TechDigits

Tech news
Friday, Feb 23, 2024

Guns bought through credit cards in the US will now be trackable

Guns bought through credit cards in the US will now be trackable

A new ISO-approved measure will also allow sharing of suspicious purchases with law enforcement

Credit card purchases of firearms in the US can now be tracked and purchases deemed suspicious can even be shared with law enforcement, according to a new measure approved by an organization that sets parameters for business transactions.

The International Organization for Standardization (ISO) voted in favor of creating a merchant code for firearms stores, according to Reuters.

Merchant codes are four-digit codes that categorize retailers across all industries; until now, gun purchases had been classified under “miscellaneous retail stores” or “sporting goods stores.”

While the measure has been lauded by politicians such as Massachusetts senators Elizabeth Warren and Ed Markey among others, it isn’t clear how this process will work.

Numerous top level credit card companies such as PayPal, Stripe and Square don’t allow gun purchases. For the credit companies that do allow the purchases, the total cost can be extra high due to interests.

As a result, many gun buyers often use cash for their purchases; potential buyers are often seen asking in online forums whether it’s better to buy guns with cash or credits, with many voting for cash.

Meanwhile, fintech companies such as Credova, built for the purpose of allowing installment plans for gun purchases, shrug off their role when asked about how people like the Uvalde, Texas, shooter purchased guns through their platform using a debit card.

John Feinblatt, president of Everytown for Gun Safety, welcomed ISO’s decision, which was announced on Friday, and said it’s now crucial for this to be implemented thoroughly.

“Today’s announcement is a critical first step towards giving banks and credit card companies the tools they need to recognize dangerous firearm purchasing trends – like a domestic extremist building up an arsenal – and report them to law enforcement,” he said in a statement shared with the Guardian.

Amalgamated Bank, which brands itself as a “socially responsible bank” had requested the codes to the ISO.

On Friday, they celebrated their victory, thanking their partners, including New York governor Kathy Hochul and New York Attorney General Tish James.

Priscilla Sims Brown, President and CEO of the bank, said in a statement that the code will open the path for banks to report suspicious or illegal gun sale activity in a way that will not interfere with legal gun sales.

“This action answers the call of millions of Americans who want safety from gun violence and we are proud to have led the broad coalition of advocates, shareholders, and elected officials that achieved this historic outcome,” she added.

The tracking and blocking of illegal gun sales has already made headway with FBI background checks, according to Everytown.

In 2020, the FBI background checks led to blocking more than 300,000 illegal gun purchases, nearly double the number of 2019.

The same year, gun purchases skyrocketed as people were stuck indoors during the first wave of the pandemic; records show there were 20m legal purchases in 2020, up from 12.4m the year before.

In a statement, the Alliance for Gun Responsibility said: “We are glad to see the financial industry take action to recognize that it has a role to play in helping keep our communities safe. Passing stronger gun laws is essential, but it is just one piece of the puzzle when it comes to addressing the gun violence epidemic.”

Newsletter

Related Articles

TechDigits
0:00
0:00
Close
FTX's Bankman-Fried headed for jail after judge revokes bail
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Musk announces Twitter name and logo change to X.com
The future of sports
TikTok Takes On Spotify And Apple, Launches Own Music Service
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner
UK Crypto and Stablecoin Regulations Become Law as Royal Assent is Granted
A Delaware city wants to let businesses vote in its elections
Alef Aeronautics Achieves Historic Milestone with Flight Certification for World's First Flying Car
Google Blocked Access to Canadian News in Response to New Legislation
French Politicians Advocate for Pan-European Regulation on Social Media Influencers
Melinda French Gates Advocates for Increased Female Representation in AI to Prevent Bias
Snapchat+ gains 4 million paying subscribers in its first year
Apple Makes History as the First Public Company Valued at $3 Trillion
Elon Musk Implements Twitter Limits to Tackle Data Scraping, but Faces Criticism for Technical Misunderstanding
EU and UK's Slow Electric Vehicle Adoption Raises Questions About the Transition to Green Mobility
Top Companies Express Concerns Over Europe's Proposed AI Law, Citing Competitiveness and Investment Risks
Meta Unveils Insights on AI Usage in Facebook and Instagram, Amid Growing Calls for Transparency
Crypto Scams Against Seniors Soar by 78% in 2022, Experts Urge Vigilance
The End of an Era: National Geographic Dismisses Last of Its Staff Writers
Shield Your Wallet: The Perils of Wireless Credit Card Theft
Harvard Scientist Who Studies Honesty Accused Of Data Fraud, Put On Leave
Putting an End to the Subscription Snare: The Battle Against Unwitting Commitments
The Legal Perils of AI: Lawyer Faces Sanctions for Relying on Fictional Cases Generated by Chatbot
ChatGPT’s "Grandma Exploit": Ingenious Hack Exposes Loophole in AI, Generates Free Software Codes
The Disney Downturn: A Near Billion-Dollar Box Office Blow for the House of Mouse
A Digital Showdown: Canada Challenges Tech Giants with The Online News Act, Meta Strikes Back
Distress in the Depths: Submersible and Passengers Missing in Titanic Wreckage Expedition
Mark Zuckerberg stealing another idea: Twitter
European Union's AI Regulations Risk Self-Sabotage, Cautions smart and brave Venture Capitalist Joe Lonsdale
Nvidia GPUs are so hard to get that rich venture capitalists are buying them for the startups they invest in
Chinese car exports surge
Reddit Blackout: Thousands of Communities Protest "Ludicrous" Pricing Changes
Nvidia Joins Tech Giants as First Chipmaker to Reach $1 Trillion Valuation
AI ‘extinction’ should be same priority as nuclear war – experts
×