Yesterday, U.S prosecutors charged six foreign nationals with the largest cyber fraud case in U.S. history. The men allegedly orchestrated more than $300 million in credit and debit card thefts by illegally accessing computers at Citigroup, Nasdaq, PNC Financial, Visa Jordan, an additional Visa Inc licensee, Discover, Dow Jones, and retailers including JetBlue, Carrefour, Hannaford Brothers, 7-Eleven, J.C. Penny and more. The group executed its spree over nearly a decade, even landing one of the members in jail in 2008 on a 20-year prison sentence. The other five members included four Russian nationals and one Ukrainian, all between the ages …
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Retailers have been frustrated with credit card fees for years, and their opting out of a recent settlement underscores this frustration. From Reuters: A group of U.S. retailers, including Macy’s Inc. and Target Corp., sued Visa Inc. and MasterCard Inc. on Thursday, breaking off from a proposed $7.2 billion settlement reached last year over fees to process credit card transactions. The legal team representing millions of merchants came to a settlement with Visa and MasterCard over their inflation of “swipe fees” – a settlement worth over $7.2 billion. This settlement required signing an agreement protecting Visa and MasterCard from future litigation for …
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