Word: cards
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Dates: during 1980-1989
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...rapidly. Ecco Industries of Danvers, Mass., hopes to market a $300 voice-recognition security device for consumers next year. Within a few years, biometric security systems may be incorporated into automated-teller machines and employed at checkout counters to verify that a person is not using a stolen credit card. "In time," predicts Joseph Freeman, head of a security market-research and consulting firm in Newtown, Conn., "you'll be able to touch a spot on your steering wheel and start your...
Most telemarketing crooks insist on payment by credit card. Reason: the vouchers can be cashed in at banks before the buyers have second thoughts. Moreover, purloined credit-card numbers enable con artists to compound the crime -- for example, by charging victims several times for the products they purchase over the phone. By the time the consumers receive a bill, the thieves have disappeared, often without shipping any products...
...variation on this con, excited consumers who call to claim prizes after receiving you-are-a-winner letters are asked for their credit-card numbers and card-expiration dates "as verification." The new car or microwave oven never arrives. But before long, mysterious charges begin to show up on the cards. Joel Lisker, MasterCard's vice president for security and fraud control, & estimates that thieves using such methods skimmed at least $105 million from the $120 billion in U.S. credit-card transactions last year...
Gerstner, who was widely expected to succeed American Express Chairman James Robinson, 53, has never run a tobacco business. But KKR partner Henry Kravis chose Gerstner for his prowess as a strategic planner. Among other accomplishments, Gerstner launched the successful Platinum card. As chairman at RJR Nabisco, he will have to engineer the sale of about $8 billion in assets to pay off some of KKR's buyout borrowings. But his compensation will be as tall as his task: as much as $45 million over five years...
Access to high-quality telephone service will be as important to a community in the coming century as the railroads were in the last. Clay Center, because of its inexpensive real estate and literate work force, might be an ideal spot for a credit-card processing center or other "electronic cottage." Unfortunately, Clay Center's phone service, provided by Southwestern Bell, is so antiquated that hookups with international computer networks are impossible...