LUCKNOW: One person was arrested in connection with purchasing cellphones from a store in a shopping mall in Gomtinagar on stolen credit cards. T
he arrested identified himself as Gaurav Robinson of Indiranagar. According to the police, Gaurav is pursuing his BCA.
The police recovered from the accused two cellphones that he had purchased on the credit cards that belonged to Vikas Jhunjhunwala and Rakesh Verma. During interrogation, the accused revealed that he along with another aide of his, had snatched away the bag of a courier company employee (on September 25) which contained the credit cards he used to purchase the cellphones. Cops have even recovered the motorcycle used for executing the aforementioned loot.
Robinson told police that he along with two others has also been involved in several chain-snatching incidents in the recent past.
This is not for the first time that such a case has come to light where things have been purchased by using stolen credit cards. A couple of months ago three men were arrested by the district police as they were purchasing electronic appliances worth lakhs on a credit card that did not belong to them.
The arrested had identified themselves as Dhirendra Singh Chauhan, Abhinav Gupta and Amit Kumar Sharma. The incident was reported from Hazratganj police circle. According to the complaint lodged the accused in the case were purchasing laptops and other electronic appliances through a credit card which Amit Kumar claimed to be his own.
As one requires to give an identification proof in case of a purchase of more than Rs 10,000 by credit card, Amit was asked by the dealer to present his ID proof. Amit reportedly presented a forged ID proof which aroused the suspicion of the dealer and he informed the police. Later the three were arrested after a case was lodged against them.
News Source : http://timesofindia.indiatimes.com/
Tuesday, September 30, 2008
Monday, September 29, 2008
Fitch SMARTView: 13 U.S. Credit Card ABS Deals Placed 'Under Analysis'
NEW YORK, Sep 23, 2008 (BUSINESS WIRE) -- Fitch Ratings has placed 13 of its U.S. Credit Card ABS deals 'Under Analysis', indicating that Fitch will be issuing a rating action within 30 days. SMARTView is Fitch's ongoing monthly surveillance process, with the 'Under Analysis' designation given to those deals which Fitch plans to further analyze over the next month. Of the 92 Fitch rated U.S. Credit Card ABS transactions, 79 U.S. Credit Card ABS deals were designated with a SMARTView date of Sep. 23, 2008, indicating that no in depth review is necessary.
As Fitch receives monthly information on structured finance transactions from trustees and servicers, Fitch analysts run the data through various internal algorithms that identify classes of a transaction as possible candidates for upgrade or downgrade. Fitch's analysts scrutinize the output to decide which deals need an in depth review, which are classified as 'under analysis', and those deals with no significant changes, which can be given a SMARTView date.
To review a list of deals 'Under Analysis', use the following link: www.fitchratings.com/smartview
SMARTView is available on the Fitch Ratings web site at www.fitchratings.com, along with the report titled 'SMARTView, Fitch U.S. Structured Finance Monthly Public Reviews'.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
News Source : http://www.marketwatch.com/
As Fitch receives monthly information on structured finance transactions from trustees and servicers, Fitch analysts run the data through various internal algorithms that identify classes of a transaction as possible candidates for upgrade or downgrade. Fitch's analysts scrutinize the output to decide which deals need an in depth review, which are classified as 'under analysis', and those deals with no significant changes, which can be given a SMARTView date.
To review a list of deals 'Under Analysis', use the following link: www.fitchratings.com/smartview
SMARTView is available on the Fitch Ratings web site at www.fitchratings.com, along with the report titled 'SMARTView, Fitch U.S. Structured Finance Monthly Public Reviews'.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
News Source : http://www.marketwatch.com/
Saturday, September 27, 2008
Troopers: Bronx man used ex-NYC Mayor Dinkins' former credit card number
SOUTHEAST - A Bronx man faces several felony charges after he was found carrying an American Express credit card with an account number that once belonged to former New York City Mayor David Dinkins, state police said today.
The suspect was arrested after impersonating another man while trying to withdraw thousands of dollars from the man's bank account, police said.
Troopers from the Brewster barracks responded to the Chase Bank branch inside the A&P Supermarket in the Lakeview Plaza on Route 22 around 4:40 p.m. yesterday. Bank employees became suspicious when the man tried to withdraw $4,900 from an account, Sgt. Joseph Malorgio said.
An investigation by Malorgio, Trooper Miguel Osorio and Investigator Armando Barquin showed that Christopher Bowman, 46, of the Bronx impersonated the actual account holder in an attempt to fraudulently withdraw the funds, police said.
Bowman was found with a bogus Louisiana state driver's license In addition to the American Express card, police said. Dinkins had canceled the American Express account after himself being a victim of fraud, police said.
Bowman was charged with attempted third-degree grand larceny, second-degree criminal possession of a forged instrument, second-degree forgery, felonies, and second-degree criminal impersonation, a misdemeanor, police said.
He is being held today at the Putnam County jail in lieu of $25,000 cash bail or $50,000 bond, as set by Town Justice Richard Vercollone, and is due back in town court on Tuesday, police said.
Barquin is continuing the investigation, police said.
News Source : http://lohud.com/
The suspect was arrested after impersonating another man while trying to withdraw thousands of dollars from the man's bank account, police said.
Troopers from the Brewster barracks responded to the Chase Bank branch inside the A&P Supermarket in the Lakeview Plaza on Route 22 around 4:40 p.m. yesterday. Bank employees became suspicious when the man tried to withdraw $4,900 from an account, Sgt. Joseph Malorgio said.
An investigation by Malorgio, Trooper Miguel Osorio and Investigator Armando Barquin showed that Christopher Bowman, 46, of the Bronx impersonated the actual account holder in an attempt to fraudulently withdraw the funds, police said.
Bowman was found with a bogus Louisiana state driver's license In addition to the American Express card, police said. Dinkins had canceled the American Express account after himself being a victim of fraud, police said.
Bowman was charged with attempted third-degree grand larceny, second-degree criminal possession of a forged instrument, second-degree forgery, felonies, and second-degree criminal impersonation, a misdemeanor, police said.
He is being held today at the Putnam County jail in lieu of $25,000 cash bail or $50,000 bond, as set by Town Justice Richard Vercollone, and is due back in town court on Tuesday, police said.
Barquin is continuing the investigation, police said.
News Source : http://lohud.com/
Friday, September 26, 2008
Alliance Data Signs New Multi-Year Agreement to Launch Co-Brand Credit Card Program
DALLAS, Sept. 25 /PRNewswire-FirstCall/ -- Alliance Data SystemsCorporation (NYSE: ADS), a leading provider of loyalty and marketing solutionsderived from transaction-rich data, today announced it has signed a multi-yearagreement with AnnTaylor Stores Corporation (NYSE: ANN) to launch a newco-brand credit card program and to continue providing private label creditcard services. The agreement terms include launching a new co-brandMasterCard(R) credit card program and an exclusive points-based rewardsprogram for cardholders.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051024/ADSLOGO )
The services Alliance Data provides for both the co-brand and privatelabel credit card programs include account acquisition and activation;receivables funding; card authorization; card issuance; statement generation;direct mail and email marketing services; remittance processing; customerservice functions; and marketing services. Alliance Data will launch fourall-new card-plastic designs for Ann Taylor, including private label andco-brand cards for both the company's Ann Taylor and Ann Taylor LOFT brands.As is consistent with the private label credit card program, the co-brandoffering will be targeted to customers that meet Alliance Data's traditionalcredit quality standards.
Ivan Szeftel, president of Alliance Data's Retail Services, said, "We areexcited about expanding our relationship with Ann Taylor by providing thisfully integrated credit and marketing solution. Our programs are guided byanalytics and results-oriented marketing principles, and we are leveraging ourexpertise and the strength of the Ann Taylor brands to deliver a truly specialprogram to their clients."
About Alliance Data
Alliance Data (NYSE: ADS) is a leading provider of loyalty and marketingsolutions derived from transaction-rich data. The Company manages more than107 million consumer relationships for some of North America's mostrecognizable companies. Through the creation and deployment of customizedsolutions that change consumer behavior, Alliance Data enables its clients tocreate and enhance customer loyalty to build stronger, mutually beneficialrelationships with their customers. Headquartered in Dallas, Alliance Dataemploys approximately 7,000 associates at more than 50 locations worldwide.Alliance Data is a leading provider of marketing-driven credit solutions, andis the parent company of Epsilon(R), a leading provider of multi-channel,data-driven technologies and marketing services, and LoyaltyOne(TM), whichowns and operates the AIR MILES(R) Reward Program, Canada's premier coalitionloyalty program. For more information about the company, visit its web site,www.AllianceData.com.
News Source : http://www.ibtimes.com/
(Logo: http://www.newscom.com/cgi-bin/prnh/20051024/ADSLOGO )
The services Alliance Data provides for both the co-brand and privatelabel credit card programs include account acquisition and activation;receivables funding; card authorization; card issuance; statement generation;direct mail and email marketing services; remittance processing; customerservice functions; and marketing services. Alliance Data will launch fourall-new card-plastic designs for Ann Taylor, including private label andco-brand cards for both the company's Ann Taylor and Ann Taylor LOFT brands.As is consistent with the private label credit card program, the co-brandoffering will be targeted to customers that meet Alliance Data's traditionalcredit quality standards.
Ivan Szeftel, president of Alliance Data's Retail Services, said, "We areexcited about expanding our relationship with Ann Taylor by providing thisfully integrated credit and marketing solution. Our programs are guided byanalytics and results-oriented marketing principles, and we are leveraging ourexpertise and the strength of the Ann Taylor brands to deliver a truly specialprogram to their clients."
About Alliance Data
Alliance Data (NYSE: ADS) is a leading provider of loyalty and marketingsolutions derived from transaction-rich data. The Company manages more than107 million consumer relationships for some of North America's mostrecognizable companies. Through the creation and deployment of customizedsolutions that change consumer behavior, Alliance Data enables its clients tocreate and enhance customer loyalty to build stronger, mutually beneficialrelationships with their customers. Headquartered in Dallas, Alliance Dataemploys approximately 7,000 associates at more than 50 locations worldwide.Alliance Data is a leading provider of marketing-driven credit solutions, andis the parent company of Epsilon(R), a leading provider of multi-channel,data-driven technologies and marketing services, and LoyaltyOne(TM), whichowns and operates the AIR MILES(R) Reward Program, Canada's premier coalitionloyalty program. For more information about the company, visit its web site,www.AllianceData.com.
News Source : http://www.ibtimes.com/
Thursday, September 25, 2008
Legislation would require credit card companies to pay all sales taxes collected directly to the state
ALBANY – State Senator Rev. Ruben Diaz Wednesday urged Governor Paterson to support legislation to amend the tax law, in relation to requiring issuers of credit cards and debit cards to pay and collect sales and use taxes and pay those taxes directly to the state Department of Taxation and Finance.
“While the Governor is now pressuring small business owners to properly remit their business taxes in an effort to balance the state’s fiscal needs, Governor Paterson has had an opportunity to do this all session by supporting my legislation, Senate Bill 774, which will ensure that New York State will receive over 500 million dollars in uncollected sales taxes,” said Diaz.
The only ones who are opposed to this legislation are the credit card companies, said Diaz. “They are not going to like this, because it will tell the state how much money they are making in New York. There is no additional cost to the retailer’s or consumers, just an end to sales tax scofflaws.”
News Source : http://www.empirestatenews.net/
“While the Governor is now pressuring small business owners to properly remit their business taxes in an effort to balance the state’s fiscal needs, Governor Paterson has had an opportunity to do this all session by supporting my legislation, Senate Bill 774, which will ensure that New York State will receive over 500 million dollars in uncollected sales taxes,” said Diaz.
The only ones who are opposed to this legislation are the credit card companies, said Diaz. “They are not going to like this, because it will tell the state how much money they are making in New York. There is no additional cost to the retailer’s or consumers, just an end to sales tax scofflaws.”
News Source : http://www.empirestatenews.net/
Tuesday, September 23, 2008
Cybercrime toll mounts for businesses
Retailer TigerDirect depends on technology, collaboration with peers to fight cybercrime
Cybercrime is more than a buzzword, it’s a critical business concern, say 1,387 IT professionals surveyed by security firm Finjan.
Ninety-one percent of respondents call cybercrime a “major business risk,” and 73% say they are more concerned about data theft than about downtime and loss of productivity from malware. In addition, 25% of respondents admit to data breaches in their organizations, according to the survey that Finjan conducted in July and released today.
Cybercrime’s impact is no surprise to those on the front lines.
“Fraud today is highly sophisticated, and the people doing it get smarter and smarter, so we have to, also,” says Gilbert Fiorentino, CEO at TigerDirect. The computer and electronics equipment retailer is a subsidiary of Systemax, which also owns CompUSA.
When credit cards are stolen in volume in big heists like the one perpetrated against TJX, those stolen cards are put to use by fraudsters who try to rip off stores like TigerDirect, Fiorentino says.
TigerDirect has 30 retail stores as well as an online Web sales operation for businesses and consumers. According to Fiorentino, the majority of the unrelenting attempts to hoodwink TigerDirect with stolen credit- and debit-cards will occur online in consumer sales.
A retailer like TigerDirect is an attractive target for those trying to use a stolen card because computer and electronics merchandise is easy to sell on the black market, Fiorentino points out.
One common ploy these days is for a fraudster to watch the home of a person whose credit-card information has been stolen, to determine if the person is out of the house most of the day, says Fiorentino. Fraudsters know retailers are more suspicious if a credit-card order requests delivery to a different address than the billing address of the credit card. So a fraudster might place orders to have equipment sent to the victim’s home, and then intercept it, pretending to live there.
TigerDirect’s home-grown antifraud system, developed over many years, seeks to raise a red flag on any manner of suspicious sales.
Red flags would be raised, for instance, for payment card data submitted from any IP address in Eastern Europe, or card numbers that have traversed through so-called anonymizer sites that hide the originating IP address. But there’s plenty of U.S. domestic online fraud attempts to worry about, too, Fiorentino adds.
News Source : http://www.networkworld.com/news/
Cybercrime is more than a buzzword, it’s a critical business concern, say 1,387 IT professionals surveyed by security firm Finjan.
Ninety-one percent of respondents call cybercrime a “major business risk,” and 73% say they are more concerned about data theft than about downtime and loss of productivity from malware. In addition, 25% of respondents admit to data breaches in their organizations, according to the survey that Finjan conducted in July and released today.
Cybercrime’s impact is no surprise to those on the front lines.
“Fraud today is highly sophisticated, and the people doing it get smarter and smarter, so we have to, also,” says Gilbert Fiorentino, CEO at TigerDirect. The computer and electronics equipment retailer is a subsidiary of Systemax, which also owns CompUSA.
When credit cards are stolen in volume in big heists like the one perpetrated against TJX, those stolen cards are put to use by fraudsters who try to rip off stores like TigerDirect, Fiorentino says.
TigerDirect has 30 retail stores as well as an online Web sales operation for businesses and consumers. According to Fiorentino, the majority of the unrelenting attempts to hoodwink TigerDirect with stolen credit- and debit-cards will occur online in consumer sales.
A retailer like TigerDirect is an attractive target for those trying to use a stolen card because computer and electronics merchandise is easy to sell on the black market, Fiorentino points out.
One common ploy these days is for a fraudster to watch the home of a person whose credit-card information has been stolen, to determine if the person is out of the house most of the day, says Fiorentino. Fraudsters know retailers are more suspicious if a credit-card order requests delivery to a different address than the billing address of the credit card. So a fraudster might place orders to have equipment sent to the victim’s home, and then intercept it, pretending to live there.
TigerDirect’s home-grown antifraud system, developed over many years, seeks to raise a red flag on any manner of suspicious sales.
Red flags would be raised, for instance, for payment card data submitted from any IP address in Eastern Europe, or card numbers that have traversed through so-called anonymizer sites that hide the originating IP address. But there’s plenty of U.S. domestic online fraud attempts to worry about, too, Fiorentino adds.
News Source : http://www.networkworld.com/news/
Monday, September 22, 2008
Credit card with chip takes aim at fraud
Cashiers would no longer swipe debit cards in new system
VICTORIA -- A major shift in how debit and credit cards are used is taking shape across the country.
Canada's financial institutions have started to switch from the traditional "swipeable" card with a magnetic strip to a new card design incorporating a tiny computer chip. Customers are being asked to insert their card into a point-of-sale reader and typing in a code, instead of giving the card to a cashier to be swiped and then signing a receipt.
The change is intended to reduce the $300 million incurred annually in debit- and credit-card fraud in Canada. Card issuers have started offering the chip cards to customers across the country, with the expectation the cards will be in wide use by the end of 2010.
"It's excellent that they are doing something; credit-card fraud and chargebacks are an ongoing problem," said Kate Phoenix, vice-president of marketing and sales with Rogers' Chocolates. "When there is fraud or a chargeback the full cost is borne by the vendor -- when there is a false charge the banks credit the person, but they take it back from us."
Instead of swiping their card, customers will insert it into a reading device where it will remain until the end of the transaction. Like debit-card customers, credit-card users will also punch in a personal identification number and no longer have to sign a sales slip.
The director of payment system risk for Visa Canada said chip cards are typically being issued when old ones expire.
"We're very much at the start of all this," Gord Jamieson said.
"There's a low percentage of cards out there now, with volumes in the 85 to 90 per cent range expected by October 2010."
In addition to better security, the new cards should also cut checkout lineups. "It's actually a faster transaction," said Jamieson.
News Source : http://www.canada.com/
VICTORIA -- A major shift in how debit and credit cards are used is taking shape across the country.
Canada's financial institutions have started to switch from the traditional "swipeable" card with a magnetic strip to a new card design incorporating a tiny computer chip. Customers are being asked to insert their card into a point-of-sale reader and typing in a code, instead of giving the card to a cashier to be swiped and then signing a receipt.
The change is intended to reduce the $300 million incurred annually in debit- and credit-card fraud in Canada. Card issuers have started offering the chip cards to customers across the country, with the expectation the cards will be in wide use by the end of 2010.
"It's excellent that they are doing something; credit-card fraud and chargebacks are an ongoing problem," said Kate Phoenix, vice-president of marketing and sales with Rogers' Chocolates. "When there is fraud or a chargeback the full cost is borne by the vendor -- when there is a false charge the banks credit the person, but they take it back from us."
Instead of swiping their card, customers will insert it into a reading device where it will remain until the end of the transaction. Like debit-card customers, credit-card users will also punch in a personal identification number and no longer have to sign a sales slip.
The director of payment system risk for Visa Canada said chip cards are typically being issued when old ones expire.
"We're very much at the start of all this," Gord Jamieson said.
"There's a low percentage of cards out there now, with volumes in the 85 to 90 per cent range expected by October 2010."
In addition to better security, the new cards should also cut checkout lineups. "It's actually a faster transaction," said Jamieson.
News Source : http://www.canada.com/
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