banks CC Companies look at ways to monitor gun purchases

A place for sharing news stories related to armed citizens, law enforcement & 2A/CCW topics.

Please note that when linking to an article you must cite the source URL and provide no more than a brief preview of the article to ensure fair-use standards are met.

NO DOCUMENT DUMPING.

Posts in violation of these rules are subject to immediate deletion without warning.

Moderators: Coordinators, Moderators

banks CC Companies look at ways to monitor gun purchases

Postby Bruenor » Fri Jun 22, 2018 8:34 pm

Backdoor registration through the financial institutions..
https://www.wsj.com/articles/banks-card ... 1525080600
Banks and credit-card companies are discussing ways to identify purchases of guns in their payment systems, a move that could be a prelude to restricting such transactions, according to people familiar with the talks.

The discussions are preliminary but could be deeply controversial. Gun-rights groups have long resisted any effort to monitor which Americans own guns; there are federal laws limiting the government’s use of electronic databases of gun sales.

The financial companies have explored creating a new credit-card code for firearms dealers, similar to how they code restaurants or department stores, according to people familiar with the matter. Another idea would require merchants to share information about specific firearm products consumers are buying, some of the people said.

Such data could allow banks to restrict purchases at certain businesses or monitor them.


http://thehill.com/opinion/civil-rights ... -financial

Unfortunately, this year, many financial institutions have put restrictions on companies in the gun business.

— Over the last few weeks, Intuit has stopped processing credit card payments for all gun-related sales, even when the deals don’t involve firearms. Small businesses have found sales of T-shirts, coffee mugs and gun safety classes being prevented.

— Citigroup, the nation’s fourth-largest bank, announced in March that it would prohibit the use of its financial services for people under age 21 who tried to buy guns. It would also require that all sales had to go through universal background checks.

— Bank of America, the nation’s second-largest bank, announced on Bloomberg TV in April that it would no longer finance the operations for companies that made the most commonly owned semi-automatic rifles. Of course, this means that Bank of America will still be providing financial services to other gun makers.

— In February, First National Bank, the nation’s largest privately owned bank, stopped issuing credit cards with the NRA logo as a result of a coordinated campaign by gun control groups.

— Android Pay and Google Wallet, PayPal, Square, Stripe and Apple Pay have stopped firearm sales using their services.
Μολὼν λαβέ

"Arms discourage and keep the invader and plunderer in awe, and preserve order in the world as well as property. . . Horrid mischief would ensue were the law-abiding deprived of the use of them."

- Thomas Paine
User avatar
Bruenor
 
Posts: 6103
Joined: Mon Jul 24, 2006 3:03 pm
Location: Geneva, OH

Re: banks CC Companies look at ways to monitor gun purchases

Postby ruger » Sat Jun 23, 2018 6:20 pm

Guess I’ll just use good old cash.... :mrgreen:
ruger
 
Posts: 44
Joined: Wed Nov 11, 2015 10:02 am
Location: North Central Ohio

Re: banks CC Companies look at ways to monitor gun purchases

Postby bignflnut » Mon Jun 25, 2018 9:48 am

ruger wrote:Guess I’ll just use good old cash.... :mrgreen:


While this may sound like a paranoid doomsday scenario to some, as a real world finance professional, I believe that this scenario is not only eminently possible, but most of the technology is already available — albeit not yet fully marshaled — to frighteningly make it reality.

Technological advances have led to the creation of algorithms that can instantaneously review financial transactions, determining the nature, location and even the appropriateness of a purchase decision. These have been freely used by credit- and debit-card companies.

Cardholders already encounter this technology when they receive fraud alerts after a transaction that looks out of kilter with the particular consumer's normal purchasing patterns. The technologies can thus serve to protect consumers. That said, they have already been used to control consumer behavior. In 2010, Visa and MasterCard, bowed to government pressure — not even federal or state law — and banned all online-betting payments from their systems. This made it virtually impossible for these gambling sites to continue operating regardless of their jurisdiction or legality. It is not too far-fetched to wonder if the day might come when the health records of an overweight individual would lead to a situation in which they find that any sugary drink purchase they make through a credit or debit card is declined. Sounds far-fetched but maybe not so.

You might think then that the person can always pay cash and remain outside the purview of these technologies. This may be the case for the moment, but we are well on the road to becoming a cashless society. According to a MasterCard study, 80 percent of U.S. consumer transactions are electronic.

SNIP

To provide another example, the U.S. government is becoming very fond of seizing money from citizens first and asking questions later via "civil forfeiture." Amazingly, the government is permitted by law to do this even if it is only government staff members who have a suspicion, not proof, of wrongdoing. By seizing a citizen's or a firm's money, the victim/defendant has almost no choice but to settle.


It's a solid article...and the point is that with ERPOs gaining momentum, how long will it be until a financial transaction trips some property being removed from a person's home?
“A free people claim their rights, as derived from the laws of nature, and not as the gift of their chief magistrate.”
-Thomas Jefferson, 1774

Tweed Ring: "...we should have all done more to elected Republicans..." Agreed
User avatar
bignflnut
 
Posts: 6194
Joined: Mon Jun 30, 2008 12:14 pm
Location: Where Black Sheep and Black Swamps meet


Return to In The News

Who is online

Users browsing this forum: Google [Bot] and 6 guests

cron