WBEZ | credit cards http://www.wbez.org/tags/credit-cards Latest from WBEZ Chicago Public Radio en RushCard sets aside millions to compensate customers affected by technical problems http://www.wbez.org/news/rushcard-sets-aside-millions-compensate-customers-affected-technical-problems-113561 <img typeof="foaf:Image" src="http://llnw.wbez.org//main-images/ap_620271521471-add25c6da890503b9812a8e8e69a3db85a980912-s800-c85.jpg" alt="" /><p><p style="text-align: center;"><img alt="Russell Simmons says the problem with RushCard &quot;has been devastating&quot; for the customers. &quot;We want to make sure they are made whole,&quot; he said in an exclusive interview with the Associated Press." src="http://media.npr.org/assets/img/2015/10/29/ap_620271521471-add25c6da890503b9812a8e8e69a3db85a980912-s800-c85.jpg" style="height: 404px; width: 540px;" title="Russell Simmons says the problem with RushCard &quot;has been devastating&quot; for the customers. &quot;We want to make sure they are made whole,&quot; he said in an exclusive interview with the Associated Press. (Scott Roth/Scott Roth/Invision/AP)" /></p><p>&nbsp;</p><p>The pre-paid debit card company, co-founded by hip-hop mogul Russell Simmons, will compensate some customers who temporarily lost access to their money due to a technical problem earlier this month.</p><p>RushCard says that any customers who &quot;incurred late fees, lost a deposit on an apartment, or any such financial setback as a direct result of the RushCard problems&quot; will be compensated with money from a multi-million dollar fund created to repay customers, the&nbsp;<a href="http://bigstory.ap.org/article/458b6afa842e4f8abb86f1ae7555203a/russell-simmons-rushcard-creates-fund-help-customers">Associated Press reports</a>.</p><p>&quot;This whole situation has been devastating for them, and we want to make sure they are made whole,&quot; Simmons said, according to the AP.</p><p>&nbsp;</p><blockquote class="twitter-tweet" lang="en"><p dir="ltr" lang="en">So disgusted with <a href="https://twitter.com/hashtag/RushCard?src=hash">#RushCard</a> I could cry... I need my money</p>&mdash; FerragamoFlexx (@kiddloudclouds) <a href="https://twitter.com/kiddloudclouds/status/659774489136336896">October 29, 2015</a></blockquote><script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>As we&nbsp;<a href="http://www.npr.org/sections/thetwo-way/2015/10/23/451207610/as-rushcard-problems-linger-federal-consumer-protection-group-steps-in">previously reported</a>, many RushCard users struggled to make payments when they were locked out of their accounts.</p><blockquote><div><p><em>&quot;Racquel Hudson, 27, of Chicago said she went nearly two weeks without being able to access her money before her account regained full function on Wednesday. She said her husband was still not able to access his account.</em></p><p><em>&quot;Hudson, who works as a care manager assistant for Advocate Medical Group, said she was working hard to make ends meet.</em></p><p><em>&quot;&#39;I&#39;m squeezing the little money I have saved from my last paycheck, but that&#39;s not even enough to pay off my bills. If I pay off my bills I&#39;m gonna be broke,&#39; she said. &#39;Then what am I gonna do?&#39;&quot;</em></p></div></blockquote><p>Federal officials from the Consumer Financial Protection Bureau are looking into what happened with RushCard, and the company is reportedly facing at least one class-action lawsuit.</p><p>&nbsp;</p><blockquote class="twitter-tweet" lang="en"><p dir="ltr" lang="en">Honestly excited to see investigations beginning they will expose our operation as squeaky clean</p>&mdash; Russell Simmons (@UncleRUSH) <a href="https://twitter.com/UncleRUSH/status/657970621746319361">October 24, 2015</a></blockquote><script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>&nbsp;</p><p>&nbsp;</p><blockquote class="twitter-tweet" lang="en"><p dir="ltr" lang="en">let&#39;s clear my name and have government and others &quot;investigate&quot; <a href="https://twitter.com/hashtag/rushcard?src=hash">#rushcard</a> it had been best in class by top consumers groups for years</p>&mdash; Russell Simmons (@UncleRUSH) <a href="https://twitter.com/UncleRUSH/status/658866423003934720">October 27, 2015</a></blockquote><script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p>Hudson, who was at one point considering legal action, said she had been credited $25 by RushCard. She says the gesture isn&#39;t enough.</p><p>&quot;I hope [RushCard] reimburses everyone more than $25 because this was huge problem for us.&quot;</p><p>&mdash; <a href="http://www.npr.org/sections/thetwo-way/2015/10/29/452856251/rushcard-sets-aside-millions-to-compensate-customers-affected-by-technical-probl" target="_blank">via NPR</a></p></p> Thu, 29 Oct 2015 15:51:00 -0500 http://www.wbez.org/news/rushcard-sets-aside-millions-compensate-customers-affected-technical-problems-113561 Three things to know about those new credit cards http://www.wbez.org/news/three-things-know-about-those-new-credit-cards-113151 <p><div class="image-insert-image " style="text-align: center;"><img alt="" class="image-original_image" src="http://www.wbez.org/system/files/styles/original_image/llo/insert-images/A%20computer%20chip%20is%20seen%20on%20a%20newly%20issued%20credit%20card.jpg" style="height: 449px; width: 600px;" title="A computer chip is seen on a newly issued credit card in this photo illustration taken in Encinitas, Calif., this week. In an effort to reduce counterfeit and credit card fraud, more than 200 million payment cards have been issued with embedded computer chips in the U.S., ahead of a Oct. 1 deadline for the switch to such cards, according to the Smart Card Alliance. (Mike Blake/Reuters/Landov)" /></div><div class="image-insert-image " style="text-align: center;">&nbsp;</div><div><p>Today is the day &mdash; the beginning of the end for the venerable (but woefully open to abuse) magnetic stripe, a technology pioneered in the 1960s. Enter the more secure age of the chip, or &quot;EMV&quot; cards.</p><p>At least in theory.&nbsp;It&#39;s actually a bit more complicated. Here are three things to know:</p></div><p><strong>Is October 1st the deadline for the switch from magnetic-stripe cards to the chipped cards?</strong></p><p>Yes and no. The Oct. 1 deadline was created by MasterCard, Visa, Discover and American Express to reduce or eliminate their exposure to credit card fraud. So, beginning today, merchants, rather than the credit card companies, are liable for magnetic stripe fraud, says Martin Ferenczi, president of Oberthur Technologies, the leading global EMV product and service provider.</p><p>(You can read a&nbsp;<a href="http://www.creditcards.com/credit-card-news/history-credit-card-magnetic-stripe-1273.php">history of the magnetic stripe here</a>.)<br /><br /><a href="http://www.creditcards.com/credit-card-news/emv-faq-chip-cards-answers-1264.php#ixzz3nKLLzHNM">Creditcards.com</a>&nbsp;writes:</p><blockquote><div><p><em>&quot;Consider the example of a financial institution that issues a chip card used at a merchant that has not changed its system to accept chip technology. This allows a counterfeit card to be successfully used.</em></p><p><em>&quot; &#39;The cost of the fraud will fall back on the merchant,&#39; Ferenczi says.&quot;</em></p></div></blockquote><p>So the date is more the start than the end of the process. According to&nbsp;<a href="https://www.pulsenetwork.com/pulse/documents/index/serveDoc.html?doc=DI_Press_Release_2_EMV_and_Fraud_FINAL">a survey published earlier this month by Pulse, a Discover company</a>, 90 percent of U.S. financial institutions either have begun issuing EMV cards or say they will do so by the end of the year. &quot;Based on these plans, 25 percent of U.S. debit cards &mdash; approximately 71 million cards &mdash; will be migrated to chip by the end of 2015. The percentage is expected to rise to 73 percent by the end of 2016 and 96 percent by the end of 2017,&quot; the Pulse survey says.</p><p>So far, 200 million payment cards have been issued with the embedded computer chips in the U.S. ahead of Thursday&#39;s deadline, according to the&nbsp;<a href="http://www.smartcardalliance.org/">Smart Card Alliance.</a></p><div class="image-insert-image " style="text-align: center;"><img alt="" class="image-original_image" src="http://www.wbez.org/system/files/styles/original_image/llo/insert-images/securecreditcardtech.jpg" style="height: 449px; width: 600px;" title="(DAVIS/TNS/Landov)" /></div><p>&nbsp;</p><p><strong>How do I use an EMV card?</strong></p><p>It&#39;s only a little different from what you&#39;re used to doing with your old credit cards. The main change is that you&#39;ll be dipping the card rather than swiping it. Think of some of the newer ATMs &mdash; dip, then complete the transaction with a signature or a four-digit PIN. Then remove the card and complete the transaction. (Some of the cards are&nbsp;<a href="http://tsys.com/ngenuity-journal/chip-and-pin-vs-chip-and-signature-a-rivalry-nears-historic-proportions.cfm">chip-and-signature; others, chip-and-PIN</a>.)</p><p><strong>But in practice, it might not be so simple.</strong></p><p>&quot;Confusion about the use of the new cards is going to make lines longer during the holiday shopping season because the customer might be confused about how it works,&quot; Matt Schulz, senior industry analyst for Creditcards.com, is quoted by&nbsp;<a href="http://www.usatoday.com/story/money/personalfinance/2015/10/01/transition-chip-and-pin-credit-cards-what-you-need-know/72571816/">USA Today</a>&nbsp;as saying. &quot;The employee at the checkout counter might be confused. And you add it all up and you could end up with some frustrated customers.&quot;</p><p><strong>Will my old magnetic stripe card still work?</strong></p><p>Yes. There&#39;s a magnetic stripe on the back of the new cards, so that technology will still work with merchants who haven&#39;t made the transition.</p><p>&quot;[We] know, based on experience in other countries, it takes several years to get to critical mass. So we&#39;re seeing Oct. 1 as more of a kickoff toward increasing the momentum toward chip. People will still be able to use their [cards with] magnetic stripes,&quot; says Stephanie Ericksen, vice president of risk products for Visa, according to&nbsp;<em>USA Today.</em></p><p>&mdash; <a href="http://www.npr.org/sections/thetwo-way/2015/10/01/445006454/3-things-to-know-about-those-new-credit-cards?ft=nprml&amp;f=445006454" target="_blank"><em>via NPR</em></a></p></p> Thu, 01 Oct 2015 12:02:00 -0500 http://www.wbez.org/news/three-things-know-about-those-new-credit-cards-113151 Credit cards with chips become standard this week http://www.wbez.org/programs/here-and-now/2015-09-28/credit-cards-chips-become-standard-week-113091 <img typeof="foaf:Image" src="http://llnw.wbez.org//main-images/Credit cards with chips are pictured in Philadelphia on June 10, 2015.jpg" alt="" /><p><div>Starting Thursday, credit cards with embedded microchips will become standard, instead of cards having only the magnetic swipe strip on the back.</div><div>&nbsp;</div><div>The chips are aimed at increasing security and preventing hacks. Here &amp; Now&lsquo;s Jeremy Hobson speaks with Ali Velshi, host of &ldquo;Ali Velshi on Target&rdquo; on Al Jazeera America, about the change.</div><div>&nbsp;</div><div>&mdash; <a href="http://hereandnow.wbur.org/2015/09/28/credit-cards-with-chips" target="_blank"><em>via Here &amp; Now</em></a></div></p> Mon, 28 Sep 2015 14:05:00 -0500 http://www.wbez.org/programs/here-and-now/2015-09-28/credit-cards-chips-become-standard-week-113091 Hackers hit government site, threaten 'chaos' http://www.wbez.org/blogs/charlie-meyerson/2013-01/hackers-hit-government-site-threaten-chaos-105172 <img typeof="foaf:Image" src="http://llnw.wbez.org//main-images/anonymous-ussc-hacked-3-620x349.png" alt="" /><p><p><em>Four things (plus!) for Monday, Chicago:</em></p><p><strong><a href="http://www.zdnet.com/us-sentencing-website-hacked-into-video-game-asteroids_p3-7000010385/#photo"><img alt="Hacked government site (ZDNet image)" src="http://cdn-static.zdnet.com/i/r/story/70/00/010385/anonymous-ussc-hacked-3-620x.png?hash=BQEyAQAuLm" style="width: 300px; height: 169px; float: right;" /></a>&#39;THIS TIME THERE WILL BE CHANGE, OR THERE WILL BE CHAOS.&#39;</strong>&nbsp;That&#39;s been the warning from the &quot;hacktivist&quot; group Anonymous over the weekend, as it&nbsp;<a href="http://www.zdnet.com/anonymous-hacks-us-sentencing-commission-distributes-files-7000010369/">took control of the U.S. Sentencing Commission website</a>&nbsp;-- not once but twice, the second time <a href="http://www.zdnet.com/anonymous-re-hacks-us-sentencing-site-into-video-game-asteroids-7000010384/">turning it into a version of the old arcade game &quot;Asteroids&quot;</a>&nbsp;&nbsp;-- to protest what it calls a &quot;twisted and distorted perversion of justice,&quot; which it blames for the suicide of&nbsp;<a href="http://www.rollingstone.com/politics/news/why-did-the-justice-system-target-aaron-swartz-20130123" target="_blank">Chicago-born Internet activist Aaron Swartz</a>.<br />* New rule outlawing smartphones&#39; unlocking (so they can be used on other carriers) is &quot;<a href="http://www.theatlantic.com/business/archive/2013/01/the-most-ridiculous-law-of-2013-so-far-it-is-now-a-crime-to-unlock-your-smartphone/272552/">The Most Ridiculous Law of 2013</a>&nbsp;(So Far)&quot; --&nbsp;<em>The Atlantic.</em><br />*&nbsp;<a href="http://gigaom.com/2013/01/27/the-perfect-murder-how-facebook-will-kill-the-phone-as-we-know-it/">Facebook could kill the phone as we know it</a>&nbsp;--&nbsp;<em>GigaOM</em>.</p><p><strong>&#39;PUBLIC BROADCASTING FINALLY SACKS UP AND HIRES A REAL MAN WHO WILL TELL THE TRUTH ABOUT OBAMA.&#39;&nbsp;</strong><em>Wonkette</em> examines <a href="http://wonkette.com/498660/public-broadcasting-finally-sacks-up-and-hires-a-real-man-who-will-tell-the-truth-about-obama">a controversial hire by Georgia Public Broadcasting</a>.<br />* In one interview, Obama says he <a href="http://www.newrepublic.com/article/112190/obama-interview-2013-sit-down-president">might not let his son (if he had one) play football</a>.<br />* And in another, he and Hilary Clinton get along &quot;<a href="http://www.nationaljournal.com/politics/obama-clinton-end-marriage-of-convenience-with-60-minutes-lovefest-20130127">like an old and happily married couple</a>.&quot;</p><p><strong>&#39;<a href="http://jimromenesko.com/2013/01/24/at-cnet-morale/">PEOPLE ARE PISSED OFF</a>.&#39;&nbsp;</strong>An insider says CNET staffers aren&#39;t swallowing parent company CBS&#39; decision to ban coverage of products targeted for legal action by CBS.<br />* New WBEZ ad campaign urges listeners to &quot;<a href="http://mediadecoder.blogs.nytimes.com/2013/01/27/make-babies-urges-saucy-public-radio-campaign/">Make Babies</a>&quot; -- for the &quot;2032 Membership Drive.&quot;<br />* Nice emails sent by <a href="http://deadspin.com/5979052/all-the-nice-emails-we-got-from-our-moms-after-publishing-our-manti-teo-story">the moms of the reporters who cracked the Manti Te&#39;o story</a>.<br />* Departing New York Times editor <a href="http://paidcontent.org/2013/01/24/new-york-times-editor-to-take-75000-twitter-followers-out-the-door-with-him/">takes 75,000 Twitter followers with him</a>.</p><p><strong>YOU&#39;LL GET A CHARGE ...&nbsp;</strong>A legal settlement between credit card companies and merchants means that, as of yesterday, sellers are free to tack up to <a href="http://abcnews.go.com/Business/credit-card-fees-effect-sunday/story?id=18316310">4 percent extra onto your purchase price</a> if you choose not to pay with cash.</p><hr /><p><em><strong>ANNOUNCEMENTS.</strong><br />* See that Comments space below?&nbsp;</em><em>It&#39;s waiting for you to weigh in.&nbsp;</em><em>What about those Anonymous guys? Are they heroes, or just vandals? Should the president get busy and have a son? Should he let him play football? Wouldn&#39;t it be nice to see a young Barack Obama Jr. ante up for WBEZ&#39;s 2032 Membership Drive?</em><br /><em>* Get the latest from WBEZ by email.&nbsp;<a href="http://services.chicagopublicmedia.org/site/Survey?ACTION_REQUIRED=URI_ACTION_USER_REQUESTS&amp;SURVEY_ID=13561">Sign up here</a>.</em><br /><em>* Soundtrack for preparation of this issue:&nbsp;<a href="https://soundcloud.com/wbez/from-the-archives-aaron-swartz">WBEZ&#39;s 2001 interview with Aaron Swartz</a>,&nbsp;then a visionary&nbsp;14-year-old.</em></p></p> Mon, 28 Jan 2013 05:00:00 -0600 http://www.wbez.org/blogs/charlie-meyerson/2013-01/hackers-hit-government-site-threaten-chaos-105172 New City Comptroller lays down the law on city expenses http://www.wbez.org/episode-segments/2011-07-12/new-city-comptroller-lays-down-law-city-expenses-89018 <img typeof="foaf:Image" src="http://llnw.wbez.org//segment/photo/2011-July/2011-07-12/Amer Ahmad.jpg" alt="" /><p><p>Last month, <a href="http://www.thecha.org/" target="_blank">Chicago Housing Authority</a> President Lewis Jordan <a href="http://www.wbez.org/story/jordan-says-credit-cards-overshadowed-cha-work-87854" target="_blank">announced his resignation</a> after questions were raised about his use of a government-issued credit card. Mayor Emanuel ordered a <a href="http://www.chicagotribune.com/news/local/ct-met-emanuel-city-credit-cards-20110712,0,5521209.story" target="_blank">review of credit card use</a> and reimbursement throughout the city and at its sister agencies, and the city’s comptroller Amer Ahmad found some troubling results. Ahmad has authored a new employee reimbursement plan and he joined <em>Eight Forty-Eight</em> to explain how his plan responds to these findings.</p><p><em>Music Button: The Mercury Program, "Re-inventing a Challenge for Machines" from the release from the vapor of gasoline (Tiger Style)</em></p></p> Tue, 12 Jul 2011 14:29:00 -0500 http://www.wbez.org/episode-segments/2011-07-12/new-city-comptroller-lays-down-law-city-expenses-89018 Lewis Jordan to step down as head of Chicago Housing Authority http://www.wbez.org/story/lewis-jordan-step-down-head-chicago-housing-authority-87843 <img typeof="foaf:Image" src="http://llnw.wbez.org//story/photo/2011-May/2011-05-03/CHA_Jordan_022508_26(Lrg).jpg" alt="" /><p><p>Lewis Jordan will step down as CEO of the Chicago Housing Authority on June 30th, following questions about his use of official credit cards.&nbsp; Mayor-elect Rahm Emanuel had recently reappointed Jordan as the head of the CHA, a position he's held since 2007.</p><p>Jordan became the center of controversy during the last two weeks when it was revealed that he used CHA credit cards to purchase gift cards and flowers for employees and spent nearly $15,000 during a three year period on business-related meals.&nbsp;</p><p>Last week, Mayor Emanuel refused to give Jordan a vote of confidence, and also removed two cars and the security detail that had previously been at Jordan's disposal.&nbsp;</p><p>The Emanuel administration is currently conducting a review of credit card use across all of its departments and agencies.&nbsp;</p><p>As CEO of the CHA, Jordan was charged with completing the controversial $1 billion dollar Plan for Transformation, which led to the demolition of the city's high rise public housing complexes and calls for the replacement of mixed-income neighborhoods in their place.&nbsp; The plan is scheduled to be completed by 2015 under a revised timeline.</p><p>Prior to taking over the CHA, Jordan ran the Housing Authority of Cook County, as well as the housing program in Rockford, IL.</p><p>Last month, the CHA announced it was considering a controversial policy requiring all residents of public housing in the city to undergo drug tests and remain drug free as a condition of tenancy.&nbsp; Currently, only residents of mixed-income developments are required to submit to such tests.&nbsp;</p><p>&nbsp;</p><p>&nbsp;</p></p> Tue, 14 Jun 2011 20:53:00 -0500 http://www.wbez.org/story/lewis-jordan-step-down-head-chicago-housing-authority-87843