Article Abstract:
The proliferation of counterfeit credit cards is one of the fastest rising crimes in the Canadian credit card industry. Counterfeit fraud has risen from 5% to 15% in 1992, resulting in over $50 million losses by Visa and MasterCard. However, the biggest percentage of losses are attributed to stolen cards which comprise 66% of annual losses. This is followed by non-receipts, or credit cards that are mailed then stolen from post offices or mailboxes which account for 15% of annual losses. In answer to this problem, Canadian credit card issuers have sought the assistance of post and law enforcement. One effective fraud detection method is the bin checker, which is a portable machine that reads themagnetic stripe in credit cards to verify their authenticity. Stricter policieshave also been implemented for merchants who conspire and participate in these criminal activities.
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Article Abstract:
Government attempts to reduce credit card interest rates would force card-issuers to restrict card-membership and find new ways to charge consumers for the same service. Interest rates are not the only expenses of credit cards. At least half of card-holders pay their bills before the interest rate applies. If the federal government pegged interest rates at about 14%, card-issuers would charge higher annual fees, might lower credit limits, increase delinquent penalty amounts, and eliminate the one-month grace period. Fifteen million consumers who have low incomes, no credit history, or other delimiting factors in their lives could be excluded from the market.
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Article Abstract:
AT&T Co marketing management acted on research data they perceived to indicate that general-purpose credit cards were gaining favor with many US consumers at the expense of single-purpose cards, so together with VISA International Inc and MasterCard International Inc developed the AT&T Universal Card, a combination general-purpose credit and calling card. AT&T Universal Cards offer holders a beginning interest rate of 18.9%, no annual fee, and calling card capabilities.
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