Credit cards have now become an integral part of every American's life. TransUnion, one of the major credit bureaus, reports that there were more than 430 million credit card accounts in the U.S. at the beginning of 2019. And this number keeps growing continuously. So does fraud. According to Rippleshot, a company providing fraud analytics software, the number of fraud victims among credit cardholders increased from 6,6 million in 2014 to 7.6 million in 2017. Therefore, it is not surprising...
Continue readingMembers of the country’s second-largest credit union will now be able to check out more quickly and easily using contactless payments.
Paying for transactions with a simple tap of a contactless Visa credit or debit card will allow the checkout experience to be faster and easier for PenFed members. John Kelly, executive vice president of consumer banking at PedFed, said the company is “proud to lead the way and stand toe-to-toe with the nation’s leading financial institutions as one of...
Data breaches are increasingly, and alarmingly, common—for big companies and small businesses alike. And for smaller businesses, the effects of these breaches can be devastating. A recent Bank of America survey showed that nearly 40 percent of small businesses that experienced a data breach lost more than $50,000 in lost sales and attempts to mitigate the damage caused by the breach.
What’s more, 22 percent of consumers who’d experienced having their personal data hacked said they...
A new co-branded travel rewards credit card from Chase and Marriott will offer card members a 100,000-point sign-up bonus, as well as six points per dollar spend on all purchases at participating Marriott properties. This is the most rewarding card ever offered from Marriott and Chase.
The card, which has an annual fee of $95, gives cardholders a wealth of perks, including no foreign transaction fees, purchase protection, trip delay reimbursement, automatic Silver Elite status, free in-room...
Many consumers are worried about the security of their payment data, especially in light of recent security breaches in large retailers and credit bureaus. With their customers’ safety in mind, American Express has announced SafeKey 2.0, the new incarnation of its popular and effective online authentication tool, which was built specifically for the mobile commerce space.
Coming in spring 2018, SafeKey 2.0 will offer an upgraded platform that will be able to help identify potential fraud...
If you’re planning a vacation or a business trip, you might be banking on the fact that your credit card offers you certain protections when travelling. This might cause you to turn down the insurance that’s offered by a car rental place, an airline, or a travel service website. However, financial experts warn that you might want to think twice before relying on the coverage your credit card provides.
Travel insurance comparison site Squaremouth give three examples where people may want...
Mobile payments just keep branching out and becoming more popular, with more and more merchants adding options to use smartphones and contactless payments. Chase Pay is the latest mobile wallet app to add new merchants to their lineup: global restaurateur HMSHost and Parkmobile are the newest additions to the Chase Pay family.
HMSHost is the leading food and beverage provider for travel venues, operating almost 2,000 restaurants in airports and highway rest stops. Brands such as California...
Merchants may be reluctant to make their customers jump through hoops in order to pay them for their purchases, but when it comes to payment security, a new report indicates that consumers don’t mind.
People are willing to do more to protect themselves from falling victim to fraud, according to the 2016 American Express Digital Payments Security Survey.
For example, 78% of survey respondents said they would enter a security code for their credit card when buying something online, but...
If anyone calls you and tells you that you owe back taxes and can pay them with an iTunes gift card, beware: this is just the latest scam cooked up by thieves to part you with your money.
The AARP Fraud Watch Network is providing consumers with tips to help them guard themselves and their bank accounts from criminal mischief, in light of this most recent gift card ruse.
“Consumers need to be aware of new and ongoing frauds and scams that threaten their financial resilience,” said...
Mobile checkouts are becoming more popular, and PayPal is coming out on top when it comes to mobile wallet checkout options. PayPal showed a conversion rate of 87% on a recent study of online buyers’ behavior. The next-highest conversion rate scored 36% lower than PayPal’s average rate.
PayPal’s One Touch service added 59 new markets in the last month, making it now available to people in 203 markets total. It launched one year ago and has become one of the fastest adopted products in...
A plethora of new mobile finance apps are making it easier for folks to manage their money with the swipe of a screen. Banking apps from Chase, Citi, Well Fargo, and Bank of America have all been recently updated to make it easier for customers to keep track of what they are spending, and where.
Research has found that people are taking advantage of these apps to take control of their spending, get rewarded for purchases, and make life simpler. Though some people have concerns about...
If one of your New Year’s resolutions was to step up your security and prevent yourself from becoming a victim of identity theft or other fraud schemes, the AARP Fraud Watch Network has a few tips for you.
The company has laid out their seven-step system for scam-proofing yourself in the New Year. These steps will help consumers make smarter choices and be aware of potential scams or fraud schemes throughout the year.
1. Consider freezing your credit file. Even if you have no reason to...