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I am sad to say that my last Newsletter, ” Credit Card Fraud is well beyond out of control", stated things well below that of the state of affairs. To read more go to the web site.

We hear statements in the news that billions of dollars are stolen as a result of Credit Card fraud and that these loses are passed on to us the consumer. We listen to these reports and just let these types of statements roll off our backs like it does not effect us. IT DOES effect us.

Scenario 1
Take a large financial company like Bank of America. A credit card client has their card used illegally and the bank takes the loss per their customer protection plan. Say amount stolen is $1,000.00, or even $4,000.00. Was this a crime? Not a crime statistic if there is NO report filed with the proper authorities. Can you file the report with law enforcement? What would you say? You haven't lost any money so therefore it is BOA's issue to deal with. BOA has not charged you for the transactions and has issued you a new Credit Card so it is up to BOA to contact law enforcement. As far as BOA is concerned it would cost them more money to TRY and identify the criminal(s) and bring them to justice than to just write off the loss. Who pays for the loss? That's right, you, you, you. We all do.

Scenario 2
Someone does an online over the Internet purchase using his or her credit card. As it turns out, the Credit Card information that was entered is stolen including the CVV number from the back. The CC owner doesn't know that this has occurred and if the person doesn't watch ALL of his/her credit card transactions closely it might go unnoticed forever. Scary thought, isn't it?

Here is where it gets confusing. Who stole the information? Was it an employee from the company that you purchased the item from? NO. Then what exactly happened? As it turns out, the company you purchased the item from is one of many who forward their credit card transaction responsibility to another company for the actual processing. This is where many people think that the company that has the product for sale on their web site is the actual credit card merchant with the Bank. Not at all. The merchant in this case turns out to be YAHOO. Yes, YAHOO. Could it be an inside job by an employee of YAHOO? How about a big, "you hit the nail on the head".

So, one would think that you could just move forward and contact YAHOO to let them know about this potential breach of security within their organization. GOOD LUCK. They will not answer you. They don't care just like the Banks just don't care. This type of stealing is never identified yet it goes on every day of the year.

Summary
Not until the executives of companies are personally held accountable for negligence by ignoring crime can we expect any change to occur? It appears to me that they (the Yahoo's of the world) look at each occurrence as a unique crime when in fact it is a recurring crime that no one seems to realize or care to pursue. Here is a thought to ponder. If this person can figure this out why and how is it that the companies that are indirectly and directly responsible for the crimes not able to identify where the crime is originating? Next step, the 5 O'clock News.

If you want to know which company I am referring to in this Newsletter then just email me. There is a chance that every company receiving this Newsletter could use the company in question for a purchase. If you use SKYPE product then you may qualify.

I have tried to get a response from YAHOO and have offered to have law enforcement available during any communications. YAHOO employees have received multiple communications from me and have not responded even though I have informed them that I have proof of crimes.

The PM Report home page is located at - http://www.PeteMilano.com

Sincerely,
Pete Milano

As always, your comments are welcome

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PM

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