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Today's Top Stories
Loan sharks feel the heat
A Hong Kong judge showed leniency to the man who set two loan sharks on fire. The man had asked to borrow 15,000 Hong Kong dollars (equivalent to $1,900 US) but the loan company said they could only give him 6,000 Hong Kong dollars ($767 US). The man accepted but only received 850 Hong Kong dollars ($108 US) due to the company's "fees and charges" being taken out. The man "lost his cool" which lead him to set the two men on fire, resulting in serious injuries. The judge gave him a shorter sentence of only 4 years since she "could understand why he was furious".
83 year-old looses credit in crack
Over the past couple of months an 83 year old was scammed in a credit card scam by being forced to smoke Cocaine. The 83 year-old previously suffered from dementia and memory loss and this fact was well-known by 41 year-old, Theresa M. Stanley-Morgan, who on two occasions got the woman "high to make it easier to financially exploit her". Whilst high Stanley-Morgan used the victims name, date of birth and social security number to sign up for credit cards, then used to run up $3,289 of charges. Stanley-Morgan has been charged with criminal use of personal identification, use of another person's identification without permission and retail theft with other charges pending.
The best things in life aren't free
South Africa is introducing the National Credit Act in June for heavily indebted people. However, this will not be a free service offered as people will be looking at a 500 to 1200 Rand fee for the service depending on the time it would take for the service. The article then explains that, "research done by the regulator since 2003 had shown that it could take up to 13 hours to help review and reschedule the debt for a consumer with between seven and 12 credit agreements."
Swipe and Go makes its UK debut
A few months ago the news of a pay-by-mobile scheme was brought into the spotlight by newspapers across the UK. Now, they may be kicking the middle man, the mobile phone, out of the picture. Adapting the system that has been used in the US for some time, the UK plans to introduce a "wave and pay" system, where the consumer will wave an electronic device over the reader and the credit card information will be sent automatically to the register, no PINS or receipts. There is a trial period set to start soon with a £10 spending limit. If the trial is a success the UK can expect to see the contactless payment system in 2008.
Judge rules in favor of consumer vs Adidas
This week court proceedings proceeded against some of the US' largest retailers for illegally revealing too much credit card information on receipts. In one instance the federal judge ruled in favor of a consumer, claiming that the retailer's defences were "absurd" and "unreasonable." 50 of the US' top retailers are involved in the case including, Rite Aid, Harry & David, Ikea, KB Toys, Disney, Regal Cinemas and AMC Theaters that have been accused of including both the full credit card number and expiry date on receipts which is in breach of the FACTA (Fair and Accurate Credit Transaction Act) that states they can print one or the other but never both. Many places have been found to print both and they face massive fines, such as Adidas that the federal judge voted against in the court ruling.
Police find credit card fraud hits close to home
Johannesburg metropolitan police department has been shut down under the suspicion of the office's cashiers using tourists' credit cards to deceitfully pay motorists' fines. The police department denies that any of those involved were police officers but just employees who were said to be bribed to commit the crime.