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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.

California DMV probing possible breach of credit card system

LOS ANGELES (Reuters) - The California Department of Motor Vehicles is investigating a possible security breach of its credit card processing services, but its internal computer system does not appear to have been accessed, a spokesman said on Saturday. The disclosure by the Department of Motor Vehicles (DMV) in the nation's most populous state comes at a time of heightened concern about data breaches following revelations of a massive theft of payment card records from Target Corp.

U.S. appeals court upholds Fed's debit card 'swipe fee' limits

By Emily Stephenson WASHINGTON (Reuters) - A U.S. appeals court upheld the Federal Reserve's controversial rules for debit card "swipe fees" on Friday, reversing a lower court's decision to throw them out after merchants argued the charges were too high. Businesses pay the fees to banks when customers use debit cards to purchase goods or services. The fees reimburse banks for costs involved in offering debit cards.

US appeals court hands defeat to retailers; upholds Fed's cap on debit card 'swipe' fees

WASHINGTON - A federal appeals court has handed a defeat to a coalition of retail groups that challenged as too high the Federal Reserve's cap on how much banks can charge businesses for handling debit card transactions. The ruling issued Friday by the U.S. Appeals Court for the District of Columbia overturned a lower court's decision in July that favoured the merchants and was a setback for banks.

Sanctions-hit Bank Rossiya says Visa, MasterCard stop providing services

MOSCOW (Reuters) - Visa Inc and MasterCard Inc have stopped, without notification, providing services for payment transactions for clients at Russia's Bank Rossiya, the sanctions-hit bank said on Friday. "The management of Rossiya understands the difficulties of clients in the current situation and will do all it can to solve them," the bank said in a statement. (reporting by Elizabeth Piper, editing by Timothy Heritage)

EU executive to promote crowdfunding sector - document

LONDON (Reuters) - A European Union "quality label" for crowdfunding would help the sector attract more investors to fund economic growth, the bloc's executive body said in a document seen by Reuters. Crowdfunding allows individuals and small businesses to raise money from pools of investors who can put money into peer-to-peer lending schemes or securities such as unlisted shares. The European Commission, in a draft document to be published next week, said crowdfunding has real potential to finance certain types of projects.

Failed MtGox exchange finds 200,000 Bitcoins in old wallet

Failed Bitcoin exchange MtGox says it has found 200,000 coins worth $116 million in an old "digital wallet", after it collapsed in February admitting it had lost half a billion dollars in a possible theft. The Tokyo-based digital currency exchange filed for bankruptcy protection in Japan last month, saying it had lost 850,000 coins worth nearly $500 million at present prices. But 200,000 Bitcoins were left in a "wallet" used before June 2011, the company said in a statement on its website Thursday.

Failed MtGox exchange finds 200,000 Bitcoins in old wallet

Failed Bitcoin exchange MtGox says it has found 200,000 coins worth $116 million in an old "digital wallet", after it collapsed in February admitting it had lost half a billion dollars in a possible theft. The Tokyo-based digital currency exchange filed for bankruptcy protection in Japan last month, saying it had lost 850,000 coins worth nearly $500 million at present prices. But 200,000 Bitcoins were left in a "wallet" used before June 2011, the company said in a statement on its website Thursday.

Bitcoin's promise: a financial revolution the web's been waiting for

By Jeremy Wagstaff (Reuters) - Bitcoin may not be the messiah of a new currency its hardcore fans yearn for, but it may herald the deeper financial revolution the internet has been waiting for. While computers and smartphones have brought the web to more than a third of the world's population, online commerce still largely depends on a banking system that has changed little over recent decades, some of it relying on computer code written before the web was born.

IRS watchdog says phone scam largest ever; more than 20,000 people contacted by fake agents

WASHINGTON - More than 20,000 taxpayers have been targeted by fake Internal Revenue Service agents in the largest phone scam the agency has ever seen, the IRS inspector general said Thursday. Thousands of victims have lost a total of more than $1 million. As part of the scam, fake IRS agents call taxpayers, claim they owe taxes, and demand payment using a prepaid debit card or a wire transfer. Those who refuse are threatened with arrest, deportation or loss of a business or driver's license, said J. Russell George, Treasury inspector general for tax administration.
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