Mac Attack (and More): The Latest in the Tech Support Scam

For six years, telephones have been ringing off the hook with alarming but bogus news: There’s a dangerous virus on your computer, and the caller – a self-described technician with Microsoft, “Windows” or an antivirus software company – says he can remove it … for a price. But now, it’s not just PC users at risk for the notorious tech support scam. Mac users (and the machines themselves) are also vulnerable – and this time, fix-it fraudsters don’t even have …

CFPB: Reverse Mortgage Ads Can Confuse More Than Inform

Advertisements touting reverse mortgages often leave older consumers confused about the loan terms and unaware of the risks, according to a new report from the Consumer Financial Protection Bureau. “Perhaps most concerning of all, the ads left the consumers believing that if they purchase a reverse mortgage loan, they will be able to rest assured that they can live in their homes and enjoy financial security for the rest of their lives,” CFPB Director Richard Cordray said in a teleconference. …

Is the Era of Cheap Generic Drugs About to End?

En español | Prices for generic drugs most commonly used by older Americans fell by the smallest percentage since 2006, with 1 in 4 rising in price — some by more than 1,000 percent, according to a new report from AARP’s Public Policy Institute (PPI). The report looked at 2013 price trends for 280 generic prescription medications widely used by those age 50-plus. The majority of these generics saw price decreases, some of them substantial, but the overall decline slowed …

Hackers Guzzle Your Money via Starbucks Mobile App

Starbucks devotees, prepare for a jolt beyond what’s provided in those morning cappuccinos: Hackers are draining financial accounts of customers who use a Starbucks gift card or mobile app to pay for coffee. The (no latte pun intended) skinny on this scam: Thieves hack victims’ online Starbucks accounts, via the users’ weak and/or overused passwords or credential-stealing malware, to access linked payment accounts – credit and debit cards, PayPal and bank accounts. This allows them to add a new gift card, …

Millennials Are Spending Less and Saving for a Rainy Day

While waiting in line last week at Starbucks, I realized that I was the only “guest” ordering black coffee — not a grande, no-foam macchiato concoction — and the only person using cash. The mostly millennial customers were flashing a smartphone app or swiping credit or debit cards. The way our adult children spend and save money is very different from their boomer parents. “I want it fast, and I want it now” is the millennial mantra when it comes …

Consumer Agency May Clamp Down on Payday Lenders

The Consumer Financial Protection Bureau (CFPB) is proposing new rules to restrict high-cost payday and car-title loans that often leave borrowers in worse financial shape. The agency can’t do anything about the interest rates charged — that’s up to the states — although it does have the authority to regulate the lenders making these loans. “Too many short-term and longer-term loans are made based on the lender’s ability to collect and not on a borrower’s ability to repay,” CFPB Director Richard Cordray …