Credit Cards in the News: October 17-23, 2015

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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 CompareWallet.com so you can read what matters the most and not have to worry about all the other “fluff” news. Here are the highlights for October 17-23.

Chase Bank Erroneously Tweets Plans to Include PIN Security

On Wednesday, Chase bank posted a tweet that read, “Your security is our priority! We’re planning to add Chip and PIN to our credit cards in the near future.” By Thursday, a spokesman from JPMorgan Chase Bank responded to the comment, saying it was made in error and that the bank has no plans to offer chip-and-PIN credit cards. The tweeted error, though it may not seem significant, is quite a blunder as banks and retailers have debated the issue of PIN security for some time. Banks back a signature alternative, while retailers are fighting for PINs. Read more…

Thousands of Prepaid Debit Card Users Affected by Technical Problems

Thousands of low-income Americans use prepaid debit cards to manage their finances instead of traditional banks.  However, last week, RushCard, a prepaid debit card provider founded in 2003, had technical problems affecting thousands of users. The breakdown blocked account access for cardholders, prohibiting them from making every day purchases; everything from buying lunch to more serious purchases like paying for heart medication. The technical failure highlighted the many risks for those without access to the banking system. Read more…

Starbucks Announces JPMorgan to Process Non-Mobile Payments 

On Thursday, Starbuck Corp. announced that JPMorgan Chase & Co will be processing transactions previously handled by Square Inc., as the company rolls out new terminals to accept chip-based cards. A JPMorgan unit will handle non-mobile payments and retail card payment transactions in stores operated by Starbucks, while First Data Corp. will handle mobile transactions. Read more…

CFPB Receiving Higher Volume of Complaints about Credit Reporting

The Consumer Financial Protection Bureau (CFPB) recently released a quarterly report containing information and statistics about the number and content of complaints that they have received. The data shows that more consumers are complaining about credit report errors with the CFPB is now receiving over 5,000 complaints per quarter. Among the most common complaints are consumers who are frustrated about outdated information on their credit reports and the credit agencies having poor communication. Read more…

U.S. Hopes to Learn from Europe about Chip-and-PIN Credit Card Hacking

As the U.S. begins its transition from magnetic stripe cards to EMV cards, officials are looking to Europe to learn how hackers have taken advantage of the new technology overseas. Recently, European researchers released a report on the analysis of how a French criminal ring defeated secure chip-and-PIN credit cards and were able to fraudulently charge over $680,000. The fraud scheme showed how it’s still possible for criminals to find ways to hack even the most secure technology. Read more…

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