Jul 30, 2019

What to do if you're a Capital One customer whose info was hacked

Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

Approximately 100 million Capital One customers in the U.S. and Canada are caught up in a data hack that the bank claims happened in March. If you think you're among them, here are a few steps you can take.

Where to start: The bank says it will notify all affected customers, including 140,000 whose social security numbers were compromised, and offer identify protection services and credit monitoring. Both are worth taking advantage of.

In the meantime, check your statements for unusual activity. If you see anything unexpected, report it to Capital One immediately through their app or online. Moreover, Capital One will allow you to freeze your accounts while the situation is worked out.

What's next: Consider freezing your credit if you don't plan to apply for new loans or credit cards. This will prevent bad actors from attempting to take out new loans or open lines of credit in your name, as banks will be unable to view your credit history.

What to watch: Continue keeping eyes on your credit. There are a number of low-cost credit monitoring services that can help by alerting you to potential fraud. The Consumer Financial Protection Bureau further recommends changing passwords often, checking your credit regularly, filing taxes early and more.

Be smart: The breach only affected people who applied for Capital One credit cards between 2005 and 2019.

Go deeper: How to file a claim over Equifax's data breach

Go deeper

Delinquencies spike with record-high credit card interest rates

Data: St. Louis Federal Reserve; Chart: Axios Visuals

Since 2014, credit card interest rates have risen 4.4 percentage points, representing a 35% increase in costs for consumers, data from NerdWallet shows, despite the fact that U.S. interest rates remain at historical lows.

Context: Though the rate remains historically low, delinquencies are up 22% since 2015.

Go deeperArrowJul 31, 2019

Apple Cards begin to arrive in customers' phones and hands

An iPhone owner using Apple Card to make a payment. Photo: Apple

Apple today begins processing the first applications from consumers to get the new Apple Card, the credit card it is debuting in conjunction with Goldman Sachs.

Why it matters: It's part of a broader push into services from Apple, but also puts the company in direct competition with the banks and credit cards already part of Apple Pay.

Go deeperArrowAug 6, 2019

Blacklisting foreign businesses in China

Illustration: Sarah Grillo/Axios

China's push to implement a national social credit system attracts rapt attention around the world, though it is in its earliest stages — not yet influencing the daily lives of most Chinese citizens and largely opaque to outsiders.

Why it matters: It's already affecting foreign businesses, which have been placed on blacklists or threatened with restrictions on market access.

Go deeperArrowAug 3, 2019