Credit Card Applications

Tide fans ordering from Bamastuff.com may have had credit card information stolen

Alabama apparel.jpgCredit card users who ordered University of Alabama merchandise from Bamastuff.com may have had information stolen. (The Huntsville Times/File photo)

TUSCALOOSA, Alabama – University of Alabama fans who bought items from Bamastuff.com between Aug. 1, 2009, and Jan. 16, 2012, are being alerted to contact their banks for possible illegal and unauthorized use of their credit cards.

Bamastuff.com has sent out email notifications informing customers about a breach in its database, which was discovered this week by the company’s IT director, David H. Jones.

In his email, Jones says information including customers’ names, email addresses, billing and shipping addresses, telephone numbers, credit card information and/or a cryptographically scrambled passwords (not the actual password) could have been stolen.

“We can’t tell you how sorry we are this has happened and apologize for any inconvenience this has caused,” Jones said in the email. “We are still investigating to see how it happened and to figure out exactly what was taken but to err on the cautious side we wanted to inform you of this incident. “

In a phone interview with The Huntsville Times, Jones said he knows of numerous fraudulent charges made on Bamastuff.com customers’ bank accounts.

“Most have been reversed, but we just don’t know about others yet,” he said.

Jones urged everyone receiving his email to contact their bank and to change their password if it is the same as the one used to make orders with Bamastuff.com.

“We are still investigating the server’s log files to pinpoint exactly what was taken and how, but we suggest if you have not already taken action (due to prior bank notification) to cancel and/or change your credit or debit card associated with your order, to do so immediately,” he wrote.

The email included the expiration date of the card used so customers will know which card was used, although most are likely past their expiration date, he said.

“We wanted to be safe and alert everyone regardless of how old the data was,” he wrote. “If you receive multiple emails, it is because you had multiple cards in the system for different orders.”

Jones said they are fairly certain that orders placed after Jan. 16 are not affected based on the access logs on the server.

“It appears to be a one time attack and we have taken numerous steps to fend off any future ones,” he said. “We suggest those who placed their first order with us after (Jan. 16) to monitor their bank statements for any fraudulent activities.”

Jones also said old orders, including names, addresses and credit card numbers, are being archived and customer data is being deleted from the system for those not placing an order with Bamastuff.com since the start of the 2009 season.

“We also recommend that you change your password on any other website where you use the same or a similar password,” he said, and cautioned customers to never give out their account number over the phone or in an email if they receive a call from someone claiming to be with Bamastuff.com.

To protect against future theft, he said the company has upgraded and installed various security software to monitor activity.

Customers are asked to go to Bamastuff.com’s account page and sign in and click “Password.” but Jones said don’t worry if you can’t log into the system.

“We removed all orders older than Aug. 1, 2009, and then all customer and address information that no longer had an ‘active’ order in the system. so if it says you don’t exist, you haven’t ordered since August 2009 and are no longer in our database.”

For questions, concerns or comments, a special email account has been set up at ccinfo@bamastuff.com.

Tide fans ordering from Bamastuff.com may have had credit card information stolen

NJ Ringleader of ID Theft, Fraud Ploy Admits Guilt

The leader of an identity theft and fraud ring has pleaded guilty in a scheme that federal authorities said operated as a veritable “crime superstore” that reached from northern new Jersey to U.S. territories in the Pacific.

Sang-Hyun “Jimmy” Park admitted in federal court in Newark on Monday that he had helped people fraudulently obtain credit cards, bank accounts and loans using illegally obtained Social Security numbers in a scheme that federal authorities say defrauded various credit card companies, banks and lenders out of about $4 million.

Fifty-three other people — most of them, like Park, Korean immigrants living in new Jersey or new York — were charged in September 2010.

Prosecutors said Park and his co-conspirators operated a scheme to buy Social Security cards from brokers who fraudulently obtained them from Asian immigrants — mostly Chinese nationals — working in American territories, including Guam, American Samoa and Saipan.

The cards were then resold to Korean immigrants in the territorial U.S. who used them to apply for driver’s licenses in California, Pennsylvania, Illinois, Nevada, new York and elsewhere. several of the defendants then used their U.S. identifications to apply for credit cards. some used all the credit they obtained to buy luxury goods such as vehicles, designer bags or liquor, some of it to resell.

Park, a 45-year-old native of South Korea, lives in Palisades Park, a town just across the George Washington Bridge from Manhattan that is home to a large Korean population. He emigrated from Seoul in 1999 to start a business importing raw materials from Central America to manufacture hats in new Jersey, according to his attorney, Christian Fleming.

After the Sept. 11 attacks, Park took a $100,000 family loan against his mother’s house in South Korea to keep his business afloat. It had slowed and faltered in the wake of the attacks, largely because of tightened U.S. restrictions on imported goods, Fleming said. Park turned to the illegal enterprise, according to his lawyer, out of desperation to try to repay his debts.

“That’s what led to this,” Fleming said. “He feels a lot of shame and accepts full responsibility, and that’s why he wanted to plead guilty.”

Michael Ward, special agent in charge of the FBI’s Newark division, and Paul Fishman, U.S. attorney for the District of new Jersey, said Park headed a sophisticated criminal enterprise that made millions of dollars in profits and went to great efforts to conceal itself from U.S. authorities.

Park ran the operation by using shell businesses, advertising the sale of U.S. identity documents in local Korean-language newspapers and employing a staff that included identity document brokers, people who worked to increase credit limits and boost scores for customers using the fraudulently obtained credit cards and local merchants who would swipe the cards at their businesses to get banks to transmit them money, according to court documents.

“Sang-Hyun ‘Jimmy’ Park was the head of a new Jersey crime conglomerate which advertised, facilitated and supported a multitude of frauds resulting in staggering economic losses,” Ward said.

The five counts to which Park pleaded guilty could carry up to 70 years in prison when he is sentenced in April.

NJ Ringleader of ID Theft, Fraud Ploy Admits Guilt

Can You Make Money Off Your Credit Card?

Can you make money off of your credit card? for years, I didn’t realize that you could.

When I was first introduced to personal banking products such as credit cards and savings accounts decades ago, I spent some idle time wondering if the seemingly tiny percentages called “interest rates” could amount to any kind of real money. I was sort of a math kid, so I worked out that the 1.59% APY on the $50 I’d just deposited with my neighborhood bank branch would earn me 79-1/2 cents if I let it sit unspent in my account for a full year. oh well, I thought, maybe they’ll round up that half-penny and I’ll get a cool $0.80.

It was a surprise to me to learn, much later, that sharp-eyed, enterprising customers have figured out how to use credit cards to turn earned interest into significant supplemental income. With a certain type of judicious money management, known in finance circles as credit card arbitrage, zero-interest credit cards can be leveraged into profitable investments.

How credit card arbitrage works

To begin credit card arbitrage, you need a standard credit card account, a zero-interest balance transfer offer and a high-interest savings or rewards checking account. the procedure is fairly simple:

  1. Collect a cash advance from a standard credit card account
  2. Transfer the credit balance to one or more credit cards with no balance transfer fee and no interest on the transferred balance during an introductory period
  3. Deposit the cash from the advance in the high-interest savings or checking account
  4. Make minimum payments on the account into which you made the 0% balance transfer
  5. Pay off the 0% credit cards in full before the introductory balance transfer offers expire
  6. Pocket the interest earned

Slate from Chase: 0% fee, 0% APR on balance transfers

One of the most important ingredients of credit card arbitrage is a credit account that offers very low or zero APR for an introductory period. for a limited time, the Slatecard from Chase offers qualified borrowers 15 months of 0% APR on debt transferred from other credit card accounts, with a 0% balance transfer fee instead of the typical 3 to 5%.

Slate offers you more than just a 0% balance transfer. You also get access to their Blueprint options, which are the following repayment and reporting tools:

  • Full Pay: choose from several categories of everyday purchases and budget an amount per month to pay before it can be added to your borrowed principal.
  • Split: Design plans to help you pay off large purchases sooner than if you just pay the minimum balance. You set a number of months for paying off the purchase or specify a monthly payment.
  • Finish it: Similar to the Split option, but for your whole balance. Organize a repayment plan based on per-payment amounts or a desired number of payments.
  • Track it: keep an eye on your spending history and progress toward spending goals.

Other services Slate provides include built-in fraud protection and a $75 statement credit earned after spending $300 on purchases within the first three months.

Is credit card arbitrage right for you?

Though the concept behind credit card arbitrage is straightforward, this process requires close attention to detail. it may also take a bit of research to find strong balance transfer credit card offers or checking and savings accounts with a yield high enough to make this arbitrage worth your time and effort.

Ron Nawrocki is a real estate fund manager and host of the Wealth DNA radio show who makes about $2,000 annually from arbitrage deals. he says there are advantages to the process that stretch beyond supplementary income.

“(Arbitrage) will negatively affect your credit score temporarily,” Nawrocki says, “but when you pay off the 0% balance transfer cards, your credit score goes higher than before since you’re exercising your credit lines.”

Nawrocki goes on to say that the key factor in these deals is investment discipline. making everyday purchases with the money you’ve invested in arbitrage can sink the whole operation.

Credit expert John Ulzheimer, president of Consumer Education at SmartCredit.com, counsels against this kind of arbitrage. Says Ulzheimer, “0% balance transfer offers should be used to buy time so that the debtor can aggressively attack (a high-interest) balance and pay the card off,” rather than try and earn extra money.

Ultimately, unless you know exactly what you’re doing and have the discipline to avoid any missteps, you might be better served using Slate and other credit card promotional offers as tools to take the edge off of existing debt.

This content is not provided or commissioned by any company mentioned in this post. Opinions expressed here are author’s alone and have not been reviewed, approved or otherwise endorsed by any such company. This site is compensated by companies referenced in the blog posts through advertising, affiliate programs or otherwise.

The original article can be found at MoneyBlueBook.com:Can you make money off your credit card?

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Can You Make Money Off Your Credit Card?