BUSINESS Our Town Edition, a 24-Page Supplement, Inside Today
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20 - MANCHKSTKR HERALD, Thursday, April 26, 1984 The Manchester Herald’s annual profile BUSINESS Our Town edition, a 24-page supplement, inside today. Battle against credit card fraud is unceasing struggle The switch to the new cards will take p la ^ W hon I make purchases with my credit card, I rip lost to counterfeiting in 1981. gradually. Visa expects to have its new cards in usebf out the I’arbons from the transaction slips, crumble Visa International, which has more than 104 million October 1986 and MasterCard anticipates its turnovw Sunny toijay Manchester, Conn. them, wrap them in a piece of tissue, and shove them card-holders worldwide and 70 million in the United to be complete in June 1986. Eventually, all Visa into my pur.se. Once home. I riptheearbonsintosmall Your and Saturday States, estimates it lost about $20 million to card-holders will have personal identificatitSJ Friday, April 27, 1984 Iragments and toss them out. This little ritual counterfeiting in 1983, almost double the $10.9 million numbers, or PINS, just like those used with autotn a^ — See page 2 prevents counterfeiters who loot the stores' trash M o n e y ' s in 1982. MasterCard, which has 90 million card Single copy: 25$ teller machine cards. Eventually, merchants willnS from seizing my carbons and getting my valid — and holders around the world and 65 million in the United outfitted with terminals into which you will enter yoiff valuable — account number. Worth States, is still adding up the figures for 1983, but PIN when you make a purchase. ”” admits it lost $9.3 million to counterfeiting in 1982. Its Recently I've noticed that some transaction slips Sylvia Porter total fraud losses that year were $45.6 million. You, though, remain the key fighter in this s tru ^ f* have perforated carbons .so that when they're torn out, to contain credit-card fraud. the number gets cut in half. And .some stores use American Express does not disclose this type of carbonless slips, which avoid the messy problem information. • Guard your card as you would cash — and n e v d entirely. lend it to anyone. N ever give your account number.ttj Credit-card Iraud has exploded in the last few years While in some locations, fraud is actually declining, someone who asks for it over the phone for any reason Building The I'nited States can, w ithout pride, claim title as to truly startling dimensions. Ironically, this growth says Thomas F. Kelleher, vice president for security — unless you have initiated the call. ■ - the world capital of credit-card fraud, accounting fur is occurring at a time when the credit-card companies at MasterCard, counterfeiting is on the increase in all 94 percent of fraud lo.s.ses worldwide. Much of this • Scrutinize your monthly statements and make E m bassy locations. are making vigorous efforts to sign up new customers sure you can account for each transaction. sought for activity occurs in southern Florida and the New York and to expand as fast as they can. metropolitan area, A 1982 study estimated that 96 To make cards more difficult and costly to • Consider disposing of some of your cards, percent ol the fraudulent transactions in this nation When the statistics arc tallied, 1983 will have been a counterfeit, both MasterCard and Visa have rede particularly if you have more than one of a kind. Snip occurred in 12 states. record year for card fraud, says the American signed their cards and incorporated new security expired or canceled cards into pieces. treatment Bankers Association, up to 40 percent over the $160 features. Among them: fine-line printing: use of The new kinds ot slips mentioned above arc among ultraviolet inks that glow when hold under ultraviolet • And always shred those carbons; ask th£ standoff million lost to fraudulent bank credit-card transac the latest developments in the ongoing war against By Sarah E. Hall tions in 1982. lights; and holograms. A hologram is a three- merchants you deal with frequently toget the carbons credit-card crime now being waged by the card 2 dimensional image on a metallic surface that changes frpm their banks. Herald Reporter companies, linancial institutions, merchants and False or altered cards alone cost the industry about colors and reveals a different picture when the card is You pay for credit-card fraud through annual fees police. $40 million in 1982, well over two times the $15 million tipped. and interest charges. Stop cheating yourself. Jamshid Marvasti, a prominent Manchester child psychiatrist, is ended proposed at the Community Servi- _____ CCS Council meeting Thursday that FTC mulls proposed ' ’pealed Miller building at By Joseph Gambardello leave Tripoli today, British diplo ■“ Manchester Memorial Hospital be put to use us an adolescent United Press International matic sources said. psychiatric unit. The Libyans, who had previously 6 Though he admitted his longtime oil company merger LONDON — Thirty Libyans, refused to come out for question attempt to establish .such a unit has presumably including the killer of ing, surrendered the embassy to §1^ resulted in "zero" progress, he a British policewoman, today police and were being given safe claimed he was not disappointed. bv Thomas Ferraro Getty Oil Co Feb. 13, A final decision is peacefully evacuated the embassy passage back to the land ruled by , On Wednesday, he said, he met expected within the next few months. United Press International where London police besieged Col. Moammar. Khadafy. vvith MMH Acting Executive Di The FTC is now awaiting a staff G R O s s m R n s them for 10 days and one hour. In groups of five, the Libyans rector Michael Gallacher to dis WASHINGTON - The Federal recommendation on a third takeover — f^nC^evRns p r o d u c t s com PRnv "The siege is over," a Scotland penned in the "People's Bureau" cuss his plans. He said he had Trade Commission is considering a Mobil's planned $5.7 billion purchase ol received a not antagonistic, "but Yard spokesman said. "A ll the since gunfire from the building stuff recommendation to conditionally Superior Oil Co. not very enthusiastic" response. occupants in the (Libyan People's) approve the biggest corporate merger Pennsylvania Attorney General Le killed the policewoman April 17 "I'm not very confident it would Bureau have left St James' in U S. history — Standard Oil Co, ol roy Zimmerman urged the FTC April filed out of the elegant ISth'century materializi^ unless we have strong California's planned $13.2 billion ta 18 to delay g decision on the Socal-Gulf Square." townhouse and into waiting police community support.” he said m erger until it conducted an economic keover of Gulf Corp., agency sources ■ ■ ■ ■ ■■ l-astSDays _ In Tripoli, the Union Jack today vehicles. afterward, Marvasti. who directs say. impact of the proposed deal on the was lowered at the seaside British While a police helicopter the Sexual Trauma Center in Northeast. The FTC's five commi.ssioners called Embassy and at the residence of whirred overhead, a convoy of Manchester, said he would deliver a private meeting today to decide Zimmerman argued that the venture Ambassador Oliver Miles in ad more than 20 vehicles carrying the UPi photo “ written proposal to Gallacher whether to accept w hat agency sources would "wipe out jobs, drive up heating vance of the imminent departure Libyans and their baggage headed today. said Wednesday was a proposed oil prices and clo.se independent Project Handbook Specially painted vans containing 30 ended today. British diplomats in Libya The acting MMH head was not consent agreement w ith Socal aimed at service stations. " of the remaining 14 British diplo for London airport. available for comment this morn- Under federal antitrust laws, the mats in Libya. "They're all out. They’re gone. Libyans evacuated this morning from are also expected to begin the return trip meeting antitrust concerns. For the Do-tt-Vburselfer in You 'ng’ bf* hospital spokesman An- Negotiated by the FTC's Bureau of FTC could not delay a decision. The diplomats were expected to They’re on their w ay." said a the "People's Bureau” in London drive home sometime today. drew Beck said the document had Competition, the accord would require Midnight Sunday was the deadline lor police officer at the scene. to Heathrow Airport. The 10-day siege not yet been delivered. "W e rea'.'.y Socal to dive.st certain Gult properties, action under a 10-day period that began The same policeman handed out cannot comment, until we .see the including 4,090 service stations, a last week when Socal submitted notices of the luneral of the proposal and look it over and major refinery in the Southeast and a additional information about the deal Union shooting victim, policewoman pipeline operation, a source said. to the commission. Yvonne Fletcher, 25. She was If the commissioneis accept the The recent rash of mergers has being buried in Salisbury, 84 miles Von Bulow convictions void, rai.scd concern on Capitol Hill, particu proposal, the accord would be subject quits closed early this year in response larly among those who charge that the west ot London, later in the day. to a 60-day period for public comment. to a low patient census. Once the A Alterwurds. the commission would administration is inadequately enlorc- Anti-terrorist squad commander make a final decision. ing antitrust laws. William Hucklesby had said he The proposed merger »t)uld make Opponents say the deals will reduce Penney believed Miss Fletcher's killer was soys Rhody Suprom© Court competition and oil exploration, boost Socal.