How Much is a Batch of Stolen Credit Cards Really Worth?
You don’t have to be a bank to make money on credit cards. A hacker can make between $250,000 and $1 million by selling a batch of 50 to 100 credit card numbers. A shrewd buyer can then turn those stolen card numbers into between $2 million and $8 million, though the risk of getting caught is higher for the buyer than the seller. Those are the findings of a study this year by a research team led by Michigan State University criminologist Thomas Holt. [Detroit Free Press]
Gift Card Exchanges Can Save You up to 35%
Savvy shoppers can buy gift cards at steep discounts using online marketplaces, such as Cardpool, Gift Card Granny and Raise, to pay for holiday gifts. Raise estimates that consumers will save more than $40 million this holiday season through buying discounted gift cards on its platform alone. The amount you save depends on the popularity of the brand. The more popular or ubiquitous the merchant, the lower the discount. For example, you can buy a Target gift card at Gift Card Granny with a 5.6% discount as of Nov. 22. By contrast, you can purchase a card for New York & Company, a wear-to-work clothing retailer for women, at 35% off face value at Cardpool. [CNBC]
Mastercard Uses Artificial Intelligence for Transaction Approval
Mastercard is introducing artificial intelligence into its global network to provide more effective transaction approval. The company has introduced Decision Intelligence, a service that uses artificial intelligence to learn from every transaction it monitors. Mastercard wants to reduce the number of transactions wrongly declined while retaining high security. Decision Intelligence examines how a specific account is used over time to detect normal and abnormal shopping spending behaviour. [Computer Weekly]
American Express Raises Its Fee for Late Payments
Source post on MoneyBuilder