Search

The article discusses a data breach at the U.S. bank J.P. Morgan Chase & Co., which is being investigated by federal law enforcement including the U.S. Federal Bureau of Investigation, the Secret Service, and the National Security Agency. Topics include how the attack may have been carried out by a Russian organized crime unit, cyber security in banks, and corporate forensic companies such as FireEye Inc., CrowdStrike Inc., and Stroz Friedberg LLC.

The article discusses the transition in the U.S. from credit and debit cards with magnetic strips to more secure cards with embedded microchips. Data-security breaches at supermarket operator Supervalu Inc. and other retailers have prompted Bank of America Corp., J. P. Morgan Chase & Co., and other banks to begin issuing chip cards to new customers. Retailers including Wal-Mart Stores Inc. are installing the equipment needed to accept such cards.

The article discusses a data-security breach disclosed by supermarket operator Supervalu Inc. in August 2014 , and momentum it has provided for replacing conventional credit cards with magnetic strips in the U.S. with more secure ones that include an embedded computer chip. Supervalu said if was not yet clear if customers' credit-card information was stolen. Chris McWilton of credit-card firm MasterCard Inc. said the incident highlighted the need for faster adoption of cards with chips.

The article reports that supermarket operator Supervalu Inc. is investigating a possible data-security breach that may have occurred early in the summer of 2014. The company believes malicious software may have been installed on its point-of-sale network by computer hackers. Potential victims also include retail stores purchased from Supervalu by private-equity firm Cerberus Capital Management LP in 2013.

The article discusses near-record profits recorded by U.S. banks for the second quarter of 2014. Increased lending by banks to businesses and individuals has contributed to higher income, as has a reduction in reserves set aside for future credit losses. Research firm SNL Financial says the more-than $8 trillion in total bank loans outstanding during the quarter was the greatest amount since at least 1991.

The article discusses the waning appeal of prepaid cards endorsed by celebrities. Former basketball player Magic Johnson and television financial adviser Suze Orman are among celebrities whose cards have been discontinued. Large financial institutions such as American Express Co. and J. P. Morgan Chase & Co. have entered prepaid card market and are said to have a cost advantage over rivals.

The article discusses the ongoing practice of some small and regional banks in the U.S. of processing payments in a manner that can increase the number of overdraft fees for users. Regions Financial Corp. and WesBanco Inc. are among banks that continue to process a customer's largest payment first, thus increasing the possibility that a series of smaller payments will trigger multiple fees.

The article reports that on July 1, 2014 chief executive James Dimon of banking company J. P. Morgan Chase & Co. disclosed that he has been diagnosed with throat cancer. Dimon said his prognosis was very positive and that he would continue to work, albeit on a relaxed schedule, while undergoing treatment. Morgan spokesman Joe Evangelisti said Dimon had canceled a European trip to meet with clients.

The article discusses the public prominence of the entrepreneur Charlie Shrem, known for his association with the Bitcoin virtual currency, despite his indictments on money-laundering charges and his constraint through house arrest as of July 2014. Topics include Shrem's appearances, his electronic-monitoring bracelet, and his potential imprisonment.

The article reports on the plan of prepaid debit-card provider RushCard to introduce mobile-phone application that allow customers to put their accounts on hold temporarily if they misplaced their prepaid cards. Topics discussed include the appeal of prepaid debit cards, the rules of the Consumer Financial Protection Bureau on prepaid card industry, and the statement from RushCard chief executive Ron Hynes.

The article reports that as criminals look for new and lucrative ways to attack the financial-services industry, malicious software programs with names like Acecard and GM Bot are gaining popularity around the world. It is noted that to steal banking credentials from unsuspecting consumers, cyberthieves are using such so-called malware. It is noted that the prevalence of the malware has caught the attention of the U.S. banking regulators and the Federal Bureau of Investigation (FBI).

The article presents suggestions on preventing the hacking of mobile phones including installation of an anti-malware program, careful use of open wifi connections in public places and using additional authentication features that are offered on the phone, such as a fingerprint.

The article presents information on credit card offers in 2014 and methods consumers can use to determine which offers would suit them best. It states that from January to March of 2014 around 992 million credit card offers were mailed, up seven percent from the same period in 2013. It mentions the U.S. Consumer Financial Protection Bureau has cracked down on ways banks market additional services. It comments that some financial companies are providing customer credit scores for free.

The article discussed the rising issuance by banks and other lenders of credit cards to consumers with so-called subprime credit scores. Subprime borrowers in the U.S. received 3.7 million cards during the first quarter of 2014, 39% more thanin the year-ago quarter. Randy Hopper of Navy Federal Credit Union says card issuers have few opportunities left among consumers with high credit scores, so in search of growth have turned to others.

The article discusses private-equity firm KKR & Co.'s financial support of First Data Corp., a credit-card processing firm KKR bought in 2007. In addition to refinancing First Data's debt, KKR has provided an additional $1.2 billion in equity. First Data has not been profitable since KKR bought it, and the interest expense on its debt has totaled nearly $2 billion annually.

The article discusses the Bluebird prepaid debit card from financial firm American Express. Available exclusively at retailer Wal-Mart Stores Inc., Bluebird represents an effort by American Express to generate more business for its card-processing network at a time when revenue growth at the company is falling short of targets. American Express chief executive Kenneth Chenault has said he wants to make his company's brand more welcoming.

The article discusses declining profits for U.S. banks. Figures from the U.S. Federal Deposit Insurance Corp. show that during the first quarter of 2014 net income at 6,730 savings institutions and commercial banks fell 7.6%. Contributing to the drop were sharp declines in mortgage lending and reduced volumes of securities trading. Information is presented about how several banks including Bank of America Corp. and U.S. Bancorp are trying to cut costs.

The article reports that on April 17, 2014 retailer Wal-Mart Stores Inc. introduced its own money-transfer service. Called Walmart-2-Walmart, the service will allow consumers within the U.S. to transfer sums of as much as $900 to each other through Wal-Mart outlets. Wal-Mart continues to have a commercial arrangement with MoneyGram International Inc., which permits larger sums and can transfer funds internationally. Other rivals in the sector include Western Union Inc.

The article discusses how the Bitcoin Foundation, a trade organization that promotes bitcoins, is working to restore confidence in the virtual currency following several reversals including the collapse of the Mt. Gox bitcoin exchange and the arrest on money-laundering charges of Charles Shrem, a foundation board member. Particular attention is paid to the efforts of the foundation's general counsel, Patrick Murck, to defend bitcoins and champion higher standards within the bitcoin community.

The article discusses the March 6, 2014 identification by the Website for the periodical "Newsweek" of Dorian Prentice Satoshi Nakamoto, who lives near Los Angeles, California, as the likely inventor of the bitcoin virtual currency. Nakamoto denied this and one of his brothers, Tokuo Nakamoto, said he didn't think Dorian Prentice was smart enough to have been the inventor.