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PayPal app lets users in Toronto buy coffee, dinner without their wallets

TORONTO - It's long been promised that technology will kill the old-fashioned wallet and consumers won't need to carry cash or credit cards to buy a coffee, eat out and go shopping. PayPal Canada has taken a little step toward that high-tech future, starting in Toronto. Its mobile app, available for Apple and Google Android devices, now allows users to pay for purchases at more than 50 eateries and cafes.

Two U.S. hackers admit to international cyber crime in New Jersey court

By David Jones NEWARK, New Jersey (Reuters) - Two American men said to belong to an international cyber crime ring admitted hacking into accounts at banks, brokerage firms and government agencies in an attempt to steal some $15 million, New Jersey authorities said on Tuesday. The two were part of a scheme to "cash out" bank accounts and pre-paid debit cards opened in the names of others, said U.S. Attorney Paul Fishman in a statement.

Security firm Trustwave says Target data breach claims baseless

(Reuters) - Trustwave Holdings Inc, a credit-card security firm that has been sued along with Target Corp <TGT.N> over a sweeping data breach, said on Saturday it did not process cardholder data for the retailer or handle Target's data security as a lawsuit alleges. In a letter to customers and business partners, Trustwave Chief Executive Robert McCullen said the company's connection to Target was not what had been portrayed in a suit filed last Monday by two banks seeking at least $5 million in damages.

Sally Beauty says security breach affected more people than earlier anticipated

DENTON, Texas - Sally Beauty says a security breach in March may have affected more of its customers than it earlier estimated. The beauty products seller said last week that the breach affected fewer than 25,000 credit and debit card accounts. It said Friday that based on an investigation into the incident, a larger number of records containing payment card data may have been illegally accessed and removed from its system. Sally Beauty refused to say how many accounts may have been impacted until the forensic review is complete.

Wal-Mart sues Visa over fees it charges retailer when shoppers use credit and debit cards

NEW YORK, N.Y. - Wal-Mart Stores Inc. is suing Visa Inc. over fees that it charges the world's largest retailer when customers use a credit or debit card. Wal-Mart said Visa conspired with banks to illegally fix and inflate fees that retailers pay on card transactions, and that the fees cost U.S. retailers and shoppers more than $350 billion between 2004 and November 2012. Wal-Mart's complaint was filed Tuesday with the U.S. District Court for the Western District of Arkansas. San Francisco-based Visa declined to comment on the suit.

Police bust ATM fraud ring that allegedly netted $1 million in Quebec and Ontario

MONTREAL - Quebec provincial police say they have broken up a major debit card fraud ring that was allegedly behind more than $1 million being siphoned from unsuspecting automated teller machine users. Four people were arrested Thursday in Quebec as police executed warrants in two communities north of Montreal as well as in the Toronto area. Four other suspects from Ontario remained on the lam, actively sought by police. Police demonstrated during a news conference on Thursday just how easily the fraud was perpetrated.

Earth Hour to tap crowdfunding for green campaigns

Lights will go off in some 7,000 cities around the world for this weekend's Earth Hour event, which will aim to raise hundreds of thousands of dollars for environmental projects worldwide, organisers said Thursday. Organisers WWF have partnered with payments giant PayPal to allow donors to contribute for specific projects in countries from Russia and India to Canada and Indonesia, using Asian fundraising site Crowdonomic.

Interac says fraud in Canada with Interac debit cards dropped 62% in 2013

MONTREAL - Interac debit card fraud has hit a record low in Canada, down 62 per cent in 2013 due to better technology, according to the group responsible for the payment network. The Interac Association says Interac debit card fraud losses caused by so-called skimming, or the stealing of information, dropped to $7.3 million last year, down from $18.2 million in 2012. Chip technology on bank cards — a computer chip that encrypts financial information that's usually used in combination with a PIN password — has been making the difference, Interac said Wednesday.

Target, security auditor Trustwave are sued over data breach

By Jonathan Stempel (Reuters) - Target Corp and Trustwave Holdings Inc, which provides credit card security services, have been sued by two banks for "monumental" losses they say card issuers will face because of the retailer's holiday season data breach.

Credit card spending growth slows in Feb.

SEOUL, March 25 (Yonhap) -- South Korea's credit card spending grew at a slower pace in February than a month earlier due to a one-time effect, data showed on Tuesday. Purchases made with credit cards reached 41.48 trillion won (US$38.52 billion) in February, growing 2.5 percent from a year earlier, according to the data compiled by the Credit Finance Association. The February figure is compared with 46.9 trillion won worth of credit card spending a month earlier and also marks a slowdown from a 9-percent on-year gain in January.
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