Credit Cards in the News: Jan. 30-Feb 5, 2016

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Credit card news pops up every week and it’s not always easy to keep track of each story, especially all the stories about credit card fraud. That’s why we provide you with a summary of the top stories on so you can read what matters the most and not have to worry about all the other “fluff” news. Here are the highlights for January 30-February 5.  

Scientist Invent New Hack Proof Credit Card Chip

Researchers from MIT and scientists from Texas Instruments have developed a new hack proof credit card chip that prevents a side channel attack making it impossible to hack, and can prevent a credit card number or key card information from being stolen. A special type of material known as ferroelectric crystals was used for two new innovations that allow the radio frequency identification (RFID) chip to also thwart power-glitch attacks. One is an on-chip power supply whose connection to the chip circuitry would be virtually impossible to cut, and the other is a set of nonvolatile memory cells that can store whatever data the chip is working on when it begins to lose power. Read more…

Trim- A New Way to Cut Off Recurring Charges

A new service offered by the company Trim, allows customers a way to cut off recurring charges and subscriptions. It works like this: Once a customer hands over their credit and debit card login information, Trim is able to scan your statements and perform an analysis with a list of all your recurring charges. With your permission, the company will make the request to cancel on your behalf to the service provider. Currently, Trim does not charge for its service, though this will likely not last for long. Read more…

Payment Processor Ends Relationship with Daily Fantasy Sports Companies

Vantiv Entertainment Solutions, a payment processing company, handles a significant number of transactions for two daily fantasy sports companies, FanDuel and DraftKings. This week they announced that they are ending all processing for payment transactions. As the fantasy sports sites do not handle players’ deposits and withdrawals, leaving that to payment processors like Vantiv, FanDuel and DraftKings will essentially be unable to operate. Currently, seven states concluded that daily fantasy games were a form of gambling or were illegal under their current laws. Read more…

“Snowball” Debt Reduction comes with Pros and Cons

There are many strategies to debt reduction, and there is certainly not a “one size fits all” approach. Some financial experts assert that it makes the most mathematical sense to pay down your debts with the highest interest rate first, which will ultimately save you more money in the long run. However, more and more experts believe that the “snowball” approach is even better, leaning on the important psychological benefits of paying off the smallest balance first and seeing the small victories add up. Read more…

Bank of America Offers Lock Feature for Lost Debit Cards

The debit card lock or “on/off” switch is a tool that allows customers to protect their bank accounts quickly should they misplace or lose their debit cards. This week, Bank of America became one of the first big national banks to offer the feature to its debit card customers who use online or mobile banking. Although the lock technology has been available for several years, big banks, like Chase, Citibank and Wells Fargo, do not yet offer the debit card lock feature. When the card is locked, it cannot be used to make purchases or withdraw money from automatic teller machines until the user unlocks it; however, automatic deposits and bill payments are not affected. Read more…

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