This is an adaptation of my shortlisted entry to the 2013 Future of Money Design Award. The brief was to design a crime that would exist in a cashless economy. The judging took place at the Consult Hyperion Tomorrow's Transaction conference. I didn't win, but I enjoyed working on the idea and it was nice to make it to the final three, so I thought I'd share it here. Note that this is a work of fiction, although it contains many true elements. EDIT: Since writing this, a lawsuit has been filed against a Pennsylvania McDonald's restaurant that insisted on paying employees via a fee-laden debit card. You heard it here first... -- Hello, my name is Frank Swain and I’m here from Unity, a charity established in 1984 to defend rights of workers in Britain. We work to secure fair pay, tackle exploitation, and provide legal counsel and support services to those in need. I'm writing here to ask for your help in fighting one of the most pernicious threats facing working men … [Read more...] about Futurecrime: jailbreaking your credit card
Credit cards poor credit
Although credit card interest rates are rising, not all the news about plastic is bad. That's because some credit card fees are disappearing -- particularly foreign transaction fees. In 2015, 77 out of 100 cards charged these fees, 3 percent to 5 percent nicks that hit your account each time you use a card to buy something outside of the U.S. But just 52 cards still charge these fees today, said Ted Rossman, analyst with CreditCards.com, which conducts annual credit card fee research. "Credit card companies are competing for affluent travelers," said Rossman. "Not only are issuers eliminating these fees, more of the new cards coming out don't have them." However, credit card interest rates have risen sharply over the past year, jumping to 17.01 percent on average from 16.15 percent a year ago and from 15.2 percent in 2016. Still, consumers who play their cards right don't need to pay a cent to use plastic in this environment, Rossman said. Interest is assessed only on … [Read more...] about Credit cards are hiking rates, but cutting fees
Your Money Adviser Ann Carrns, New York Times 1:44 pm PDT, Friday, September 14, 2018 Now Playing: One year ago, Equifax announced a stunning data breach affecting 147 million people. Since then, the vast majority of Americans have taken some sort of action, and according to CompareCards. A new survey shows that 9 out of 10 people said they've don Media: Fox5 Consumers will soon be able to freeze their credit files without charge. So if you have not yet frozen your files — a recommended step to foil identity theft — now is a good time to take action, consumer advocates say. Security freezes, often called credit freezes, are “absolutely” the best way to prevent criminals from using your personal information to open new accounts in your name, said Paul Stephens, director of policy and advocacy with Privacy Rights Clearinghouse, a consumer advocacy nonprofit group. Free freezes, which will be available Sept. 21, were required as part of … [Read more...] about Freezing Credit Will Now Be Free. Here’s Why You Should Go for It.
NEW YORK — Citigroup said Friday it plans to refund $335 million to a group of customers who may have been overpaying interest on their credit cards. In a settlement with the Consumer Financial Protection Bureau, Citi will refund 1.75 million customers in overpaid interest by the end of the year. Earlier this year, Citi disclosed that it had used a flawed methodology in determining whether credit card customers were eligible for an interest-rate reduction on their cards, as required by the CARD Act, a federal law that governs the credit card industry. Citi disclosed the flaw to regulators, including the CFPB, in 2017. The CFPB chose not to fine Citi for the flawed practice, citing the bank's decision to self-report the problem to regulators and that it was in the process of refunding customers. Citi had already set aside the funds to cover the refund in a regulatory filing earlier this year. This is the third enforcement action that the CFPB has taken under Mick Mulvaney, … [Read more...] about Citigroup to refund $335 million to credit card customers
Years of complaints about a Madison service dog nonprofit have led to a lawsuit from Attorney General Mark R. Herring against the company and its CEO, Charles D. Warren Jr.The company was the focus of a 2016 episode of "Dr. Phil" called "Were Pet Owners Scammed Out of Thousands of Dollars by a Service Dog Company?"The suit, filed in Madison County on Monday, alleges Service Dogs by Warren Retrievers Inc. misled consumers about so-called diabetic alert dogs, delivered poorly trained puppies and lied about Warren’s military service. Consumer advocates say the suit is just the first step in cracking down on an industry that takes advantage of worried patients and parents.Before raising the full $20,000 needed to buy a dog for her special-needs daughter, former customer Melinda Colon said she became uneasy about Warren’s business and decided not to get a dog, later creating a Facebook page to connect other dissatisfied customers.The page documents dogs that reportedly do not … [Read more...] about Attorney general: Virginia service dog business misled customers with ‘poorly trained, ill-behaved’ puppies