VISA Testing Credit Card w/code to combat fraud

via BBC

A credit card with a built-in display is being tested by Visa with the aim of reducing online fraud.emuecard2

The Emue Card generates and displays a unique code each time it is used.

Developers say that the new technology would make it very hard for fraudsters, as any transaction would require the pin to generate the code.

The card is currently being trialled by 500 employees of Deloitte with the aim of assessing the technology by the end of the year.

The new technology comes against a growing backdrop of fraud. While chip and pin technology has helped reduce crime at the tills, when it comes to phone, internet, and mail order fraud – known in the industry as card-not-present or CNP fraud – the figures are growing every year and now make up more than 50% of all credit card fraud.

These transactions ask for the 16-digit code on the front of the card, and expiry date and some also ask for the three digit security card on the back. All of these details are available to a criminal who has a stolen card.

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[Op-Ed] The Bailout Is a Fraud That Could Bring Down Obama

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via AlterNet

Goldman Sachs reports better-than-expected profits this quarter. Wells Fargo cleared record profits last week. The President, understandably, points to signs of hope and encourages Americans to be optimistic about the economy. But when do we move from healthy confidence to a confidence game? The banks are reporting profits thanks to massive infusions of taxpayer bailout funds. It’s simply silly to be lulled by cheery-sounding reports when the institutions are actually insolvent. At some point we have to take a clear-eyed look at the massive failure of our financial system. Ignoring it won’t make it go away.

That’s more or less what Elizabeth Warren, the distinguished chair of the Congressional Oversight Panel, says in her panel’s six-month report on the bank bailout. Warren, the government’s watchdog, concedes that there are differences of opinion on her panel, which probably accounts for her very carefully couched discussion of the crisis. Although she told The Observer that it is “preposterous” that the government hasn’t fired the bank managers who are responsible for the derivatives disaster, her panel’s report is cautious, with a scholarly explanation of the crisis in her video introduction. Nonetheless, the underlying criticism is obvious.

In a financial crisis like the current one, Warren explains, the government has three choices: 1. Liquidate failed banks. (That’s what happened in the S&L crisis. The government took over institutions, fired the managers, wiped out investors, but protected depositors. A lot of savings and loans simply went out of business.) 2. Put them in receivership. (That’s what Sweden did in the 1990s: failed managers were fired and replaced, depositors were protected, and the banks were returned to private hands under new management with healthier balance sheets.) or 3. Subsidize the banks. This last option is what led Japan to its “lost decade” — the real value of bank assets are obscured, as the government funnels tax money into insolvent banks, propping them up indefinitely. This last is the approach the United States is now taking. Continue reading

Was Jena Six a Fix?

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 The embattled attorney Alton Maddox recently wrote a very introspective piece about the Jena Six and the apparent fix that was in by his attorneys and Civil Rights collaborators.  He posed a lingering question that none of the leaders have been poised to answer, “Why not argue double jeopardy on Michael Bell’s account?”  Several other points were made that would argue that any capable lawyer would be able to mount an effective defense, instead of allowing Michael Bell to cop a plea and agree to become state’s witness against his co-defendants.  Maddox defines thhis as the “one of the worst sellouts in our 400 years in North America as enslaved Africans.”  To get more of an insight on these claims being made, click HERE.

PMoor