Advanced ATM technology will make automated banking safer than ever. (Photo Credit: CC BY/Tim Moffatt/Flickr)

If your ATM card and PIN number are intercepted in the U.S. without your knowledge, your money is immediately at risk. In Russia, however, banking giant Sberbank is testing out new ATM machine technology that will make the playing field safer. Sberbank is rolling out ATMs that use 3D face recognition and lie-detective voice analysis, reports the New York Times.

Top technology to battle consumer credit fraud

As a part of the banking automation process Sberbank views as the future for the industry, holographic bank tellers greet customers at bank branches. Most banking transactions are handled with no human interaction required on the bank’s part, just highly advanced technology. The Russian ATMs use the same technology for 3D face recognition and voice analysis in a process called biometrics – uniquely recognizing humans based upon multiple intrinsic physical and behavioral traits.

The ATMs scan passports, record fingerprints and take 3D face scans for recognition purposes. Voice analysis enables machines to determine whether customers are truthfully answering questions like “Are you employed?” or “Do you have any other outstanding loans?”

The first lie-detecting ATM machine

Provided that the test ATMs go into standard commercial use, Sberbank, which is owned primarily by the Russian government, will become the first bank in the world to use a voice analysis system. While Sberbank executives point out that the system will adhere to Russian privacy laws, the view that it could invade a consumer’s privacy will no doubt prevent such a system from appearing in the U.S.

What voice analysis can tell

According to experts on the voice analysis system, the software is able to search for several markers in the human voice simultaneously. Nervousness or emotional distress that frequently accompanies lying can be detected in vocal inflection. A wide range of other vocal qualities and pace of speech that indicate involuntary nervous responses are monitored, too.

In order to comply with Russian privacy law, Sberbank reportedly does not maintain a database of customer voice signatures. The bank does plan to store individual voice prints on chips contained in customer credit cards, however.

Sberbank uses biometric technology for security

Sources

Biometrics Wiki

Finextra

New York Times

Don't fret – overdrafts and other checking account shenanigans generally will not affect your credit score. (Photo Credit: CC BY/Dan Foy/Flickr)

Most people know that not paying bills on time or maintaining a high balance on several credit cards can result in negative marks against their FICO scores. However, there are some gray areas. For instance, will overdrafts affect a credit score? The answer may surprise you, suggests Bankrate.com’s Dr. Don Taylor, a Certified Financial Planner and Certified Public Accountant.

Bad checks won’t harm your credit by themselves

A college student worried that a checking account scam would harm her fledgling credit appealed to Bankrate’s “Dr. Don” column for advice. Someone had stolen her checkbook and written checks that caused her checking account to go into overdraft. While she was able to get her bank balance back into the black within a couple of weeks, she wondered whether going into overdraft would have an immediate effect on her FICO. Thankfully, no further identity theft occurred after she sent her bank and one of the three major credit bureaus a fraud notification.

According to Taylor, transactions on a consumer’s checking ledger do not have a direct affect on credit scores. Missing bill payments will, but overdrafts won’t in most cases. One exception is when a banking institution does a “hard pull” of a consumer’s credit history when a new checking account is opened.

Keeping tabs on your banking history, free of charge

Taylor suggests that all consumers who are interested in monitoring their banking history as a matter of periodic maintenance look into ChexSystems. This company enables consumers to pull one free banking history report every 12 months, as stipulated in the Fair and Accurate Credit Transactions Act (FACTA). Negative marks remain active for five years.

For those who have ever been denied when trying to open a fresh account at a bank or credit union, ChexSystems is often the perfect place to go for the information that can help consumers understand why they were denied. Even if that isn’t your scenario, it’s worth checking out ChexSystems Consumer Assistance page once per year to review your financial record.

Protect yourself from scams

If you are the subject of a financial scam involving fraudulent checks, contact your banking institution and law enforcement. In the event that you desire to contact your state’s banking commissioner so that others may be protected from similar scams, HSH.com has a list of relevant contact information.

Sources

Bankrate

ChexSystems

HSH.com

Get your bank account history once per year

Sony is being sued over the Playstation Network data breach. Image from Wikimedia Commons.

The data breach of the Sony Playstation Network has exposed millions of users to possible identity theft. Experts call it one of the biggest data hacks in recorded history, possibly opening 77 million people up to identity theft, and Sony is scrambling to fix the problem. The company has been slapped with a class action lawsuit over the incident.

Class action suit filed against Sony over Playstation Network breach

Sony has been named in a class action lawsuit concerning the data breach of the Playstation Network, according to InformationWeek. A suit was filed in Calif. against the Sony Corporation, on the behalf of all users of the Playstation Network, or PSN. The suit alleges that Sony failed to adequately shield its users from potential threats. The suit also claims that Sony was not compliant with Payment Card Industry (or PCI) standards of security, part of which is not storing customer credit card numbers and account information. Sony initially shut its Playstation and Qriocity networks down about a week ago, after noticing an “external intrusion,” according to the New York Daily News. Sony later disclosed that the networks had been hacked.

Data at risk

There are more than 77 million people that are members of the Qriocity network and the Playstation Network. Sony released a statement saying that customers that had provided their credit card data through either network might have been obtained by hackers. There is no confirmation that any information has been obtained or identities used for fraudulent purposes, but it is possible. Information security experts, according to USA Today, consider it among the biggest data hacks on record. In response to the breach, investigations have been launched by the British and American governments, according to Reuters, to see just how big the breach was and the extent of the damage done. Sony is currently retooling both networks.

Users are recommended to take steps to ensure security

The data that hackers were able to obtain, according to the Wall Street Journal, includes their name, date of birth, address, email address, Sony network identity, account history and credit card information. Normally, credit card thieves can only get card numbers, but that much information is a rare find for an identity thief. Playstation and Qriocity network users should change all of their passwords immediately. Any email or message from Sony asking for any of the information they would already have should be deleted, as it is a scam email. As far as credit or debit cards are concerned, card holders should closely monitor their accounts and contact their bank or credit union and notify them immediately of any charges they believe to be fraudulent.

Sources

New York Daily News

Information Week

Reuters

USA Today

Wall Street Journal

Identity theft is on the rise. (Photo: TheTruthAbout/Flickr/CC BY-SA)

Even in the light of all the warnings and mass publicity regarding scam protection, scamming has continued to be a major problem today. The more light and publicity that shines on these illegal acts in order to protect the public, the more clever these scammers get in their schemes. If you want to stay out of their clutches, be aware and do not take risks with your money and personal information.

Be careful who you trust

Recently, I received an e-mail from a friend saying she had gone on a trip to England. She had either misplaced her purse or had it stolen and was in need of funds to help her return to the United States. It all appeared very innocent, except that she couldn’t be reached by phone. I was just about to take out a bad credit loan when I decided to call her at home. To my shock and disbelief, she was there and had never gone to England! So you can see why it is very important you take precautions before making a last-minute jump.

Safeguard your personal information

Here’s another example of scamming, one I had experienced during the process of applying for jobs and rentals. One of the rentals sent back a link along with photos of a really nice home at a very reasonable price. However, I had to complete a credit check before they could provide any more details on the house. Basically, according to the company, it was used to determine whether I had any past evictions. Seems innocent enough, right? Wrong! This is actually a huge red flag to look out for.

On another occasion, the so-called company of an available job position I had inquired about had sent me a bunch of forms to fill out, including a I-9 form (requires social security number) and a direct deposit form (they only pay that way). There was even a form that required a passport size photo of myself. Be aware that these are red flag signs to look out for, as well.

Build awareness

These schemes, among many others, may still be working for many scammers, so get the word out and build awareness. Thankfully, there are still many reputable companies out that strive to make life easier, providing payday loans and other types of short term loans to help with unexpected money problems.

Identity thieves, who victimized nearly 11 million credit card holders in 2009, are targeting more job seekers and children. Image: Thinkstock

Identity theft is one of the fastest growing crimes in America. Nearly 11 million credit card holders each year are victims of identity theft. While everyone is vulnerable, trends show that identity thieves are increasingly targeting children and job seekers.

Ingenious identity theft scams

Victims of identity theft in the U.S. lost an average of $4,840 in 2009, according to Javelin Strategy and Research. New forms of identity theft are constantly emerging. Claudia Buck at the Sacramento Bee reports that three men were busted in Los Angeles last week for using electronic gadgets to scan credit card numbers at numerous gas station pumps. Buck writes that the state government in California has been warning about phony e-mails telling taxpayers their electronic tax payments did not go through. Identity theft is on the rise in every state, and thieves spend a lot of energy to coming up with the next scam.

Employers don’t need personal information

In the moribund job market, identity thieves see an opportunity to kick people while they’re down. Alison Doyat at About.com writes that identity thieves are adept at creating websites that look like  legitimate companies or agencies. An obvious red flag is raised if an online entity asks for personal data other than contact information at the beginning of the application process. Other red flags include ads promoting pay that seems too high for the job or offering payment in cash. Job seekers posting resumes at online career sites should never include Social Security numbers, birth dates or drivers license numbers.

Things parents should know

Identity thieves make big money exploiting children. Modern Mom reports that because children have a clean credit history, they’re lucrative targets. Children or parents commonly don’t discover they have been victimized until years later, when the kid applies for a credit card. Banks and the Social Security Administration do not give out birth dates, so credit reporting firms can’t verify age. Identity thieves often open lines of credit with a child’s identity when a parent loses a wallet or purse holding personal data like a child’s Social Security card. The easiest way to see if a child’s identity has been stolen is to request a credit report. No credit report on file means they’re safe … for the time being.

Call 888-5-OPTOUT to cut the pre-approved junk mail offers. Otherwise, someone can reach in and steal your identity. (Photo Credit: CC BY-ND/Tony Webster/Flickr)

Pre-approved credit offers no doubt litter your mailbox, particularly if you’ve recently had a bankruptcy discharged. The lure of “buy now, pay later” has ensnared many American consumers, but it doesn’t have to be that way. By calling 888-5-OPTOUT (1-888-567-8688), U.S. consumers can opt out of pre-approved credit card offers with the three major credit bureaus: Equifax, TransUnion and Experian. This is beneficial not only for consumers looking to rebuild their credit without the need for emergency loans, but for those who would prefer to give perpetrators of identity theft less ammunition.

888-5-OPTOUT sweeps the credit card offers away

Call 888-5-OPTOUT if you’re sick of all the direct marketing lists that seem to hound you daily. No more credit card offers and no more advertisements for credit products via postal mail will show up. Call from your home phone line and be prepared to give your Social Security number. If the prospect of revealing those digits worries you, put your mind at ease – the service is recommended by the Federal Trade Commission.

If you prefer, send a letter

Similar to the 888-5-OPTOUT telephone option, consumers can opt-out of pre-approved credit offers and related advertising via mail. Here’s a sample opt-out letter. Make sure that your request is sent to all three credit bureaus:

Options
Equifax, Inc.
P.O. Box 740123
Atlanta, GA 30374-0123

Experian
901 West Bond
Lincoln, NE 68521
Attn: Consumer Services Department

TransUnion
Name Removal Option
P.O. Box 505
Woodlyn, PA 19094

Past confusion over 888-5-OPTOUT

Several years ago, there was a widespread e-mail message that extolled the virtues of 888-5-OPTOUT, but it did so with erroneous information. Specifically, the message claimed that a consumer would have to opt out if they didn’t want the credit bureaus from releasing their sensitive data to “anyone who requests it.” According to Privacy Rights Clearinghouse, this muddles elements of two federal laws, the Financial Services Modernization Act and the Fair Credit Reporting Act. Essentially, the confusion comes down to whether 888-5-OPTOUT was actually connected to the former of the above laws, which it wasn’t. Thus, the controversy was somewhat minor.

The take-away here is that 888-5-OPTOUT is a useful tool for consumers. Avoid the credit card trap, avoid identity theft and perhaps you’ll be in a position where you won’t need bad credit loans.

Sources:

CBS Moneywatch

Federal Trade Commission

Privacy Rights Clearinghouse

Opt out of junk mail

An online credit card scam using identity theft and fake merchants raked in millions by charging millions of victims pennies at a time. Don Hankins photo.

An online credit card scam that stole millions of dollars, pennies at a time, was halted by the U.S. Federal Trade Commission. The online credit card scam used fake companies and identity theft to steal small amounts of money that went undetected by consumers or fraud detectors. Over four years, more than a million people were charged anywhere from 25 cents to $9 on their credit cards in an online scam that added up to more than $10 million.

Most scam victims didn’t notice

The elaborate online credit card scam operated undetected because scammers made very small charges and set up more than 100 bogus companies to process the transactions. PC World reports that U.S. credit card holders financed most of the scam because about 94 percent of all charges went uncontested by the victims of identity theft. According to the FTC, the scammers charged 1.35 million credit cards a total of $9.5 million, but only 78,724 of these fake charges were ever noticed. Typically they made just one charge per card number to fake business names such as Adele Services or Bartelca LLC. Avivah Litan, an analyst with the Gartner research firm who follows bank fraud, told PC World:

“They know that most of the fraud detection systems won’t detect anything under $10 and they know that consumers won’t complain about a 20 cent fee. What’s different here is the scale, and that they got away with it for so many years.”

A trend in credit card fraud

The online scam is a textbook case about how online services used to facilitate business in the 21st century can be exploited for credit card fraud. As credit cards are increasingly being used for inexpensive purchases–they’re now accepted by soda machines and parking meters–credit card fraud criminals have cashed in on the trend. The IDG News Service reports that the scammers found loopholes in the credit card processing system that allowed them to set up fake U.S. companies that then ran more than 1 million fake credit card transactions through legitimate credit card processing companies. One of the largest payment processors in the U.S., First Data, was a favorite of the scammers. Of the 116 fake merchant accounts the FTC uncovered, 110 were with First Data. The scammers also set up bogus accounts with Elavon and BBVA Compass.

Source of identity theft uncertain

The FTC believes the defendants may have run credit checks on the identity theft victims to be sure they were creditworthy. The FTC doesn’t know where the scammers obtained the credit card numbers they charged, but they could have been purchased from online carder forums, black market Web sites where criminals buy and sell stolen information.

A textbook online credit card scam

To create the virtual infrastructure for the online credit card scam, Webpronews reports that the scammers set up fake physical addresses and fake web sites pretending to sell products, along with a real company’s tax number found online. Scammers then sent out spam e-mail pretending to recruit American finance managers for offshore financial service companies. Those selected by the scammers were persuaded to set up dummy corporations to receive the credit card payments and send the money to bank accounts in Lithuania, Estonia, Latvia, Bulgaria, Cyprus and Kyrgyzstan.

Citibank sent the letters on February 16

The company is calling it a “processing error,” according to the Chicago Tribune. The numbers appear at the lower edge of the envelope with other numbers and letters. So it isn’t as obvious as problem flatulence, but it is definitely a bit of a brain fart on the part of Citibank, Citigroup and everyone else in the Citi family. But don’t worry; Citibank Client Services Director Norman Wright sent letters to all 600,000 customers in an effort to clean up the mess. He extended an offer for free credit monitoring for 180 days. Unfortunately, now that forgers know to wait 180 days, perhaps that isn’t enough. They could be using your Social Security number to take out money loans.

The error produced “little to no risk” to Citibank customers?

Talk about spin control by Citibank. Citigroup and its board of directors must be proud, and shareholders must be exceedingly happy that the company is so deftly handling the situation. In Wright’s apology letter he says as much, that there is “little or no risk.” Isn’t it comforting to know that your bank is actively lying to you, Citibank customers? How could there be little or no risk if unauthorized people are getting hold of your Social Security number?

If you’re a Citibank customer, are you satisfied with their offer?

Personal Money Market would love to know your thoughts on the matter.

(Photo Credit: http://www.flickr.com/photos/kiwanja/ / CC BY 2.0)

Related Video:

http://www.youtube.com/watch?v=mx5ytclEXiY

Identity theft can seriously disrupt the lives of its victims. Essentially, it is characterized by one stealing the identity of another for the purpose of using the victim’s credit information and finances for ill-gotten gain. Thieves are sometimes able to ruin a person’s credit and drain a checking and savings account before a victim even knows that their security has been compromised. To prevent this from happening, there are a few things that every person can do.

Tips for preventing identity theft

Information storage. Do not store personal financial and identifying information on a computer. Social security numbers, identification numbers, bank account numbers, passwords, password reminders and other log in information is what identity thieves are after. Keep this information safely stored elsewhere, but do not store it on a computer that can be hacked into.

Virus-protection software. Keep all personal and work computers adequately protected with . Some computer viruses are specifically designed for identity theft and may harvest personal information, such as social security numbers and bank account numbers, from an unprotected computer. To avoid this, virus-protection software should not only be installed on all computers used, but also updated regularly.

Firewalls. Install a good firewall program, which will prevent thieves from accessing any information stored on a computer.

Hyperlinks. Do not click on hyperlinks unless it is from a trusted source. Identity thieves are notorious for sending special offers by email that require a recipient to click on a link for more information or to make a purchase. Unfortunately, these links are often used to expose the computer to a virus or some sort of program that harvests personal financial information from a person’s computer.

Trusted sources. When making a purchase, applying for a personal loan or performing other financial transactions online, always be sure that the site is a trusted source. Never follow a link from an email to make a purchase or apply for a cash advance, even if the link looks like it is from a source that would ordinarily be trusted. Instead, take the time to type the store or lender’s URL into the browser’s address bar directly.

Safe Browsers. Only make purchases or perform financial transactions on the Internet when using a safe browser that will scramble or otherwise encrypt all of the date you send online. Also, look for a tiny padlock symbol at the bottom of web pages asking for personal or financial information. This lock means that the site has been deemed secure. If you do not see it, do not proceed with your transaction.

Computer-servicing precautions. Be careful when sending your computer out for servicing. It cannot be repeated enough times not to store personal financial information on a computer. However, if you do, be very careful as to whom you allow to service your computer, as the technician will easily be able to access this information, as well as other private photographs and information.

Selling precautions. When selling a used computer or even if you are just throwing one away, always delete any personal information that was previously stored on it. Special wipe programs exist, which can help delete this information. Be advised that simply erasing the information by hand is not recommended as deleted information still remains on a computer’s hard-drive.

Keeping up in a dangerous game of cat and mouse

Overall, shopping online, applying for an Internet loan and handling other financial transactions by computer are all relatively safe if the tips described above are regularly implemented. There is no guarantee that identity theft will never happen to an individual, as thieves are always inventing new and resourceful ways of stealing information. However, making an effort to stay up to date on these tips and others, as they become available, can save a lot of money and heartache.

Why would Banks care if people get payday loans?

To put it simply, banks are furious at the short term loan industry for taking away their leverage with their customers. You see banks make millions off customer overdraft fees. Banks can make up to 200 dollars for every 50 dollar debit or check that doesn’t clear. Sounds like banks are really looking out for only themselves and they could care less about even there most loyal long standing customers. I once knew an elderly couple that banked with the same institution for 30 years just to find out that their identity had been stolen. The thieves racked up thousands with online internet purchases. When they reported this with their bank, the bank treated them like they were just scam artists, even after 30 years of loyal business. Eventually the couple did get the charges erased and their money back. Soon after the couple closed their account and vowed to never step foot in a bank again.

Consumers are learning to exercise their rights for short term loans

Today’s consumer has grown to be wise and not as gullible as we once were. We don’t have to tolerate bad treatment from big corporations. Corporations know that competition is fierce, and they could drop down in the popularity race by the spread of just a few unsatisfied customers. People have started a rebellion against greedy financial institutions. We are borrowing the money that we need instead of going over our budgets. We are getting short term installment loans to avoid paying another overdraft fee again. Short term loans are a wiser solution when it comes to paying bills on time. The next time you find yourself in a bind, take out a short term installment loan. It can save you from hundreds of dollars of overdraft fees that the bank will force upon you.

Start Your Short Term Loans Application Here!

Using credit cards can be a pleasure and a pain. Will anonymous credit cards make security one less thing to worry about? (Photo: flickr.com)

Credit cards are both a blessing and a curse for millions of people worldwide. Managed use of this form of consumer credit can help build one’s credit score and provide a convenient means through which to transact with merchants who require a credit card in order for a consumer to secure services (automobile rentals, hotel rooms, etc). The key to managing one’s credit card usage, however, is a something that many consumers do not practice: paying off the balance each month. By making only the minimum payment, credit card debt grows significantly as interest is compounded. Revolving lines of credit like credit cards can saddle a consumer with a lifetime of debt.

Then There’s Identity Theft

Use of credit cards can expose consumers to the nightmare of identity theft. Whenever you pay a restaurant bill with your card, you’re exposing yourself to risk if the server is less than honest with your sensitive information. If you’re shopping online at a site with less than industrial-strength security, great potential for an information leak is there. Giving your credit number over any form of telephone connection is highly problematic as well.

Such scenarios of financial pain and horror might cause you to wonder how you can keep yourself from becoming a victim. One answer is to use payday loans rather than credit cards in emergency situations where you need quick cash, as the process does not generally expose you to potential identity theft. However, having a small number of credit cards can be beneficial to your FICO score (indicating diversity in your credit portfolio, which creditors like to see), so perhaps a better long-term answer would be how to make credit card usage less dangerous.

Make it Anonymous, Perhaps?

Elli Androulaki and Steven Bellovin of Columbia University recently published a study entitled “An Anonymous Credit Card System” which proposes a system that could serve as a solution to this problem with credit cards. Consumers would be able to kept close track of their credit card usage while banks would be able to justify the payments it makes to merchants through an anonymous E-cash system.

An Anonymity Barrier

One of the benefits consumers enjoy when using credit cards is that logs of transactions are readily accessible. In addition to convenience, this provides a level of security in that consumers can challenge erroneous charges. However, such logs can be a double-edged sword in that banks can (and often do) sell that consumer profile information to third parties. What the study authors propose is a system that maintains the benefits while at the same time protecting consumer and bank privacy through a barrier of anonymity. For consumers, however, the anonymity system express is conditional in that the consumer must make honest attempts to keep up with payments. If an overspending transaction occurs, the consumer is blacklisted from the anonymous service.

For online retail, truly anonymous credit cards would prevent any unauthorized outsider from acquiring information about a transaction or those involved in the transaction. Androulaki and Bellovin stress that banks would not be able to create profiles that they sell without the cardholder’s permission. In order to achieve this level of privacy and security, the authors have created a theoretical system whose high points will be discussed here.

The Dawn of Credit Card Security

According to previous studies of credit cards and state-of-the-art security methods, measures have existed since at least 1994, but such schemes have involved extraneous trusted parties to maintain security. Furthermore, previous credit card protection schemes offered no expense reports or means of error correction for consumers. Using E-cash as a money substitute that cannot be copied or spent more than one time has furthered security schemes, but it requires prepayment to function and works only for online transactions. It also provides no avenue for error correction or clear listing of transactions. Prepaid debit cards are limited in their security application for similar reasons.

What the authors propose is a system that combines an E-cash system for making payments and a combination of “blind and plain digital signatures” for other operations. Consumers, merchants, card-issuing banks, acquiring banks (institutions merchants are authorized to receive payments through) and credit card associations (Visa, MasterCard and others who set transaction rules between the different bank types named here) would all be served by this system. Credit cards under the new system, write the authors, “should not be forgeable or usable by any third party. It should be possible for cardholders to track their transactions (Expense Report Service) and provide an undeniable proof of any mischarge (Error Correction Service) without endangering their privacy.”

How E-cash works

There are two types of E-cash used in this system, drawn from “wallets.” One is accessed by the consumer while the other is where merchants deposit E-cash received from the consumer. Blind signature schemes are used to ensure that merchants get paid and consumer identities are protected from third parties. If set limits are exceeded, conditional anonymity of the consumer is revoked – an added incentive to make payments, which appeases the banking establishment. For the most part, merchants and consumers are identified only by signature keys when they open their E-cash accounts with their banks. In order for consumers to access their E-cash credit cards, they create an anonymous pass code. Backups, multiple layers of encryption and loss recovery systems are present here, as are timestamps for online transactions; consult the study for a more detailed account. It is interesting to note that encryption is performed by the consumer during the anonymous credit card origination process, via secure home software. Thus, a home computer would be required.

How are Anonymous Credit Cards Paid?

Obviously a consumer honor system would be inappropriate, so the consumer is required to report the amount of money spend each month to the card-issuing bank. Regular backups and reporting are required to protect both banks and consumers. Spending is proven through receipts. The card-issuing bank then computes the consumer’s monthly payment through the same formula used today for standard credit cards.

How Does Error Correction Work?

The consumer has the right to contact their credit card association in the event of an error or fraudulent use. In the event of a error, a receipt is required in order for a correction to be made. When the merchant makes the correction and gives back funds via E-cash, the currency passes the refund to the credit card association, who in turn moves it to the merchant’s acquiring bank. It is the acquiring bank who finally moves the funds back to the consumer’s card-issuing bank. If fraudulent charges require purchase cancellation, the exchange is handled in a similar fashion.

Breaching the Veil of Anonymity

As mentioned previously, consumer anonymity is dropped if credit cards are charged over their limit. In that instance, all E-coins withdrawn by the consumer are traced. The authors mark this as necessary for loss recovery. But seeing as how a cardholder may open as many anonymous accounts as desired, being able to achieve transaction linkage is possible.

Buying into the Checks and Balances

The anonymous credit card system proposed by the study authors could eliminate identity theft altogether (until someone figures out how to introduce decryption technologies in the middle of the process). That could occur, but the system proposed could be the best current option for safe credit card use.

I find it interesting that the proposed system would require consumers to hang on to their receipts. It’s something consumer groups and banks (not to mention mom and dad) always advise us to do, but how often do we practice what they preach? If you’re a conscientious consumer who already keeps track of such things, your adjustment to such an anonymous credit card system would likely be painless. For those of us who are forced to become more accountable, the transition would be more difficult. However, it is a much safer financial road to travel. It is also a responsible road. Sure, payday loans are still be more desirable in situations where carrying a balance over from month to month becomes too expensive, but credit cards will still have their place. The layers of checks and balances that preserve security may sound inefficient to some, but remember that the financial world rarely gives us something for nothing. This isn’t trading freedom for protection, in my opinion.

If you are one of the many people who are experiencing an unexpected financial emergency, an installment loan maybe just the right thing for you.  Installment loans are a simple way to get cash on hand quickly.  What exactly is an installment loan?  It is a short term loan. When you take out an installment loan you will have a set payment plan until the balance is paid off.

Benefit of Installment Loans for Those with Bad Credit

With the economy the way it is now, most everyone will need an installment loan at some point. In fact, many people are already receiving installment loans, and a lot of these people have bad credit. But how can somebody with bad credit receive an installment loan?

Installment Loans with No Credit Checks

In most cases, we do not require a credit check in order to approve someone for an installment loan.  Usually, whether a person has good or bad credit, when they apply for a loan they are concerned about the affect it will have on their credit.  Since most lenders usually will not do a credit check, you will avoid another inquiry of your credit and the installment loan will not appear on your credit report.

Installment Loans and Bankruptcy

Inquiring about bankruptcy is something we usually do not do when considering someone for an installment loan.  We do not use it as a qualifying factor.  If you have had a recent bankruptcy, do not let it stop you from applying with us online today.

Installment Loans and Identity Theft

While doing anything online, people are rightfully concerned about identity theft.  Many places that offer installment loans require things like your social security card, driver’s license, and state ID which they may fax, scan or e-mail to other locations.  Often times, they may even require to see proof of residency through a piece of mail.

This is usually unnecessary and can be frustrating when these items are not on hand.  When you apply online with us today, you can avoid all of these problems.  We do not require seeing any of your personal identification information.  Always look for a phone number to call and make sure you talk to someone before you apply for an installment loan.  This assures that the site you are using is safe.

Our Quick Installment Loans

When you receive an installment loan from us, the money is usually deposited into your account in as little as two hours and the money is available for spending right away.  What a change that is from other loan companies that make you wait several days to use the money that you need right now.

The best part of applying for an installment loan with us today is that we ask the minimum questions to get you set up with an installment loan.  This makes it possible for most everyone to complete our installment loan application in less than five minutes.

For Installment Loans APPLY HERE