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23 - MANCHESTER HERALD. Saturday, Oct. 27. 1984 BUSINESS GOP looks to gain Critics don’t faze Play Bingo Technology Will cut credit card crime 26 seats In House Incumbent Zinsser and win cash in Brief ... page 5 page 3 page 2 Q. What happens 20,000 times a day and costs $1 technology Involving the magnetic strip on the back of billion a year? the cards. Cornell named to society A. Credit card crime, which has soared in every form in recent years. Your They plan to issue a single bulletin that merchants Robert A. Cornell of 4 Hoffman Road has been can use to check for invalid credit cards — those Subanswer: You and you alone are profoundly named a fellow of the Illinois-based Society of reported lost or stolen, or canceled for some other contributing to this startling increase in crime and Money's Actuaries. reason. The list of merchants who ha ve been canceled costs. Do you know where all your credit cards are? He is a senior actuarial assistant with the from using the cards will be centralized, too. Do you shred those irritating carbons when you take Worth Travelers Insurance Co. in Hartford. Finally, the two will cooperate in some way on your receipts? Do you faithfully check your bills every Sylvia Porter To be named a fellow, Cornell completed a security investigations of suspected fraud and abuse. month? Do you even watch carefully when you Fog tonight: Manchester, Conn. course of study and examination offered by the And you can expect to see more electronic receive back what are presumably your own oil society on the financial analysis of risk and its authorizations. Increasingly, when you make a credit cool Tuesday Monday, Oct. 29, 1984 company charge cards, bank cards, department store application to iife and health insurance, pensions card purchase, clerks run your card through a dial and other security programs. cards and travel and entertainment cards — the year. — see page 2 Single copy: 25<t gamut of plastic money? terminal that hooks into a central computer to Actuaries are mathematicians who study and And Visa’s losses to counterfeit in 1981 were a authorize the transaction. iiaitrhpBtPr IfralJi You, the charge card customer, are routinely evaluate risks and determine the cost of benefit relatively mere $740,000, out of a total loss to fraud of The new generation of terminals will be able to do exhorted to take precautions against swindlers, and to programs. $77.8 million. even more. guard against being a victim of some card racket. And Cornell received a bachelor’s degree in MasterCard’s losses have grown in an equally These new terminals — about the size of a since about 73 million cards are lost or stolen each mathematics from Eastern Nazarene College in dramatic way. In fact, MasterCard reports that losses paperback book — will be able to read the embossed Wollaston, Mass., in 1976. year, the odds that someone might swipe your card from all kindsof fraud jumped by an astounding 1,540 numbers are not remote. number on the front of the card and the number percent between 1973 and 1982! encoded on the back in the magnetic strip. It will be Amazingly, there’s no federal law against counter P&W names plant manager American Express does not disclose this kind of obvious immediately if the two numbers don’tmatch; feiting credit cards, but efforts under way in Congress information. However, American Express suHers EAST HARTFORD — Pratt & Whitney has will change that. while it might be relatively easy to change the number much less loss due to fraud, in part because of the New spat imperils emboss«d on the front of the card, it’s virtually named David Crawford manager of the com Meanwhile, numerous attempts to clamp down on design of its familiar green card. impossible to change the same number coded in the pany's manufactur- fraud and counterfeiting are in progress. Visa and MasterCard recently agreed to make joint magnetic strip. ■ n g plant in Visa, for example, lost $112.6 million to fraud in Southington. efforts on security. The two companies have not yet The industry goal is to have all transactions 1983. Of that. Visa attributes $22.5 million to disclosed when these measures will take effect. Crawford, a resi counterfeit and altered cards. authorized electronically within the next couple of However, they will work to develop new electronic years. dent of Cheshire, That compares with fraud losses of $65.6 million in has been production technology that verifies a card holder’s signature. Perhaps that will make at least a dent in the OPEC’s price unity 1982, and counterfeit losses alone of $10.9 million that manager at Pratt & They will combine to develop other anti-counterfeit unbelievable growth rate of credit card crime. Whitney's North By John A. Callcott would mean a drawing down of Haven plant since contribution to the cutback would United Press International market stocks, which together 1980. Prior to that he be ’’substantial,” with industry with greater winter demand for oil was a shop division experts predicting it would be at GENEVA, Switzerland — OPEC would bring up spot market superintendent and least half the total. 3rd quarter earnings oil ministers began an emergency prices.” Yamani said. OPEC’s latest crisis erupted executive assistant meeting today on a plan to head off The authoritative Middle East to the president at when OPEC member Nigeria cut a global price war by temporarily Economic Survey said it was "a Pratt & Whitney in the price of its oil by $2 a barrel to cutting back oil production. virtual certainty” that OPEC East Hartford, undercut reductions announced by - P r i m e - The 13 ministers, who held ministers would temporarily re He succeeds Ro give Aetna a boost non-OPEC countries Britain and informal talks Sunday, opened duce daily output by 1.5. million bert J. Guthrie, who Norway two weeks ago. has been their first full plenary session at barrels to protect its benchmark It followed the same pattern as in L e n d in g price of $29 a barrel. reassigned. HARTFORD (UPI) - Aetna Ufe & Revenue for the nine-month period the heavily-guarded conference March 1983, when the cartel forthe hotel. MEES executive editor Ian Crawford has a Casualty Friday reported third quarter rose 4.4 percent to $11.4 billion. first time in its 24-year existence Seymour said such a cut ” if duly bachelor's degree in operating earnings of $82 million or .75 Premium income was up 8.2 percent was forced to reduce both produc ■ " 'r 1 —R a t e Sunday night, the four-member implemented” could "hardly fail mathematics from per share, including a one-time net tion and prices — from $34 to $29 for the quarter and 2.2 percent for the OPEC Market Monitoring Com to restabilize the market and roll Johnson C. Smith per barrel. David Crawford benefit of $45 million. nine months to $8.2 billion. mittee proposed a temporary cut back the recent price cuts in University in Char OPEC’s share in non-communist Earnings for the third quarter a year Net investment and other income in daily output but left it to the full Norway, the United Kingdom, lotte, N.C., a master’s degree in mathematics markets has fallen from 66 percent ago were $71 million or .67 per share. increased 10 percent to $3.2 billion for conference to work out individual Nigeria and North America.” from the University of North Carolina and a in 1973 to less than 40 percent and it For the first nine months of 1984, the nine^month period. production quota reductions. Observers warned, however, master’s degree in science management from accounts for only 30 percent of total Sheik Ahmed Zaki Yamani of that tough bargaining would be Rensselaer Polytechnic Institute, operating earnings totaled $149 million Assets of Aetna Life & Casualty rose world output against ,54 percent a or $1.32 per share, compared with $257 6.8 percent to $50.3 billion. Share Saudi Arabia and Indonesian Oil involved in agreeing on individual decade ago. % Minister Subroto told reporters million or $2.43 per share for the same holders’ equity at Sept. 30 was $39.27 production reductions with OPEC, Its declining influence on what is that OPEC output might be moder Beekeepers meeting set 1983 period. Subroto said Saudi Arabia, as the now a buyer’s market is exacer per share compared to $42.52 per share ately cut by about 1.5 million biggest OPEC member, should bated by lack of di.sciplinein OPEC A photo contest is among the activities planned John H. Filer, Aetna chairman, said, a year ago. barrels a day, which would bring 12% account for most of the production ranks, with members selling at when the Connecticut Beekeepers Association "Broad-based pricing improvements Net income of Aetna Life & Casualty down the official OPEC ceiling of meets Saturday at the Connecticut Agricultural cutback. "But Indonesia is ready discount prices, engaging in barter in the commercial and reinsurance in the third quarter was $85 million or 1 3 % - 17.5 million barrels a day to 16 Experiment Station in New Haven. to cooperate with other members deals and exceeding individual Casualty-property markets are now .79 per share, including $3.7 million of million. - Prizes will be awarded in novelty class, in reducing production.” he said. production quotas in a scramble being reflected in our premiums." "A moderate cut in production uniqueness of location and special categories, realized capital gains from securities Yamani said Saudi Arabia’s for customers.