'Zero-per-cent initial rates could lure people into a debt trap.’Richard Koch, head of policy at the UK Cards Association trade body, insisted all applications were subject to affordability checks and said such offers saved customers money, while making terms and conditions clear.When Jed Grant's security clearance and biometric information was stolen from the U. Office of Personnel Management, the agency offered him and 22 million other affected people a free credit monitoring service.
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The service "was worth what I paid: nothing," said Grant, CEO of IT security firm Peer Mountain.
"So far in the five-plus years that I have had it, it has notified me twice that my Yahoo account was hacked, which we all know anyway," Grant said.
‘Banks blame the stores and vice versa, but the people losing out are customers having their details stolen.
The big beneficiaries are the firms who invented the inadequate technology – and, of course, the thieves.’The criticisms come as Transport for London (Tf L) admitted bus passengers who tap their Oyster card on to a reader when getting on a bus have had the universal £1.40 fare taken from their bank card in the same wallet instead.
Former pensions minister Baroness Altmann described the cards as ‘dangerous’ and said they were luring millions into a ‘debt trap’.
Senior bankers also warned of serious implications for the banking system.
Customers use them to pay for less costly items (£20 or under) without having to key in a PIN number or scrabble around for cash.
Instead, they simply scan their plastic over an electronic reader at the till.
The unsuspecting victim would be unaware their data had been stolen until they received their bank statement, but the stolen information could be used to make purchases online from retailers such as Amazon, who do not require a security code or further checks for most purchases.