Almost one in five people experienced a reduction in household income during the first full month of lockdown in April, according to estimates from the Office for National Statistics. The number of people claiming for unemployment benefits surged by almost 70% to reach about 2.1 million, in an early sign of rising job losses across Britain. … [Read more...] about UK banks granted 1.5m payment holidays on credit cards and loans
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NEW YORK (Reuters) - Credit card spending among some of JP Morgan Chase & Co’s U.S. customers fell 40% during March and early April compared to last year, as Americans stayed home to protect against the novel coronavirus, according to a new report on Thursday. … [Read more...] about JPMorgan’s U.S. credit card holders spent 40% less due to coronavirus
What were we waiting for? The United Kingdom was one of the first places EMV was rolled out. In the early 2000's "the authorization environment was a key driver for the UK's high card fraud figures," a paper from the Federal Reserve Bank of Atlanta attests. In a conversation with Ars, Conroy explained that before EMV was first made available in the early 2000's, telecommunications infrastructure in places like the UK was relatively expensive to use constantly, “so when you went to make a purchase at that time, when the credit card got scanned through, you had an offline authorization process where the credit card would get swiped, and the merchant would store up all of the transactions for the day.” At the end of the day, the merchant would send the credit card details back to the issuer for verification, but that lag meant that criminals had more time to commit fraud. … [Read more...] about Chip-based credit cards are a decade old; why doesn’t the US rely on them yet?
Checkout time These types of attacks, Corrons told Ars, are the work of gangs that have specialized in stealing credit card data from point of sale systems. "Hotels are a gold mine" for credit card theft, he said. And while they have lots of other data, including customer personal information, that might be valuable, the network breaches pulled off by the attackers who hit chains such as Hilton, Mandarin Oriental, Trump Hotels, White Lodging, Starwood, Hyatt, and Hard Rock Las Vegas focused entirely on credit card transaction data—the data most easily monetized. … [Read more...] about Checking in with spear phishing, criminals check out with hotel credit card data
Tfl said it soon expects to see its one millionth contactless payment since the system was expanded to include the tube. Using a contactless debit card is great for infrequent travellers to the capital, who no longer have to go to the hassle of getting an Oyster card. … [Read more...] about Contactless cards: is your bank waving goodbye to the revolution?