Huge increase in fraudulent mobile applications; Pink sales prospects for the holidays

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Fraudulent mobile applications are on the rise

Fraudulent mobile apps, the sole purpose of which is to steal valuable personal and payment information from unsuspecting victims, are seeing a significant increase in numbers. A new report from Outseer claims that of the 49,000+ fraudulent attacks that occurred in Q2 2021, malicious mobile apps accounted for almost a third (30%). This represents a peak of 66% in just 90 days and a 140% increase from the same period last year. The growth can be attributed to the fact that due to the pandemic, consumers have started to use mobile banking apps a little more. [Tech Radar]

Holiday sales in the United States will increase by 7.4% this year

All signs point to a bullish holiday season for retailers, online and offline. Retail sales in the United States are expected to increase 7.4% this holiday season, according to Mastercard SpendingPulse. In-store sales are expected to rebound, increasing 6.6% from 2020. Even as consumers return to browsing and shopping in stores, they are expected to spend online at even higher rates (up 7.6 %) than last year. [Chain Store Age]

Amazon does. Walmart too. Why Retail Likes To Buy Now, Pay Later

Installment plans are back in fashion. PayPal announced last week that it was buying Japanese installment payment startup Paidy, following Square’s $ 29 billion deal for Afterpay. Macy’s and Bed Bath & Beyond added the option at checkout over the past year. Even Amazon.com does. [The Wall Street Journal]

As immediate purchases and subsequent payments increase, a third of US users are behind on payments

One-third of U.S. consumers who used “buy now, pay later” services fell behind on one or more payments, and 72 percent of them said their credit scores had gone down, new research from Credit Karma. The survey found that younger consumers were more likely to miss payments. More than half of Gen Z or Millennial respondents (those born between the early 1980s and mid to late 1990s) reported missing at least one payment. This compares to 22% of Gen Xers and 10% of Baby Boomers. [Reuters]

AmEx customers still flock to the $ 695 Platinum card

American Express customers stick to the Platinum card even after the company decided to drop the annual fee from $ 550 to $ 695. Earlier this year, AmEx revamped many awards on its Platinum product – from adding $ 200 in annual hotel credits to offering private jet charter offers – as part of a massive overhaul. from the menu. With more and more consumers returning to traveling and dining out, banks have launched new cards and are offering special perks to try to attract some of that spending towards their products. [Bloomberg]

Capital One to Test Product Buy Now, Pay Later This Year

Capital One will test a “buy now, pay later” product this year as competition for consumer loans grows from financial technology companies providing merchants with easy ways to offer cheap financing for them. purchases. Capital One CEO Richard Fairbank said the offers suddenly became popular due to support from venture capitalists and traders’ willingness to subsidize interest charges. “The elephant in the coin is the sustainability of the grant to traders,” Fairbank said. “This is fueled by the belief of traders that they are getting additional volume.” [Reuters]

Elizabeth Warren calls on Fed to dismantle Wells Fargo

Senator Elizabeth Warren said Wells Fargo ran out of time to address the many internal issues that have plagued its customers. In a letter to Federal Reserve Chairman Jerome Powell, Ms Warren called on the Fed to force the financial giant to cut off core banking activities, such as offering checking accounts, savings and loans, of its other financial services. Mr Powell is unlikely to follow the suggestion, as Wells Fargo would somehow have to get rid of dozens of non-bank subsidiaries quickly, which would certainly hurt the bank’s financial health. But Ms Warren’s demand for such aggressive action hinted at the desire among progressives for a stronger regulatory hand from the Fed. [The New York Times]

Citigroup Credit Card Default Rate Improves; AmEx is holding on

Citigroup and American Express released statistics on August defaults in credit card payments, Citi defaults improving and American Express remaining stable. Citi’s delinquency rate of 0.8% in August was an improvement from 0.87% in July and below the three-month average of 0.86%. American Express had a 0.6% delinquency rate in August, unchanged from June and July, according to a separate Seeking Alpha report. It was also well below the August 2020 delinquency rate of 1.2%. [PYMNTS]

Capital One Announces New Travel Website With Airline Price Predictions, Coverage, and More

Capital One has announced plans to relaunch its travel website to include new features that can save customers money when they book flights, as well as offer other protections that are not available elsewhere. . The beta will begin rolling out in the coming weeks for customer groups with Capital One credit cards that earn miles. Capital One leverages the price prediction technology of the Hopper travel booking site to let cardholders know the cheapest time to book a flight. [CNN]

Notre Dame debit card shows banks are still paying to push paid products

The University of Notre Dame has announced a new official banking partner for the school’s sports department, Credit Union 1. The deal provides access to school and mascot debit cards, as well as other banking services. A similar deal with Bank of America

BAC
for banking services that lasted until 2019, shows Notre Dame raised $ 100 for each new credit card or rewards account signup (which were fee-generating checking accounts). On top of that, the school collected a portion of all the money Irish account holders generated: half a percent of the charge on the credit card, 0.05% to 0.2% on the debit expenses, depending on the specifics of the account. Over the past 10 years, according to CFPB data, Notre Dame has raised $ 4.7 million through the deal, while Bank of America has gained 5,552 active accounts. [Sportico]

Get $ 10 Off Amazon When You Use Your Qualifying Chase Credit Card

Amazon currently has an offer that is a great way to not only redeem your Chase Points, but also save on your next Amazon purchase. Chase credit card holders targeted for this promotion can save $ 10 off a purchase of $ 30 or more when using Chase Ultimate Rewards points on Amazon by October 19, 2021. Not all Chase cards are targeted for that offer, then here’s a breakdown to see if you’re eligible for the discount and, if you are, show you how to apply it to your Amazon order. [CNN]


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