Elder Abuse: A Financial Red Flag for Banks and Families
Payments Journal
by Tracy Kitten
4h ago
In 2023, reports of elder fraud plagued financial advisers and the families of the victims who were targeted by cybercriminals. Scams that coerce older adults are increasingly pervasive and insidious, and often have consequences that go far beyond mere financial loss. In April, an 81-year-old Ohio man fatally shot a 61-year-old Uber driver after both were duped as part of a ransom scam, according to The Associated Press. The challenge for law enforcement, families of elderly victims, and the financial industry as a whole is that scam victims are often reluctant to ask for help, or, in some ca ..read more
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Eliminating Medical Debt from Credit Scores Shouldn’t Hinder Card Issuers
Payments Journal
by Tom Nawrocki
1d ago
The Consumer Financial Protection Bureau (CFPB) has proposed a new rule that would stop credit reporting companies from sharing medical debts with lenders and prohibit card issuers and other lenders from making decisions based on medical information. For credit card issuers, the decision may not significantly impact their bottom line—but could lead to more widespread card usage. The CFPB’s decision follows research indicating that a medical bill on a person’s credit report is not a good predictor of their ability to repay a loan. In fact, medical debts can make underwriting decisions less acc ..read more
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Apple Pay to Add BNPL, Windows, and Chrome Support
Payments Journal
by Wesley Grant
1d ago
In its upcoming fall iOS update, Apple will add buy now, pay later services to Apple Pay and Apple Wallet. Apple Pay will also be available on Windows-driven PCs and Google’s Chrome browser, giving consumers even more flexibility in how they pay. The BNPL services will be offered through Affirm, and Apple users will be able to apply for an Affirm account directly in Apple Pay. Apple will continue offering its own buy now, pay later service, Apple Pay Later, and the tech giant said it could integrate other BNPL providers like Klarna in the future. Apple Pay will also support BNPL-style install ..read more
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A Win-Win: Leveraging International Wire Transfers and Foreign Exchange Services
Payments Journal
by PaymentsJournal
1d ago
New cross-border payments solutions are offered seemingly every day. These solutions use everything from stablecoins to pay-by-bank platforms. However, international wire transfers still play a crucial role in money movement, and that’s not likely to change anytime soon. In a recent PaymentsJournal podcast, Justin Jackson, SVP, Head of Enterprise Payments at Fiserv, and John Min, Chief Economist at Monex USA, discussed the present and future of international wire transfers and the methods financial institutions can employ to leverage this powerful tool. PaymentsJournal A Win-Win: Leveraging ..read more
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Understanding the Financial Mindset of Fintech Pioneers
Payments Journal
by Tom Nawrocki
2d ago
A new report from Visa digs deep into what they call “fintech-forward” consumers, who embrace diverse platforms, apps, and innovative payment methods for financial management. The How Digital Maturity Shapes Consumer Financial Behavior report, in collaboration with polling firm Ipsos, looked at six personas representing different financial mindsets. The most affluent and open to new experiences are termed “fintech pioneers.” This group not only tends to be more affluent, but also seeks out innovative payment methods for the rewards and benefits that support a lavish lifestyle. For financial i ..read more
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How IDPS Protection Services Stack Up
Payments Journal
by PaymentsJournal
2d ago
Wed, Jun 26, 2024 1:00 PM – 2:00 PM EDT Register Now Identity protection services have evolved over the years, but there’s still vast room for growth and improvement across the industry. In this webinar, Tracy Kitten, Director of Fraud & Security, and Kevin Libby, Analyst of Fraud & Security delve into what IDPS providers should do to capture a bigger market share, as well as the key steps they’ll need to take for long-term growth and customer churn reduction. What You’ll Learn: Why many consumers are unsure about IDPS providers and what their services include. The strategies IDPS pr ..read more
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Mastercard to End Manual Card Data Entry in EU by 2030
Payments Journal
by Wesley Grant
2d ago
By 2030, Mastercard plans to phase out the manual entry of card information in European e-commerce transactions. Digital buyers who have become accustomed to entering their 16-digit card number and personal data will now be able to make purchases with a single click. The foundation for the credit card giant’s new process is tokenization, and it will allow Mastercard to replace fixed card numbers with a randomly generated sequence. Roughly 25% of worldwide Mastercard transactions are tokenized, but the company reported those transactions are growing at a 50% year-over-year rate. The increased ..read more
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We Speak Tech: How CFOs are Reinventing the Enterprise
Payments Journal
by PaymentsJournal
2d ago
In the past, the chief financial officer’s role has been somewhat relegated to the financial aspects of a business. Now, CFOs face a challenging array of responsibilities that include payments modernization, fraud mitigation, and the selection and implementation of technological solutions. In a recent PaymentsJournal podcast, Jeff Feuerstein, SVP of Paymode-X Product Management and Market Strategy at Bottomline, and James Wester, Co-Head of Payments at Javelin Strategy & Research, discussed the obstacles CFOs face and the role technology plays in the finance office. PaymentsJou ..read more
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Instant Payments Can Benefit the Underbanked
Payments Journal
by Tom Nawrocki
3d ago
The Atlanta Fed is making a strong case that instant payments—which can settle in seconds and be immediately available to the receiver—have the potential to extend financial benefits to those who don’t have full access to the banking system. An instant payment system like FedNow, which debuted last July, could be a significant step toward bringing the underbanked fully into the modern payments environment. The Federal Reserve defines payments inclusion as a state where everyone has access to efficient, secure, and affordable payments services. In an essay, Lali Shaffer, a payments risk e ..read more
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Affirm’s New BNPL Options Coincide with Payday
Payments Journal
by Wesley Grant
3d ago
Affirm announced its newest buy now, pay later (BNPL) options, giving consumers more flexibility in how they pay for their purchases. Pay in 2 allows customers to split a purchase into two interest-free payments, while Pay in 30 lets users pay for a purchase, with no interest, within 30 days. The company says the short-term alternatives were offered partly because 80% of U.S. ecommerce transactions are under $150. The options are also designed to capitalize on the fact that around 30% of non-farm workers get paid on a biweekly or monthly basis. This gives Affirm’s 16.4 million U.S. users anot ..read more
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