Almost 25% of Americans Report Falling Victim to Financial Data Breaches
In just the past two years, nearly one fourth of consumers reported that their financial data had been hacked online in the past two years, according to a new report from a survey on the banking industry by Accenture. The report is based on an online survey of 4,013 bank customers in North America, and was conducted by Accenture, a global professional services company that provides solutions in strategy, consulting, digital, technology and operations. About 70% of respondents were based in the U.S. The remaining 30% were based in Canada.
Despite 23% of respondents reporting financial data hacks, consumers are still willing to share their data in order to receive better service from their bank. About 63% of respondents are willing to give their bank direct access to personal information. Respondents give access to information such as mortgage, credit card and student loan data in order to let their bank use it to present them with suitable products and services. Respondents want banks to use the information to provide them with lower prices, faster service, such as rapid loan approval, more relevant advice and personalized offers based on location. [HousingWire]
Habitual Thief Arrested by Spokane Valley Police for the Second Time in Three Weeks
Spokane Valley detectives arrested a prolific thief for the second time in just over three weeks Monday. Phong Quang Do, a nine-time convicted felon, was released from jail on his own recognizance for five charges of theft on June 3. Do was arrested again on June 27 around 3 p.m. and charged with two new counts of second-degree retail theft. Detective Jared Kiehn, investigating additional theft complaints believed to be committed by Do since his release from jail, arrived at the Sears store on North Division Monday afternoon. Detective Kiehn spotted Do outside the store and immediately got in touch with the store’s loss prevention officer. The loss prevention officer saw Do grab a silver chain necklace, put it in his shorts pocket and leave the store. Meanwhile, Det. Kiehn saw Do get onto an STA bus and leave. Kiehn got in touch with a Spokane County Sheriff’s deputy who was able to stop the bus and take Do into custody on North Indian Trail Road.. The necklace was found in Do’s pocket with the tag still attached. Do was also charged with stealing a Dewalt saw from the same Sears store a few days earlier. [MyFoxSpokane]
Walmart Employee Accused of Theft
An employee of Walmart in Blanchard was arrested recently for stealing loaded gift cards valued at $9,000, according to Sheriff Steve Prator. Shtonya Webb, 36, of 2020 North Hearne in Shreveport, was booked into the Caddo Correctional Center for felony theft on Saturday. Sheriff’s Detective Casey Jones investigated the case and made the arrest after being notified that Webb, a cashier at the store, was accused of loading Walmart gift cards without payment on twelve separate occasions. [ShreveportTimes]
Police Say LP Officer Dragged by Fleeing Shoplifting Suspect
On June 28, 2016 at approximately 8:25 p.m. a male suspect entered the Shopper’s Drug Mart on Wellington Street in the City of Barrie. The suspect was observed by the on duty Loss Prevention Officer concealing several bottles of fragrances in his pockets. The suspect then ran out of the store without paying for the concealed items. The Loss Prevention Officer chased after the suspect yelling at him to stop as he was under arrest for theft. The suspect refused to stop and entered into the passenger seat of a silver Chevrolet van. There was no license plate obtained for the suspect vehicle. The Loss Prevention Officer approached the vehicle and reached inside in an attempt to recover some of the stolen property. The suspect vehicle then started to drive away and the Loss Prevention Officer was struck and dragged by the vehicle for approximately 10 feet. The Loss Prevention Officer then dropped to the ground where he sustained a non-life-threatening head injury. [BarrieToday]
Move Could Speed Retailers’ Shift to Secure Chip Cards
The switch from magnetic stripe credit and debit cards to chip-enabled ones was always going to be more marathon than sprint: Millions of new cards must be manufactured and distributed, and any business that accepts payments – retailers, gas stations, doctors’ offices and more – must implement new hardware and software if they want to use this more secure technology. But the pace of the migration may have gotten a jolt this month when Visa and MasterCard separately announced moves to get stores up and running more quickly with chip technology.
Both card companies have said they have streamlined what is known as the certification process, which is effectively a thumbs-up for merchants that their systems are ready to safely accept chip cards. Visa said its move is, in part, a way to quell frustrations it has heard from retailers and other businesses as they make the switch. “Something we’ve been hearing in the marketplace is that some merchants are being delayed because they’re stuck in a certification backlog,” said Mark Nelsen, Visa’s senior vice president of risk products and business intelligence.
Indeed, the National Retail Federation and Forrester Research recently surveyed 56 large and medium-size businesses and found that more than half have installed chip card-related equipment but are still waiting for certification. Of that group, 60 percent say they have been waiting for more than six months. So what does it mean for you, the consumer, if the industry can alleviate this bottleneck? In theory, it should allow retailers to activate chip readers – also known as EMV technology – more quickly. And the sooner the technology is implemented, the sooner you can stop playing a guessing game every time you are at a checkout counter about whether you are supposed to swipe or dip your card. [ChicagoTribune]
Retailers Applaud Circuit Court Decision Rejecting Visa/Mastercard Settlement
The Retail Industry Leaders Association (RILA), issued the following statement in response to a ruling from the U.S. Second Circuit Court of Appeals to throw out a grossly flawed settlement of antitrust litigation that had been filed to shine light on the illegally anti-competitive practices that Visa, MasterCard and the major banks use to set the fees that merchants — and ultimately consumers — pay on all credit and debit card transactions. As a member of the class, RILA formally opted out and objected to the settlement in 2014.
“RILA enthusiastically welcomes the circuit court’s decision to throw out this harmful settlement,” said Deborah White, executive vice president and general counsel. “Quite simply, the settlement orchestrated by the card networks and banks would have undermined merchants’ legal rights forever and would have allowed Visa and MasterCard to impose higher and higher swipe fees with impunity. Today’s decision is a victory for all merchants and consumers.” [LossPreventionMedia]
