars.

What went wrong is no secret: A housing boom went too far, setting the nation up for a big decline in home values and a banking crisis that resulted in the loss of millions of jobs. The value of homes fell faster than the debt loads associated with mortgages, and major financial assets such as stocks also fell in value.

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G20 to focus on global economic growth

MEXICO CITY - Global economic recovery and growth will be the most pressing topic at the upcoming Group of 20 (G20) summit in the Mexican city of Los Cabos.

Around the world, the chronic euro-zone debt crisis, a dismal US economic outlook, and the slowdown of economic growth in some emerging markets have prompted G20 leaders to take concrete measures at this time of unprecedented economic hardship.

Mexican Deputy Foreign Minister Maria de Lourdes Aranda told Xinhua in an exclusive interview that Mexico will focus on how to maintain economic stability and meanwhile follow the important agreements of previous G20 summits so as to promote vigorous, sustainable and balanced global economic recovery.

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Susan Tompor: Avoiding debit card fees

Just how do we get banks and other financial firms to stop using pretty plastic like crack? Why are some student loans connected to a debit card with costly fees?

We're hearing about the campus debit card trap from the U.S. Public Interest Research Group, or PIRG.

Rich Williams, higher education advocate for U.S. PIRG, said the debit cards are the new fee generator, now that there are more restrictions on credit card promotions on campus.

The lure of the prepaid or debit cards for students is that typically you could get access to financial aid or student loan cash faster than, say, if you're mailed a check.

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• Bad Credit Resources
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Secured Credit Card – Best Ways to Start Building Your Credit

Getting a secured credit card is a solid option for people who are trying to rebuild their credit or start from scratch. You don’t need very good credit at all to get one of these cards, which is why so many people decide to use them to get their credit score back on track. These cards can be valuable tools when it comes to building credit, and you should think about getting one if you know that you are going to need to borrow money in the future. Most people do not think that they will need to have a positive credit score anytime soon, but you will need to have solid credit to buy a car or house anytime in the near future. Even if you are just looking to rent an apartment, you are going to need to have a pretty decent credit score. Here are three main reasons as to why a secured card could be a perfect option for you:

Read more about Best Ways to Start Building Your Credit

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• Debt Consolidation
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America’s system works despite Obama’s actions

If Obama’s “evolutionary” support of same-sex marriage and sudden new belief that states have rights (10th Amendment) as to define marriage, then why doesn’t he support the ability of states to repeal ObamaCare? Why don’t states have the right to dictate immigration laws? Shouldn’t states decide the issue of abortion?

Federally, Roe v. Wade exists; however, so does the Defense of Marriage Act. Seems anything Obama disapproves of, the Justice Department sues. Like his budgets and “recovery” — 30 straight months of the highest unemployment rate in 25 years (Bureau of Labor Statistics) — this doesn’t add up.

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• Secured Credit Card
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GOP groups top Democrats in TV spending by far

WASHINGTON — Independent Republican groups are heavily outspending their cross-party counterparts on television advertising in the campaigns for the White House and control of the Senate, eating into President Barack Obama's financial advantage over Mitt Romney and prompting expressions of alarm from top congressional Democrats.

The disparity is most evident in the race for the White House, where Crossroads GPS, Restore Our Future and other organizations aligned with the Republicans spent nearly $37 million on TV ads through the first few days of June, most of it attacking Obama. That compares with about $11 million by groups supporting the president, with much of it from Priorities USA Action.

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• Secured Credit Card
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Private Finance Insurance Loans Cited in USA One Credit Union Failure

The troubles of privately insured USA One Credit Union of Matteson, Ill. – which was merged out last week in a purchase/assumption deal arranged by state regulators and American Share Insurance Inc. – are linked to so-called private finance insurance loans which went sour, it was reported Thursday.

“This is a market that for years has been used routinely by banks and credit unions but for USA One they got hurt when the market collapsed,” explained Paul Simons, president/CEO of the $681 million Credit Union 1 of Rantoul, which emerged as the successful acquirer of the $38 million USA One following its May 31 liquidation by the Illinois Division of Financial Institutions. The regulator named ASI as receiver.

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US stocks jump 2.3% after ECB keeps bank aid

(New York, USA) - US stocks jumped more than 2.3 percent Wednesday after the European Central Bank said it would keep open its unlimited liquidity loans for eurozone banks at least through 2012.

The market also got support from a fresh Federal Reserve report that, while not showing much improvement in the US economy since April, clearly showed no new sign of faltering.

The Dow Jones Industrial Average finished up 286.84 points, or 2.37 percent, to 12,414.79.

The broad-based S&P 500 surged 29.63 (2.30 percent) to 1,315.13, while the tech-rich Nasdaq Composite gained 66.61 (2.40 percent) to 2,844.72.

Stocks were also helped by a Wall Street Journal report suggesting the Fed is considering "more action amid recovery doubts," said Briefing.com.

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