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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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More Credit Card Numbers Exposed, Visa and MasterCard Tight-Lipped

More Credit Card Numbers Exposed, Visa and MC Not Saying HowIt was just a few weeks ago that the world learned of the millions of credit card accounts compromised by Heartland Payment, an account processing clearinghouse that had its networks infiltrated by hackers for months before anyone noticed. Now we have word of another breach, but this one is more mysterious. While both of the companies involved are reluctantly admitting that some cards were compromised, neither is saying how many have been affected or where the leak occurred.

The story, largely founded on rumors at that point, was first picked up by security blogger Steve Ragan, who posted about the leak and mentioned the lack of information being provided by Visa and MasterCard, the two companies apparently affected. Four days later, Visa confirmed the leak, but the company still refuses to indicate where the leak happened and how many accounts have been compromised.

So, right now, we're all in the dark regarding the details here, meaning, sadly, there's not much you can do, other than wait for a letter from your bank, indicating you're the lucky winner of a new credit card number. [From: USA Today]


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Computers

Millions of Credit Card Numbers Nabbed in Payment System Breach

It wasn't all that long ago that grocery shoppers at Hannaford were sent reeling with the news that their credit cards had been nabbed by hackers -- 4.2 million credit card numbers were stolen in total. If that was you, chances are you still haven't memorized your new credit card number, and that's just as well because you may need yet another one, as another breach has been identified -- one that may cover hundreds of millions of credit card users.

St. Louis-based Heartland Payment announced yesterday that hackers gained access to the machines it uses to process roughly 100 million credit card transactions every month. The company handles transactions for 175,000 separate businesses and bills itself as having "the highest standards" and "the most trusted transactions." Despite that, the company has no idea how long its systems were being monitored, saying only that it was "longer than weeks."

Because of this nobody knows just how many cards were compromised, but given the sheer volume of cards that are processed, many are already calling this the largest data breach in history. Until they're able to figure out just who was affected, Mastercard and Visa are now warning all cardholders and banks to watch out for suspicious activity, even if they may not have been affected.

If there's some good news it's that only credit card numbers were nabbed, not addresses, so exposure should be somewhat limited. But regardless, the cost of sending millions of letters and millions of replacement cards will surely be massive, and given current economic conditions we're not sure just where all that money will come from. [From: USA Today]

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Computers

Would You Fall For This?


We understand that there are people out there who are gullible or uninformed, and that's why we try to help as much as we can. That said, we have never, ever seen a scam this obvious, at least not a real one. The sad thing is there are probably enough people that are dumb enough to fall for it, and therefore scammers who would try it, so it's not out of the question that this ruse actually exists. Scoff if you like, but halfway intelligent people still send money to Nigeria or think that a random link will really show them nude pictures of Jessica Simpson.

Thanks to sites like 419eater.com, we know that many of the criminals out there aren't exactly masterminds, which makes us wonder what other examples of unintelligent Web fraud are out there? There are all sorts of Fail sites, so we here at Switched propose that Scam Fail become the latest genre of captured stupidity. If you have any good examples of this, leave them in the comments below. We can't wait to see the depths of idiocy you've encountered on the Web.

Oh, and by the way, if you haven't figured it out yet, don't put your credit card number into anything like that. Ever. [From: FAIL Blog]

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Computers

11 Arrested in Theft of 41 Million Credit Card Numbers

11 Arrested in Credit Card Theft Ring
If you were wary of paying for anything with your credit card after reading about the millions of card numbers stolen from supermarkets, restaurants, or pretty much any other retailer, then you might be able to shop a little more calmly today. Federal prosecutors have rounded up 11 criminals around the world. Said folks are allegedly responsible for stealing a whopping 41 million credit cards.

The 11 were from primarily from the U.S. and former Soviet states, along with two more in China. The organizer was a Miami man named Albert Gonzalez, who is alleged to have the infiltrated wireless networks of various retailers in America, then helped his off-shore cohorts steal the numbers of shoppers.

Interestingly, Gonzalez was arrested for similar crimes back in 2003, but was avoiding jail time by helping investigators track down other identity thieves. Meanwhile he was perpetrating these crimes behind the investigators' backs. The trial has yet to begin, but we're thinking he won't be getting any favors when it comes to sentencing this time. [Source: The New York Times]

Computers

17 New Yorkers Busted for ID Theft and Money Laundering Scam


Late last week, New York-based Western Express International was shut down for identity theft and money laundering. In addition, 17 of the company's employees were indicted in the investigation Following a two-year investigation by the Manhattan DA and the Secret Service, charges were filed on Wednesday against the front company that reportedly brought in over $35 million in illicit funds.

Western Express International operated two Web sites, Dengiforum.com and Paycard2000.com, which it used to help harvest unsuspecting Web surfers' credit card information. In total, the company trafficked 95,000 stolen credit card numbers.

Two corporate officers of the company went to prison last year after pleading guilty to illegal check-cashing and money-laundering activities, which presumably was one of the first big red flags that helped launch this latest investagtion.

The 17 employees indicted this week face up to 25 years behind bars.

From PC World

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Computers

Bulletproof Credit Card Security

Bulletproof Credit Card Security
Long known for protecting online purchases and corporate intranets from the thieving keystrokes of hackers, VeriSign has announced plans to bring its brand of super security to credit and ATM cards.

VeriSign has partnered with Innovative Card Technologies to develop a special card embedded with an extra one-time-use password. By pressing a button on the back of the card, a tiny built-in display shows a randomly generated numeric passcode that instantly expires once the current transaction is complete.

This code would be required along with a customer's usual username and password, making physical access to the card necessary to compromise the account. Even if the hacker has somehow retrieved your username and password online, he must have the card in his slippery little hands to do any damage.

But, until this technology makes its way into your pocket, check out these resources on recognizing scams, safely shopping online and protecting your privacy online.

From USA Today and BetaNews

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