JPMorgan’s In-Car Payments Unit Takes the Exit Ramp
JPMorgan Chase has decided to shut down its VW Pay division, formally known as the J.P. Morgan Mobility Payments Solution. The Luxembourg-based unit struggled to achieve profitability in the once-promising field of automotive payments, which enables customers to make digital payments for fuel, parking, and other internet-connected services. JPMorgan will continue providing mobility services to […]
How the Gift Card Revolution Will Accelerate Next Year
Once a humble piece of plastic tied to a single merchant, gift cards have evolved into flexible ecosystems that sit at the forefront of many brands. A major driver of this transformation has been digital gift cards, which have reshaped the way the industry views prepaid products. Today, gift cards are not only central to […]
In the Era of BNPL, Deferred Interest Offers Hang On
With the holiday shopping season already underway, many gift givers may be enticed by the promise of deferred-interest financing. Although buy now, pay later options have stolen much of the spotlight from this older model—once popular when shoppers were as likely to have a store card as a general-purpose credit card—a handful of card issuers […]
LinkedIn Messages Are a Popular Protocol for Phishing Attacks
Cybercriminals are expanding their playbook. While email and text remain common phishing channels LinkedIn messages are quickly gaining traction as a new favorite target. According to The Hacker News, LinkedIn has become an appealing target because many professionals—including company executives—access the platform on corporate devices. At the same time, many organizations haven’t put the same […]
Navigating the Risks and Rewards of Credit Card Balance Transfers
Balance transfers can be a powerful tool for consumers who are struggling with mounting credit card debt, but such offers come with their fair share of risks. For consumers, there is the risk that rolled-over debt can avalanche if unforeseen circumstances arise and they can’t to pay off their obligations in time. Because roughly half […]
JPMorgan, Fintechs Agree on Payments for Customer Data
The long-running dispute between JPMorgan Chase and the third-party apps that rely on its data has finally reached a resolution. According to CNBC, JPMorgan has signed contracts with fintech firms that account for more than 95% of the data requests made to its systems, agreeing to sell them customer information for a negotiated fee. The […]
Alibaba Taps Tokenization Tech for Cross-Border B2B Payments
Alibaba is gearing up to supercharge its vast business-to-business ecosystem by tapping JPMorgan’s tokenization infrastructure, laying the groundwork for a new kind of cross-border value network. The network will center on tokenized fiat currencies that function similarly to stablecoins. According to CBNC, Alibaba is already experimenting with tokenized U.S. dollars and euros, with plans to […]
New Approaches to Fighting New-Account Fraud
When financial institutions think about protecting against new-account fraud, they usually focus on the customer who has already applied and is being onboarded. But with the fraud typologies out there now, onboarding may be too late. Fraud detection needs to start as soon as the application for an account is being filled out. In a […]
As Credit Washing Surges, TransUnion Fights Back
Fraudulent credit activity is on the rise, and it’s costing lenders—and consumers—millions. TransUnion is launching a solution to fight credit washing, a scam in which criminals remove legitimate negative credit data to temporarily boost their scores and secure loans they never intend to repay. Credit washing often involves disputing accurate negative information on a credit […]
Bank of America Launches 401k Management Platform for Retirees
More retirees are struggling to stay on top of their finances, which is one reason Bank of America is launching its 401k Pay platform. The platform is designed to help customers convert 401k assets into retirement income. It also includes management features, such as the ability to set up recurring withdrawals from 401k funds. Many […]