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☆ How G.M. Tricked Millions of Drivers Into Being Spied On (Including Me)
▼ + stars: | 2024-04-23 | by ( Kashmir Hill | ) www.nytimes.com time to read: +1 min

Automakers have been selling data about the driving behavior of millions of people to the insurance industry. In the case of General Motors, affected drivers weren’t informed, and the tracking led insurance companies to charge some of them more for premiums. This month, my husband received his “consumer disclosure files” from LexisNexis Risk Solutions and Verisk, two data brokers that work with the insurance industry and that G.M. I had requested my own LexisNexis file while reporting, but it didn’t have driving data on it. Though both of our names are on the car’s title, the data from our Bolt accrued to my husband alone because the G.M.

Persons: Bolt, heeding Organizations: General Motors, LexisNexis Risk, LexisNexis

☆ ‘I am so scared of them now’: Burned from overspending, some ‘buy now, pay later’ users warn others away
▼ + stars: | 2024-03-30 | by ( J.J. Mccorvey | ) www.cnbc.com time to read: +8 min

But the $6,000 in BNPL loans she'd racked up over roughly two years felt frivolous, she said, especially because they're planning to buy their first home. Many are seeking cover from high credit card interest rates. After trimming her discretionary spending and sticking to home-cooked meals, she said she's been able to whittle down her BNPL debt to about $1,200. Klarna said it had responsible spending limits for its users, whose average outstanding balance is $150, compared to the more than $6,000 for credit card users. Baird, for her part, acknowledged BNPL services can make inflation and high interest rates feel "easier" for those who can keep their shopping impulses under control.

Persons: Tia Whiteside, Whiteside, she'd, Dyson, she's, Marcus, whittle, Ben Lourie, Lourie, aren't, I've, Amy Baird, Baird, Kevin Mahoney, Mahoney, —, Afterpay, Klarna, Sen, Sherrod Brown, Raphael Warnock, John Fetterman, Brown Organizations: LexisNexis, Solutions, University of California, UC Irvine, Singapore Management University, PayPal, Consumer Financial Protection Bureau, Financial, D.C, Sens, NBC News Locations: Greenville , South Carolina, Irvine, Stanford, Dallas, Washington, Ohio

☆ Florida Man Sues G.M. and LexisNexis Over Sale of His Cadillac Data
▼ + stars: | 2024-03-14 | by ( Kashmir Hill | ) www.nytimes.com time to read: +1 min

According to a federal complaint filed this week seeking class-action status, it was because his 2021 Cadillac XT6 had been spying on him. When Mr. Chicco requested his LexisNexis file, it contained details about 258 trips he had taken in his Cadillac over the past six months. The data had been provided by General Motors — the manufacturer of his Cadillac. In a complaint against General Motors and LexisNexis Risk Solutions filed in the U.S. District Court for the Southern District of Florida, Mr. Chicco accused the companies of violation of privacy and consumer protection laws. LexisNexis Risk Solutions, and another data broker called Verisk, claim to have real-world driving behavior from millions of cars.

Persons: Romeo Chicco, XT6, Chicco, General Motors Organizations: Liberty Mutual, LexisNexis, General, General Motors, Southern, Southern District of, The New York Times, Solutions Locations: U.S, Southern District, Southern District of Florida

☆ Read the Class Action Complaint Against G.M. and LexisNexis Risk Solutions
▼ + stars: | 2024-03-14 | by ( ) www.nytimes.com time to read: +2 min

On March 11, 2024, the New York Times reported an investigative piece about this exact issue.² The article highlights individuals who have had their insurance rates increase due to Lexis publishing, among others, General Motors car drivers' data. For one consumer "[i]t felt like a betrayal" because GM took "information that [he] didn't realize was going to be shared[.]" In recent years, automakers, including G.M., Honda, Kia and Hyundaí, have started offering optional features in their connected-car apps that rate people's driving. Some drivers may not realize that, if they turn on these features, the car companies then give information about how they drive to data brokers like LexisNexis... Especially troubling is that some drivers with vehicles made by G.M.

Persons: G.M, Last Organizations: New York Times, Lexis, General Motors, Honda, Kia, LexisNexis, Chevrolet, Smart

☆ 1976 was the last time car insurance rates rose this fast
▼ + stars: | 2024-03-13 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

But here’s something that hasn’t changed much: the pace at which car insurance rates are rising. Car insurance rates are up almost 21% for the 12 months ended in February, according to new Consumer Price Index data released Tuesday. The last time car insurance rates rose that much on an annual basis was 1976, not counting January, which saw the same annual rate increases. The rise in car insurance rates alone contributed half a percentage point to the overall 3.2% inflation rate last month. Meanwhile, drivers in North Carolina saw the smallest bump in car insurance rates, up just 5.5% over that same timeframe.

Persons: Gerald Ford, Steve Jobs, Steve Wozniak, hasn’t, it’s, Tim Zawacki, Zawacki, ”, Robert Passmore, “, ” Zawacki Organizations: New, New York CNN, Apple, P Global Market Intelligence, CNN, National, LexisNexis, Casualty Insurance Association, Silver State Locations: New York, Nevada, Wyoming, Silver, North Carolina

☆ Teslas crash more than gas-powered cars. Here’s why
▼ + stars: | 2024-01-18 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +6 min

Hertz CEO Stephen Scherr noted that the costs of repairs of an electric vehicle are also much higher. Scherr’s statements echoed findings by insurance analysts at LexisNexis who found that, when vehicle owners switch from gasoline-powered cars to electric cars, they tend to crash more. Drivers also tend to crash somewhat more when switching to gas-powered vehicles, too, but the increase is more pronounced with EVs. Mostly a Tesla thingIn both cases – with Hertz and with LexisNexis – “electric vehicles” largely means Teslas. That suggests there may be something about Teslas that’s causing people to crash more than other cars.

Persons: CNN — Hertz, Stephen Scherr, Teslas, Xiaohui Lu, Lu, Tesla, ” Organizations: CNN, Hertz, EV, LexisNexis, Drivers, Data, Tesla, BMW Locations: China, US

Overall, Adobe estimates one in five Americans plan to use buy now, pay later plans to purchase holiday gifts. Retailers have found that customers offered a buy now, pay later option are more likely to have bigger cart sizes or to convert from browsing to checking out. In its report, the Fed cites research that finds that customers spend 20% more when buy now, pay later is available. LexisNexis Risk Solutions provides many buy now, pay later lenders with alternative credit scores for assessing consumers seeking loans, including those who may not have a traditional credit score. In the past two years, Williams has used buy now, pay later plans at stores including Target, BoxLunch, EyeBuyDirect, and Skims.

Persons: Vivek Pandya, Demishia Alford, Alford, “, ”, she’ll, I’ll, I’m, ” Kevin King, Kevin, ” Alford, Jessica Sarceda, ” Sarceda, Sarceda, Allison Williams, Williams, —, ” Jinal Shah, Charles Schwab Organizations: —, Federal Reserve Bank of New, Adobe, Adobe Digital, ”, Retailers, Fed, Consumers, Walmart, LexisNexis, Solutions, Nike, Target, Zip, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: Federal Reserve Bank of New York, Greensboro , North Carolina, Santa Monica , California, Amelia , Ohio

☆ Property owners are increasingly having their land sold out from under them. 4 experts break down the failures allowing this, and how the crime can be prevented in the future.
▼ + stars: | 2023-09-03 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +8 min

Kenigsberg and the LLC building the house on the formerly vacant property said they're both victims of title fraud. Fraudulent sales like these are on the rise. "Any opportunity out there to buy a property at a good value or in a good area is going to get snapped up," Larson told Insider. "With a decrease in home sales, now they're looking for other ways to leverage real property into fraud," Rymarowicz told Insider. AdvertisementAdvertisement"We think we can uplevel RON (Remote Online Notarization) and do a higher level of online notarization," Kinsel told Insider.

Persons: Daniel Kenigsberg, they're, William Gordon, Kenigsberg, Gordon, —, Eric Gibbs, Gibbs, Nick Larson, there's, Larson, Deanne Rymarowicz, Rymarowicz, it's, David Zawadzki, Pat Kinsel, that's, Kinsel Organizations: FBI, Service, Federal Bureau, Investigation's Boston, Realty ONE, LexisNexis, National Association of Realtors, Nevada Real Estate Division Locations: Wall, Silicon, Fairfield , Connecticut, Kenigsberg, Tucson , Arizona, Arizona, Nevada, Chicago

☆ How to buy a home insurance policy in era of climate risk and more frequent disasters
▼ + stars: | 2023-08-30 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +4 min

Frequent weather catastrophes, induced in part by climate change, are bearing down on homeowners and would-be buyers. Here's how consumers can navigate the home insurance market amid increasing climate-driven weather risks:The home insurance market disruption is going to get worseThings are likely to get worse for homeowners and would-be buyers. Also in June, Farmers Insurance became the latest insurer to pull out of Florida, a market that's been roiled with turmoil for many years. Policyholders should expect to pay moreThe average cost of homeowners insurance nationwide is $2,777 a year, with rates varying by state, according to Insurance.com, a consumer comparison service. Already, some homeowners are choosing to roll the dice on ownership without insurance rather than pay increasing premiums.

Persons: Hurricane Ian, Idalia, Ian —, John Dickson, David A, Sampson, —, George Hosfield, Rich Sorkin, Stephen Bennett Organizations: Global, Aon, American, Casualty Insurance Association . Insurance, LexisNexis, Allstate, Farmers Insurance, Jupiter Intelligence Locations: Pine, Hurricane, Matlacha , Florida, Florida, California, Cuba, Oklahoma, Hawaii, Arkansas, Louisiana , Nebraska , Iowa , Kansas , Oklahoma , Illinois, Kentucky, Tennessee

☆ As Social Security official warns of A.I. fraud risks, one expert says criminal activity is 'here right now'
▼ + stars: | 2023-08-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Courtney Keating | E+ | Getty ImagesWhile scrolling social media, you may find a video of President Joe Biden urging you to sign up for extra Social Security benefits for which you are eligible. The Social Security Administration is working with OIG to take appropriate steps to combat fraud, an agency spokesman said. "The agency has techniques to identify and react to suspicious bad actors," said Social Security Administration spokesman Mark Hinkle. "We look forward to continuing to work with the OIG on the evolution of AI and courses of action regarding AI fraud." Other steps can also help protect your personal financial information and Social Security beneficiaries' monthly income, according to Talcove.

Persons: Courtney Keating, Joe Biden, Kathy Stokes, Stokes, A.I, Gail Ennis, Ennis, Haywood Talcove, Talcove, OIG, Mark Hinkle, Maria Freese, Freese, Boonchai, AARP's Stokes, It's Organizations: Social, Watch, Finance, Big, Social Security, Social Security Administration Office, LexisNexis, Social Security Administration, Solutions, Security, National Committee, Preserve Social Security, Getty Locations: Ennis

☆ Continuing Sanctions Against Russia Mark ‘Tectonic’ Shift
▼ + stars: | 2023-02-24 | by ( Richard Vanderford | ) www.wsj.com time to read: +7 min

Hundreds of companies, though, decamped, calculating that the looming threat of sanctions ratcheting up and reputational risk warranted an exit. Prof. Sonnenfeld and Mr. Tannebaum both have been personally sanctioned by Russia, which has accused critics of engaging in a “Russophobic” campaign. “Countries continue to rely on those tools for foreign policy. The Russia sanctions have functioned as a “wake-up call” to the C-suite, Mr. Smith said. The use of coordinated sanctions, both in Russia and as a broader foreign policy tool, doesn’t seem to be going away, experts agreed.

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