Tag Archives: Money

The definition of karma: PayPal president’s credit card gets hacked

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“If you’ve ever lost access to your PayPal holdings through no fault of your own — say, following a shady money transfer — you may be tempted to enjoy a little schadenfreude today. PayPal president David Marcus reports that someone used a skimming device to clone his credit card while he was in the UK, letting the perpetrator make a “ton” of fraudulent purchases. It’s virtually the embodiment of karmic payback, isn’t it? In fairness, the executive is right when he notes that the incident wouldn’t have happened if the merchant accepted PayPal; the company would have masked the card number and rendered the skimmer useless.”

http://www.engadget.com/2014/02/10/paypal-presidents-credit-card-gets-hacked/

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In One Month, Everyone In Iceland Will Own Cryptocurrency

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“Auroracoin is the brainchild of cryptocurrency enthusiast Baldur Friggjar Odinsson, and he’ll be the one distributing pre-mined coins to the entire population of Iceland at midnight on March 25 in a countrywide ‘airdrop.’ Each Icelandic citizen—all 330,000 of them—will receive 31.8 AUC through a digital transaction. Citizens all have a national ID number available through a public database, which will be used to verify their identity.  Now he’s encouraging developers to make tools like payment software and virtual wallets for currency, and calling on all global currency exchanges to accept the new Nordic altcoin come March.”

http://motherboard.vice.com/blog/in-one-month-everyone-in-iceland-will-own-cryptocurrency

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Barclays Examines Possible Data Theft From 27,000 Customers

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“As many as 27,000 customer files containing personal and financial information were taken, the Mail on Sunday reported yesterday, citing an unidentified whistle-blower. It’s unclear how the files were stolen, the newspaper said, adding data was sold to brokers to be used for ‘investment scams.’  The information included details on income, savings, mortgages, health issues, insurance policies and passport and national insurance numbers, the Mail on Sunday said. The newspaper said the whistle-blower provided a memory stick containing files on 2,000 customers and had told it that each of the 27,000 files could be sold for as much as 50 pounds ($82).”

http://www.bloomberg.com/news/2014-02-09/barclays-probes-possible-theft-of-data-from-27-000-customers.html

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Visa, MasterCard To End Swipe-And-Sign By 2015

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“Both MasterCard and Visa have outlined a planned shift to the new EMV system and set a October 2015 deadline to begin using the system, The Wall Street Journal reports.  Under the EMV system consumers will use a smartcard embedded with microchip and provide their PIN to complete a transaction. The chips make reproducing a card difficult for criminals. Even if the credit card information is gathered, without the chip the card is useless.  Another significant piece of the new system is creating a shift of liability.  If a merchant is using the old swipe-and-sign system they are liable for the fraudulent charges if the customer has a chip card.”

http://consumerist.com/2014/02/07/visa-mastercard-to-end-swipe-and-sign-by-2015/

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A string of thefts hit Bitcoin’s most reputable wallet service

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“In a few hours on December 15th, Jeff lost nearly $10,000.  It’s part of a string of Bitcoin thefts that have hit the service in recent weeks. The Verge has confirmed two other Coinbase users with stories similar to Jeff’s, one taken for $16,000 and another for $5,000. In the first case, the victim was using two-factor authentication and received a refund; in the second, two-factor hadn’t been enabled and the refund was denied, on grounds that the user hadn’t properly set up the account’s security measures. Several other as-yet-unverified reports have also been posted on the Coinbase subreddit.”

http://www.theverge.com/2014/2/7/5386222/a-string-of-thefts-hit-coinbase-bitcoins-most-reputable-wallet-service

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Florida Police Target In-Person Bitcoin Exchangers

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“Espinoza is charged with felony violations of Florida’s law against unlicensed money transmitters – which prohibits ‘currency or payment instruments exceeding $300 but less than $20,000 in any 12-month period’ — and Florida’s anti-money laundering statutes, which prohibit the trade or business in currency of more than $10,000. Police also conducted a search warrant on his residence with an order to seize computer systems and digital media.  Also arrested is Pascal Reid, 29, a Canadian citizen who was living in Miramar, Fla. Allegedly operating as proy33 on localbitcoins.com, Reid was arrested while meeting with an undercover agent to finalize a deal to sell $30,000 worth of Bitcoins.”

http://krebsonsecurity.com/2014/02/florida-targets-high-dollar-bitcoin-exchangers/

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PayPal Starts Cracking Down On Bitcoin

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“In a strange move, online payments provider PayPal has started banning accounts of people who sell anything Bitcoin related using its payment gateway, according to a post on BitcoinTalk. In this particular case however, there was no actual transfer of Bitcoin involved. A BitcoinTalk member sold Casascius coins, physical coins that can be used to store Bitcoins, on eBay. Casascius no longer come with Bitcoin stored in them after US Treasury Department action in December 2013. The seller tried to point out that he was only selling items which eBay, the parent company of PayPal, had permitted him to.”

http://www.medianama.com/2014/02/223-paypal-bitcoin-crackdown/

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Wow much Dogecoin. Very competition. So money.

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“Dogecoin has proven itself to be money. Here’s why.  First, what is money? The short answer is that money is as money does. More specifically, money is a medium of exchange, unit of account, and store of value that helps people trade for goods and  services.  For any money, it is important to define exactly where it is a medium of exchange. My Turkish lira have little value outside of sentiment for me here in Irvington, NY. But in Turkey, I can exchange those pieces of paper for nearly anything.  So, where is Dogecoin money? Right here on the internet. DOGE (shorthand symbol for Dogecoin) has spontaneously emerged as the internet’s tipping currency.”

http://www.fee.org/the_freeman/detail/wow-much-dogecoin-very-competition-so-money

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Zimbabwe central bank opens market to competing currencies

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“Once known for its billion dollar notes and hyper-inflation, Zimbabwe must be the only place in the world to have eight currencies as legal tender – none of them its own.  For the last five years most people have been using US dollars or South African rand, but pula from Botswana and British pound sterling have also been changing hands.  Now the central bank is also allowing the use of Australian dollars, Chinese yuan, Indian rupees and Japanese yen.  For the moment, customers can open bank accounts in these currencies but the hard cash is not yet in circulation.”

http://www.bbc.co.uk/news/world-africa-26034078

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Auroracoin is a cryptocurrency for Iceland

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“The Airdrop will start to take place on March 25th 2014. A national ID database, created by the government will be used for this purpose. Although the thorough registration of the entire Icelandic nation into one database is unfortunate, it creates opportunities to reach a large part of the public through various means. About 330,000 Icelanders will be made able to claim f 31.8 each over the following year.”

http://auroracoin.org/

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