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Credit Cards: A King, A Zing, and a No Ka-ching

By Brian Riley
November 5, 2020
in Analysts Coverage, Credit, Fraud & Security, Security, Uncategorized
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Credit Card Portfolios Slide: Lower FICO Scores, Steal a Co-Brand, or Loosen Up Lending

Credit Card Portfolios Slide: Lower FICO Scores, Steal a Co-Brand, or Loosen Up Lending

With very little news on credit cards, as the United States waits for “the other shoe” to drop on the presidential elections, here are three quick reads on unauthorized or improper credit card usage.

The King: Spain’s Former King Faces Credit Card Probe

Spanish prosecutors have opened an investigation into whether former king Juan Carlos I used credit cards linked to accounts not registered in his name in a possible money-laundering offence, judicial sources said Wednesday, the Local, a Spanish news source reports.

  • The probe is latest of a string of legal inquiries into the finances of the scandal-hit 82-year-old who fled into self imposed exile in the United Arab Emirates in August.   
  • His departure came as investigators in Spain and Switzerland were looking his financial affairs following revelations by his former mistress, German businesswoman Corinna Larsen.
  • Anti-corruption prosecutors opened their investigation at the end of 2019 but it only came to light on Tuesday with the publication of a story by online news site elDiario.es
  • Legal sources said they were looking into the origin of funds deposited in several Spanish bank accounts held by a Mexican business and an official in the Spanish Air Force, and whether the money in them had been used by the
    former monarch.   

This bring back memories of Imelda Marcos!

The Zing: Woman admits to $200,000 in grand larceny

Maybe the goal was award points. Putting $223,428 on your credit cards? My wife would absolutely kill me.

  • According to the Erie County DA’s Office, Titus admitted that while employed by Acme Bearings Corporation, she stole $223,428.04 from the company by writing 138 checks out of the company’s operating account to pay her credit card bills between July 2016 and June 2019.
  • Karen Titus, 57, pleaded guilty in state Supreme Court to two counts of second-degree grand larceny, both felonies. It was the highest sustainable charge.
  • The theft was uncovered following an internal audit and she was fired from her position of bookkeeper for the company in June 2019.
  • Titus faces a maximum of 15 years in prison when she’s sentenced on Jan. 26, and she remains released.

Well, if you do the math, that is $14,800 a year.  Probably not worth it.

And, No Ka-Ching

This one hits home for me because I always worry when I give a waiter or waitress my card to pay for a meal. This slippery dude got off easy.

  • A RESTAURANT worker who tried to use a stolen credit card to pay for online gambling has been spared jail.
  • Bogdan Niculae (36) made three attempts to use the card on a poker website after it was given to him by a friend, Dublin District Court heard.
  • Judge Michael Walsh ordered him to complete 200 hours of community service to avoid an eight-month prison sentence.
  • Niculae had no previous convictions, was from Romania and had been living in Ireland for a number of years, his solicitor Brian Doherty said.
  • He was given the number of the card by a friend and tried to use it online on a gambling website.
  • There were three attempts to use it and all failed.

More news to follow, after we get through the drama of the U.S. elections.

Overview provided by Brian Riley, Director, Credit Advisory Service at Mercator Advisory Group

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Tags: CreditCredit CardCredit CardsFinancial CrimeIdentity Theft

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