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Fraudsters need more than SINs to commit identity fraud, says experts

TORONTO - Canadians who have their social insurance numbers compromised such those affected by the breach of Canada Revenue Agency's system by the Heartbleed bug can minimize their risk by taking steps to protect their credit and other personal information, security experts say. The Canadian Anti-Fraud Centre says identity theft often occurs when fraudsters get their hands on multiple pieces of identification and use it to apply for credit.

Cash America looking to spin off online lending business

By Neha Dimri (Reuters) - Payday lender Cash America International Inc is revisiting a plan to spin off its online lending business to focus on its storefront operations that includes pawn. The company's shares rose 15 percent as a spinoff would separate the fast-growing pawn business from the highly regulated online payday lending operations. "Managing these two diverse businesses is complex and is simplified by the spinoff," Sterne Agee & Leach Inc analyst Henry Coffey said.

Volcker extension still challenging for new CLOs

By Billy Cheung, Lynn Adler and Natalie Harrison NEW YORK (Reuters) - A Federal Reserve announcement on Monday that would relax Volcker Rule conformance periods still leaves banks holding collateralized loan obligation (CLO) debt in a quandary.

Exclusive: Iowa, North Carolina join states studying Experian breach

By Jim Finkle and Karen Freifeld BOSTON/NEW YORK (Reuters) - Iowa and North Carolina said they are looking into a breach involving a subsidiary of Experian Plc that exposed some 200 million social security numbers, in addition to two states that previously announced investigations. Separately U.S. Senator Claire McCaskill, a Democrat from Missouri, chided the company, saying she was concerned it had changed its explanation of how it was responding to the breach.

China raises 2014 short term foreign debt quota to $43.39 billion

BEIJING (Reuters) - China has set a quota for the total amount of short-term foreign debt banks and companies can borrow in 2014 at $43.39 billion, the nation's foreign exchange regulator said on Tuesday, implying a rise of 16 percent from last year. The State Administration of Foreign Exchange (SAFE) did not give a comparative figure, though it has previously said the quota was $37.3 billion in 2013.

Exclusive: U.S. states probing security breach at Experian unit

By Jim Finkle and Karen Freifeld BOSTON/NEW YORK (Reuters) - A number of U.S. states are jointly investigating a data breach involving a subsidiary of Experian Plc that exposed the social security numbers of some 200 million people to potential criminal activity.

Banks see high credit risks for households in Q2

SEOUL, April 3 (Yonhap) -- South Korean banks forecast the credit risks of households to stay high in the second quarter on concerns over excessive household debt, the central bank said Thursday. An index gauging larger firms' credit risks came in at 25 for the April-June period, unchanged from the previous quarter, according to a survey of 16 local banks conducted by the Bank of Korea (BOK). The number marked the highest level since 28 tallied for the first quarter of last year.

South African credit history amnesty takes effect

A South African law requiring lenders to erase defaulters' credit history took effect Tuesday despite protests from banks and opposition parties that branded the move as populist vote-buying. Credit bureaus now have two months to wipe "adverse consumer credit information" from their records, according to the law, which comes ahead of elections on May 7. "The amnesty doesn't remove the debt, it just removes the information related to an account," said National Debt Mediation Association CEO Magauta Mphahlele.

Bank lending surge very good or really bad: James Saft

By James Saft (Reuters) - A remarkable rise in U.S. bank lending may hold the key to the outlook for the U.S. economy, but it could be either very good or very bad news. Lending for commercial and industrial purposes rose at a 26.4 percent seasonally adjusted annual rate in February, according to Federal Reserve data released last week, the biggest such spike since the 2008 fall of Lehman Brothers.

Fandango, Credit Karma may have exposed some users' personal information but have fixed error

PORTLAND, Ore. - The Federal Trade Commission says the mobile applications of movie ticket-seller Fandango and credit report-provider Credit Karma may have exposed millions of users' sensitive personal information, including credit card data and social security numbers. The companies failed to properly secure their apps over a multiyear period, potentially exposing information users sent or received through the apps, according to the FTC. Fandango and Credit Karma fixed the security issue last year.
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