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27 Apr 2011 14:46


Tech: Sony in hotter water as stolen debits begin to surface

  • breach In a much publicized incident, hackers crippled the Playstation Network and made off with personal info for 77 million gamers; Sony admitted credit card numbers may have been stolen, but said they saw no certain evidence of it.
  • swipe The reports are beginning to flow in about fraudulent charges being racked up; two users have claimed fraudulent debits of a few hundred dollars (that they’re using debit card numbers to draw directly from accounts is significant). source

13 May 2010 20:59


Biz, U.S.: The Senate wants to take the bite out of debit-card “swipe fees”

  • 64 senators voted to add the amendment to the financial reform bill
  • 65% of debit transactions
    will be affected by
    the changes
  • yes the bill will allow incentives for those who pay with cash source
  • ยป The addition, explained: Banks and other financial institutions charge fees for consumers to use debit cards. The fees aren’t significant for big-ticket retail chains but can hurt the bottom line of small businesses or those that specialize in selling lots of inexpensive items (say, 7-Eleven or McDonald’s). These fees can get passed down to the consumer as a result. The bill limits how much those fees can be, but leaves exceptions for banks with less than $10 billion in assets. Credit unions, by the way, are complaining loudly about these changes, in particular.

01 Dec 2009 21:52


Tech: Fair and Square: Twitter co-founder Jack Dorsey simplifies buying stuff


  • OK, this is pretty cool. Jack Dorsey, one of the guys behind Twitter, has another startup which promises to revolutionize the process of credit/debit transactions. It’s a tiny square. It requires an audio jack. That’s it. Like Twitter, it’s dead simple. Unlike Twitter, it’s not a super-esoteric concept at the outset, begging people to figure out why it’s necessary. It just makes sense. Kudos. Could someone give us a reason to use this? source