Credit Card Fraud Ring Bust Exposes Breadth And Depth Of Consumer ... Following a two-year sting operation, this week's credit card fraud-ring bust resulted in the arrest of two dozen hackers who are alleged to have trafficked in everything from stolen credit-card numbers and Social Security numbers to bank account ... Read more on Huffington Post
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The Federal Reserve released its monthly minutes yesterday, and for the first time in recent memory, some parts of the outlook were fairly chipper. "Financial market conditions," it states, have "generally strengthened, and surveys and anecdotal reports pointed to a pickup in household and business confidence."
One piece of data that caught my attention was the Fed's unemployment expectations. In an upward revision from its last meeting, the Fed now expects the jobless rate to be between 9.2% and 9.6% by late this year.
These are interesting numbers when compared with the Treasury's recently completed stress test. That test which was used to determine whether banks were adequately capitalized under a worst-case scenario assumed that 2009 unemployment would fall between 8.4% in a baseline scenario and 8.9% in the worst-case scenario.
In other words, the Fed's baseline outlook is grimmer than the Treasury's worst-case outlook.
Why fret over a handful of basis points, you say? Simple: According to some Fitch Ratings analysis, there's a historical one-to-one correlation between unemployment and prime credit card charge-offs. That is, if the unemployment rate doubles, so does the credit card charge-off rate. It's even worse for lower-quality cards.
When you're talking about numbers this big, an increase in the charge-off rate of a few dozen basis points is nothing to sneeze at. And since the stress test's goal was to adequately capitalize banks, the thought that more money may need to be raised in the future doesn't seem far-fetched.
Will it be the end of the world for banks? For most, no. But when the Federal Reserve's own projections challenge the Treasury's stress test by what could equal billions of dollars of losses for several banks, there's yet more reason to wonder whether the test was more of a confidence campaign than an objective and realistic analysis. Suggest Curious Numbers for Credit Cards Articles
Question by lord humungus: punishment for credit card theft for buying $ .99 stickers with test numbers? i used a credit card test number for buying $ .99 stickers, i really didn't want the stickers, well the number went in, i am a 17 year old, what are the penalties for this? Best answer for punishment for credit card theft for buying $ .99 stickers with test numbers?:
Answer by Tom
Lol, the test number worked? XD
Answer by Jan Luv
bank fraud / thief is punishable up to 25 years in prison
Answer by Joe B
Where are you getting test numbers from, jeez starting early huh, age 17 committing fraud? It's Identity theft and fraud, google your state with those terms and you'll find specific penalties, none of which are small potato's.
Answer by Bob B
Fraud and identity theft are the most obvious ones (presumably the number, being real, apparently belongs to someone). If you were buying online, it sometimes takes a little while for dodgy numbers to show up in the system, and the website normally assumes you entered a wrong number and asks you to try again (this happened to me on Amazon once). If that happens, then just tell it to cancel and don't worry about it. And if the order hasn't shipped, cancel it now and again you shouldn't have any worries. Otherwise, get in contact with whoever supplied the test number and tell them what happened now before it shows up on their statement. I don't know if they are going to care about a 99c sticker, but if they're security-conscious, they might ask a few questions as to how their credit card number was used to buy anything they didn't order.
Answer by Common Sense
Credit card fraud is 5-10 years depending on the state. Don't drop the soap.
Answer by FNA the Third Generation
Don't forget the US government wants to throw a retarded English guy in jail for life for hacking the DoD. They will throw the book at you I'm afraid. It's not like it was 10 years ago
Answer by LALALALA
no one is sure its gonna have to be inveigarted.
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