April 21st, 2009
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With the help of modern technology, cell phone operators can reject customers’ application for any post-paid connection if the operators are not pleased with the consumers’ credit data. On the other hand, insurance companies also can consider any consumer credit history earlier than offering the premium for the policy.
Recently, India’s first credit information company Credit Information Bureau India (CIBIL) has got RBI nod to establish and continue the deal of providing credit history of consumers and companies to organizations registered with the compnay. Three other companies also got this service.
Moreover, the act offers people to know about their credit history with the help of credit bureaus. The RBI nod would allow companies from telecommunications along with insurance space to access credit data. Earlier, only some financial institutions like several banks and NBFCs can access and can share credit data.
April 20th, 2009
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Online criminals have been taking advantage of many people as they are doing banking and some other sensitive tasks in the net. During 2008, ATM cards and PIN information turned into the preferential information for cyber-thugs. 93% of 285 million account exposed being linked with the financial and banking sector.
The usual assaults on any computer occupied a hacker installing software. It records keystrokes and additionally, allows future access. Security experts and analysts have already identified technology managers as the main offenders for allowing unwanted guests into the company machines. They got technology managers made some mistakes. The mistakes did far more damage than careless activities by staffs who sporadically logged onto risky websites. They said Firefox web browser is more secured than Microsoft’s Internet Explorer.
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April 6th, 2009
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Australian administration has taken a special program for job loser and loan sufferer. The government struck an agreement with several major banks to facilitate individuals who have lost their job. According to the deal they also help people those are struggling to pay their mortgage.
On behalf of the Australian Bankers Association, David Bell said in a statement that the Commonwealth, Westpac, NAB and ANZ banks are going to postpone property loan repayments for up to 12 months for victims in hardship. He said “We’ve recently agreed with the Government to a series of expanded options to help our customers if they experience financial hardship through unemployment or other circumstances.”
According to Bell, other measures which the banks can consider include:
- Extending loan contracts
- Reducing repayments
- Waiving fees
Bell said “Each will be individually tailored for the particular customer, but they could be extending the period of the contract on the loan.” He added “It could be reducing the limits available to customers on credit contracts and it could include repayment holidays, but it’s up to the individual circumstances of the customer.” It is expected to announce more details about the package from Prime Minister Kevin Rudd.
March 30th, 2009
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An increasing number of third-party software applications are now run on different mobile phone devices. But there is no great prospect in any application that can benefit ecommerce merchants. In recent times an app, iSwipe is developed for the iPhone that allows business owners to accept credit card payments with their iPhones.
Through iSwipe you can easily accept and verify credit card payments. It really makes accepting credit cards fast, easy, and secure. This iPhone app works with the three most commonly used payment gateways including Paypal, Authorize.net and Cybersource.
Features:
- Best surety of security with full SSL encryption and keychain password guard.
- Shore up of full address verification support with ZIP, street, and CVV fraud detection.
- Quick single-screen entrance makes processing credit cards a snap.
- Credit card numbers are verified as entered.
- Supports Authorize.net, PayPal Pro, and Cybersource payment gateways.
- Supports approximately all major credit cards.
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March 17th, 2009
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The amount of mortgage fraud reports amongst home loans made 2008 increased 26% from one year earlier. The statistics revealed on 17 March by the Mortgage Asset Research Institute. The raise came as lenders significantly tightened the standards, making the processes more complex for borrowers to qualify for their home loans without large down payments, solid credit with proof of their incomes. According to trade publication Inside Mortgage Finance, with credit far tighter, roughly $1.4 trillion in home loans were made 2008, down approximately a third from one year earlier.
The fraud report says the recession has increased pressure on shady mortgage lenders, brokers and borrowers to lie on home loan applications. One of its co-authors Jennifer Butts said “There’s a lot more desperation, with the economy being what it is”. The study showed that in 2008 over 60 of mortgage fraud cases stemmed from falsified
applications, whereas 28% came from tax proceeds or financial statements, and 22% came from appraisals.
The report said a special fast-growing scheme is coming from “foreclosure prevention specialists”. They advocate rescuing distressed borrowers, and at times tricking the borrower to sign over the deed to the home. However, recently several states make few toughened penalties for such scams, though just a few state attorneys general capable to seek criminal charges as well as jail time. The data collected in the 11th annual report gets from approximately 600 mortgage companies, small community banks, several mortgage insurers and few mortgage finance giants like Fannie Mae and Freddie Mac. The report does not say the actual amount of fraud cases nationally or by state.
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