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MySpace

MySpace Offering Credit Card (Seriously. Stop Laughing.)

MySpace Offering Credit Card. No, Seriously. Stop Laughing.

We have seen no greater example of exactly why we are in our current dire financial straights than the new MySpace-branded credit card. In what we can only assume is a conspiracy by News Corp (owner of MySpace, Fox News and the Wall Street Journal) to ensure that the younger generation will be subject to the same crippling debt that we are, the social networking service has lent its brand name to a credit card offered through a partnership with Citibank and Visa.

We can only assume that Citi and Visa signed on because, at this point, the MySpace name is more trusted than that of the almost bankrupt Citibank and, well, almost any credit card company (which is just plain sad). The card works in conjunction with the "Generation Forward" program, which will reward card holders for spending wisely, going green, and giving back to their communities.

Of course, with a standard annual percentage rate (APR) of 14.24-percent, one of the most responsible things someone could do would be to avoid this card. But really, regardless of the APR, it'd be smart not to trust any credit card offered by the folks that brought us high-angled cell phone self-portraits and endlessly re-posted surveys about people's secret crushes. [From: ReadWriteWeb]

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Computers

Citigroup Banks Fall for $27 Million Nigerian Scam

Citigroup Banks Fall for $27 Million Nigerian Scam Over the years, we've covered many, many Nigerian scams -- the sort where you'll get an e-mail out of the blue indicating that someone in Nigeria (or another nearby country) will wire you some amount of money if you give them your account information. Naturally, these hackers are just trying to rip you off, and we're hoping that you're wise to their game. We're horrified to learn that officials at Citibank, however, have not wised up, acting on fake letters as if they were real, and actually wiring money to a series of accounts without proper authorization.

Have you ever been the victim of an online scam?



The scam was perpetrated by 37-year-old Paul Gabriel Amos, a Nigerian citizen living in Singapore. With the help of fraudulent documents, Amos asked Citibank to transfer $27 million from a Citibank account held by the National Bank of Ethiopia into 24 different accounts around the world, all of which he and fellow scammers controlled. Amos's misdeeds were thankfully detected, albeit after the transfer was complete; he was arrested when flying into Los Angeles, and is currently being held after being denied bail by a federal judge in Manhattan. If convicted, he could spend the next 30 years in jail.

As for Citibank, well, we guess its latest misstep will just be covered by taxpayer-funded bailouts! [From: The Business Insider]

Computers

Citibank Employee Wires Someone Else's Money to Himself


With the economy looking shaky (thanks, in part, to bogus computer simulations), and more and more banks being bailed out with federal funds, you might be thinking that the inside of your mattress is the safest place for your cash right now. If not, please allow us to give you a few more reasons to think twice before signing that deposit slip, courtesy of a disconcerting article at Wired about some bad employee behavior at a number of financial institutions.

The cases include the case of Citibank employee Brandon Wyatt, who was recently charged with wiring customer money -- about $380,000 -- to other bank accounts he had access to and then pulling that out as cash out and spending it himself. Meanwhile, two employees of an Indianapolis investment company used private customer information to open 129 separate bogus credit card accounts with a combined $1.4-million credit line. Scary? Yes, but we're still inclined to think our money's safer in a bank than under the bed -- with our luck, we'd leave our retirement savings on the curb after some spring cleaning. [From: Wired Threat Level]

Computers

Citibank/7-Eleven ATMs Infiltrated, PINs Stolen

Citibank ATMs Infiltrated, PINs StolenSo you follow your bank's advice to the letter when it comes to ATM security: You don't let someone snoop over your shoulder why you're using it, you don't stand there to count your cash immediately after withdrawal, and, most importantly, you've chosen a PIN that isn't "1234."

Good for you, you're doing your part. Sadly, though, it seems that Citibank, and two companies that operate thousands of its ATMs, are not doing their's. Somehow hackers have found a way to infiltrate those ATMs and steal the PIN numbers of anyone who used them.

The automatic tellers affected are the Citi-branded ones found at 7-Eleven stores. These machines -- of which there are 5,700 in total -- are operated by Cardtronics Inc. and Fiserv Inc. The machines themselves were not affected, but it seems that both companies failed to encrypt PINs that were transmitted from the ATM to their central computers, so once the hackers were able to access those central servers, they were able to grab numbers without any hassle.

It's unclear just how they gained access to those supposedly secure central computers or how many bank accounts were compromised, but Citibank is taking steps to send new debit cards to those whose PINs, regardless of how complex, were stolen. Maybe it's time for you to ask your bank just how secure their ATM interactions are. [Source: AP]

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