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Business / Financial

What You Should Know About the New Credit Card Chip Rule

Kenishirotie/istock/Thinkstock(NEW YORK) — Chip-enabled credit cards will now become the standard for consumers and business owners.

Banks and credit companies have been sending consumers new cards, which look like their old cards but are fitted with a small metallic high-tech chip known as EMV, which stands for Europay, MasterCard, Visa — the three companies that created the standard. The chip’s goal: keeping thieves from easily accessing consumers’ personal information. Starting tomorrow, retailers and small businesses who have not yet upgraded their credit card networks will be liable for any Visa, Discover or Mastercard credit card transaction that is fraudulent if the card is EMV-equipped. If fraud occurs when a magnetic stripe card is swiped at a chip-enabled terminal, the bank is still responsible for the fraud. American Express will transfer liability to business owners on Oct. 16.

If the business hasn’t updated to an EMV machine, it’s responsible for fraudulent transactions when the card is EMV-equipped. If fraud occurs when a magnetic stripe card is swiped at a chip-enabled terminal, the bank is still responsible for the fraud.

Credit card fraud is a growing problem in the U.S. About 31.8 million U.S. consumers had their credit card information stolen last year, more than three times the number of consumers affected in 2013, according to a report published by Javelin, a company that studies customer transactions. According to a report from Barclays earlier this year, almost half of the world’s credit card fraud occurs in the U.S.

According to the Electronic Transactions Association, the high-tech chip creates a unique code for each transaction, making it difficult for criminals to duplicate consumers’ information. The new cards have to be inserted and then held in a card reader, which then uploads the information to complete the transaction. The new credit card standards are not a mandate for retailers and credit cards with just magnetic strips will still be accepted.

Here’s what consumers and business owners should know about the shift:

1. Consumers can still use magnetic stripe cards if they have them

Sean McQuay, a credit card expert at personal finance site NerdWallet, said fraudsters are going to bug every non-EMV payment terminal they can to steal credit card information because these terminals will become the path of least resistance for theft.

“Consumers need to be wary of any store that forces them to swipe their card as opposed to dipping the chip — old terminals will be even more susceptible to hacking until they’re upgraded,” he said.

2. It’s been done before

Since 2005, when the U.K. switched to the EMV standard, counterfeit fraud has decreased 63 percent, as noted in NerdWallet’s Consumer Credit Card Report, but that was after peaking in 2008, three years after the roll-out.

“This is a reminder that consumers will not be instantly safer after Oct. 1 but rather once a critical mass of consumers and stores are EMV-ready,” McQuay said.

Due to these limitations, McQuay predicts that credit card fraud will continue to rise in the short term.

3. Tough luck for online shopping

McQuay points out that there are …read more […]

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Entertainment

Naya Rivera and Husband Welcome First Child

Frank Micelotta/FOX(LOS ANGELES) — Congrats are in order for Naya Rivera and her husband, Ryan Dorsey. A rep for the actress told ABC News that she’s a new mom.

According to TMZ, who obtained the baby’s birth certificate from Cedars-Sinai Medical Center in Los Angeles, the couple named their baby boy, Josey Hollis. He was born September 17.

“They are so excited to be first-time parents,” one source told Us Weekly . “It was a very easy pregnancy and birth.”

Another insider added, “Naya was born to be a mother and is doing really great so far. And Ryan has amazing paternal instincts and has been waiting on them both hand and foot.”

Rivera and Dorsey wed July 2014 and announced in February they were expecting.

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World News

Migrant Camp Torn Down at France-Italy Border

Benjamin Haas/iStock/Thinkstock(VENTIMIGLIA, Italy) – Police tore down the first migrant camp to go up in Europe early Wednesday morning.

Bulldozers moved in, sweeping away the tents and the few personal possessions of the migrants living in the border town of Ventimiglia.

The camp was set up there earlier this summer, when France started restricting the entry of those seeking asylum.

About 50 migrants and Italian activists took refuge in the nearby coastal rocks.

Copyright © 2015, ABC Radio. All rights reserved.

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Business / Financial

Markets Move Higher To Close Third Quarter

iStock/Thinkstock(NEW YORK) – The markets moved higher on the final day of a volatile quarter.

The Dow Jones Industrial Average soared 235 points to finish the day at 16,284.80.

The NASDAQ closed up 103 points, finishing at 4,620.16, while the S&P 500 rose 35 points to end the day at 1,920.03.

The markets close out the third quarter with losses. Over the last few months, investor fear has been driven by China’s shaky economy and an impending decision from the Federal Reserve over whether to raise interest rates.

Payroll processor ADP says private employers added 200,000 jobs this month, up from the 180,000 the month before. The government’s jobs report is due out on Friday.

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Entertainment

Justin Theroux Says His Marraige to Jen Aniston Is a ‘Wonderful Thing’

ABC/Rick Rowell(NEW YORK) — Justin Theroux said marriage to Jennifer Aniston is “fantastic” and really has improved their relationship.

“Something really does shift in a wonderful way and it sort of refocuses things,” The Leftovers star said on Wednesday’s Good Morning America. “And in a weird way it was sort of a long time coming, but also put us in exactly sort of the right space…I don’t know. It’s a wonderful thing, you know?”

Theroux and the Friends star wed August 5 at the couple’s home in Bel Air, Calif. ABC’s Jimmy Kimmel Live! host Jimmy Kimmel officiated.

Having Kimmel in that role “was the biggest blessing in the world,” Theroux said, adding: “It was exactly what you would want him to do. He was extremely funny, kept things extremely light, was extremely touching.”

Kimmel even “cried a little bit,” Theroux said. “He did. …everyone did. And it was just, it was the perfect tone for the night.”

With his wedding out of the way, Theroux is set to return to The Leftovers, HBO’s psychological drama that focuses on life following the disappearance of tens of millions of people in the world. On GMA, the actor teased what viewers can expect.

“We moved the show to Texas, a fictional town of Miracle, Texas, where there’s been — I think it’s safe to say — no departures,” Theroux explained. “I’d like to say things normalize but they just get a lot weirder.”

Season two of The Leftovers premieres Sunday, October 4 at 9 p.m. Eastern.

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Sports

Tim Tebow Surprises Teen Florida Gators Fan Fighting Leukemia at Hospital

Courtesy Tim Tebow Foundation(JACKSONVILLE, Fla.) — Tim Tebow recently gave a teen fan with leukemia a surprise visit at a hospital in Jacksonville, Florida, and the teen’s reaction was priceless.

Tebow was caught on video casually walking into 13-year-old Nathaniel Nelson’s room at Wolfson Children’s Hospital Tuesday night. The super-fan’s room was filled with gear from the Florida Gators, the University of Florida football team for which Tebow played as a quarterback.

“What’s up?” Tebow, 28, says in the video. “Can I get a hug?”

Nelson is left speechless, but he gives Tebow a hug before beginning to laugh and cry at the same time, the video shows.

“I’ve heard so much about you,” Tebow then says in the video. “I’ve probably had 15 people contacting me and telling me about you and how awesome you are and how so many people are praying for you, so I said, ‘I just have to go and see him.'”

Nelson then wipes his tears, still laughing, before managing to finally say, “Wow.”

Footage of Nelson and Tebow’s emotional meeting was viewed over 4.4 million times on the Tim Tebow Foundation’s Facebook page as of this afternoon.

The two spent almost two hours together and played video games and visited other children on the floor, according to Erik Dellenback, the executive director of the Tim Tebow Foundation. He told ABC News that Tebow also signed a board in Nelson’s room and gave him a signed limited edition Tim Tebow Foundation football and a signed bible.

Nelson was diagnosed with acute myelogenous leukemia (AML) last month, but he has maintained an “incredible, kind spirit” and hopes to recover, attend the University of Florida and become a scientist to cure cancer, Dellenback said.

The Gators fan has two giant maps in his hospital room — one of the world and one of the United States — marked up with the places where people are praying for Nelson, Dellenback added.

Copyright © 2015, ABC Radio. All rights reserved.

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Sports

Tony Stewart on Retirement: Choice “100 Percent Mine”

Jared C. Tilton/Getty Images(KANNAPOLIS, N.C.) – Tony Stewart officially announced his retirement from Sprint Cup racing following the 2016 season at a press conference Wednesday.

The three-time Sprint Cup winner said the choice to retire was “100 percent mine” and had nothing to do with his involvement in the death of driver Kevin Ward Jr. Ward was killed in August of 2014 during a sprint car race.

The 44-year-old Stewart will still race professionally, just not on the Sprint Cup circuit.

Clint Bowyer will take over for Stewart as the driver of the Stewart-Haas Racing No. 14 car starting in 2017.

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Business / Financial

Apple OS X El Capitan: Five Reasons to Upgrade

Apple(NEW YORK) — Apple is putting the focus on power users with OS X El Capitan, the latest Mac operating system update which is available Wednesday as a free download.

While the operating system has the design of Yosemite, it packs some changes to help with productivity.

“El Capitan refines the Mac experience and improves performance in a lot of little ways that make a very big difference,” Craig Federighi, Apple’s senior vice president of software engineering, said in a statement. “Feedback from our OS X beta program has been incredibly positive and we think customers are going to love their Macs even more with El Capitan.”

Available in the Mac App Store, El Capitan supports all Macs introduced in 2009 and later with the ability to support some models from 2007 and 2008. Here are five reasons why getting the update could be worth your while:

Smarter Search

Smarter search capabilities in Spotlight let users ask questions or deliver commands using natural language, such as “Find me John’s resume” or “How did the Yankees do last night?”

Balancing Act

Apple designed this update with power users in mind: You can now work in apps positioned side by side. Mission control springs into action with a simple swipe, arranging everything a user has open in a single layer, saving the nuisance of searching for a window. Lose your cursor on a crowded screen? No problem — just shake it and it will get bigger.

Powerful New Notes App

A more powerful Notes app lets users quickly turn a to-do list into an interactive checklist that can be made on the Mac but accessed on the iPhone, thanks to iCloud. It also includes the ability to add photos, video and maps to your notes, making them useful when you’re out and about.

Your Favorite Sites

Pin your most visited sites in Safari, letting you get to where you want to go even faster.

Mute Audio

It’s even worth appreciating the little things. You can now click a mute button in Safari to keep sound from annoying videos or advertisements from interrupting your workflow.

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Business / Financial

Facebook’s New Ways to Dress Up Your Profile

Facebook(NEW YORK) — A short looping video showing off your personality could soon be the star of your Facebook profile.

Facebook is beginning tests Wednesday for new ways for users to dress up their profiles, including the addition of a profile video letting users “show a part of yourself you couldn’t before, and add a (literal!) new dimension to your profile,” a newsroom post said.

Facebook product managers Aigerim Shorman and Tony Hsieh said user profiles are viewed more than four billion times per day, making them a crucial part of how a person expresses who they are online.

Along with the option for a fun looping video, the team at Facebook has also decided to focus on profile photos.

“Profile pictures are not just static portraits. They represent what’s going on in your life right now and what’s important to you, and we want to give people the tools to better express themselves in this way,” Shorman and Hsieh wrote in a post.

Facebook will roll out the ability to set a temporary profile photo which can revert back to another at a specified time, making it even easier to support your team leading up to a game or to show support for an important cause.

“It can be a visual status update to let you friends know what’s going on in your life today, or it can be a moment of solidarity for a cause you feel strongly about,” Shorman and Hsieh wrote.

The other big change includes improved profile controls, letting a user do as much or as little as they want with a customizable space at the top of their profile, which will have room for a one-line biography and as many as five featured photos. Mobile users can also expect a big design change with profile photos moving front and center, making more room for the new features, should they choose to include them.

While the word is officially out on the fancy new window dressings, Faceboook said they’re currently only available to iPhone users in California and the United Kingdom and will be rolled out to more people soon.

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