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#cyberfraud | #cybercriminals | ATM Access To Cash With Just Your Cell Phone; Some Unknown Card Perks


Mastercard Wants to Give You Fast Access to Cash Using Only Your Cell Phone

Mastercard Cash Pick-Up lets anyone with a cell phone withdraw cash from a nearby ATM, even those without a bank account. More than 32 million households in the United States are “unbanked” or “underbanked,” meaning they either don’t have bank accounts or have accounts but also use services such as payday loans to help make ends meet. But the technology could open up users to fraud such as imposter scams. [CNBC]

8 Credit Card Perks You Might Not Know About

Credit cards are a great way to earn rewards and finance new purchases, but you could be overlooking some money-saving perks that offer added value to cardholders. Card issuers often market credit cards with generous welcome bonuses or long special financing periods, but bury the details of lesser-known perks, such as cell phone protection and exclusive shopping discounts. [CNBC]

More Than Half of People with Rewards Cards Miss Out on Points or Cash Back

According to a survey from Bankrate, 55% of rewards card holders who pay their bills in full each month are missing out on rewards by choosing debit or cash. Rewards cardholders were most likely to leave points or cash back on the table by paying for groceries and restaurant purchases with cash or debit. Coupled with a credit card sign-up bonus, the rewards from your everyday spending can help you book travel like award flights or hotel stays. [Business Insider]

Amex Now Accepted in as Many Places as Visa, Mastercard

If you’ve been holding off on American Express credit cards because they’re not as widely accepted, that’s no longer true. As of 2019, Amex is now accepted in as many places as Visa and Mastercard, at least within the United States, CEO Steve Squeri announced. Amex’s higher merchant fees have been a primary point of pushback from most merchants, especially from small businesses. In response, Amex dropped its rates, charging merchants just 2.37% per transaction in 2019, down from 2.48% in 2014, according to Bloomberg. Former CEO Chenault launched the OptBlue program, which lowered costs for small businesses willing to accept Amex cards in payment. In 2019 alone, one million new U.S. storefronts began sporting the Amex branded decal. [The Points Guy]

Credit Card Interest Rates and Revolving Debt Hit Historic Highs in 2019

Interest rates on credit cards hit a 25 year high in 2019 as lenders increased their rates. Mercator expects momentum to continue through 2023 with interest rates at 17.10%. At 17.10% and a prime rate at 6.5%, the interest spread will likely be 10.6% in 2023. Revolving debt hit historic highs at $1.03 trillion in 2019. Mercator expects revolving debt to climb to $1.117 trillion by 2023. [Payments Journal]

Most Consumers Don’t Trust Mobile Payments. There’s a Way to Fix That

Only about half of millennials believe their bank’s mobile app is secure. While less than half of baby boomers have faith in mobile banking security, the majority are still “app-rehensive'” to begin using mobile banking, payment and financial services platforms. By taking steps to improve the security of their apps, and informing consumers about how these measures protect confidential data from cybercriminals, companies can inspire consumers to become loyal customers who use their apps more frequently. [American Banker]

Data Breaches Soared by 17% in 2019. We Also Saw the Rise of a Significant New Threat

The number of reported data breaches rose 17% to 1,473 in 2019 from 1,257 a year earlier, according to a new report by the nonprofit Identity Theft Resource Center, suggesting that a trend-defying drop in data breaches recorded in 2018 was a mere “blip.” The analysis also found there was a roughly 50% drop in the number of overall records exposed in 2019, and a 65% reduction in the exposure of “sensitive personally identifiable information.” There was also the rise of a significant new threat—data exposure from unsecured databases—and growth of an existing tactic known as credential stuffing where data thieves use seemingly innocuous information like stolen email addresses and logins to attempt to access various kinds of accounts. [MarketWatch]

Visa or Mastercard: What’s the Difference Between the Credit Cards?

Visa and Mastercard are two of the big names in credit cards. They’re accepted almost everywhere. Visa is accepted by 46 million merchants worldwide and Mastercard boasts comparable numbers. While the credit card issuer is allowed to charge you fees for things like late payments, Mastercard and Visa both make their money by charging merchants and businesses another fee for taking their card as a method of payment. Most of the differences come in the form of the rewards and protections that they offer the users in their card networks. [Fox Business]

Is Cash Still King? Reviewing the Rise of Mobile Payments

The narrative that millennials never carry cash is wrong: the youngest (under 30) and the oldest (over 65) are both more likely to use cash than those in the middle. Cash is the most frequent means of payment for transactions under $25 and is more commonly used in rural American and by racial minorities. Rather than a cashless society being around the corner, public demand for cash remains strong and low dollar notes in circulation (ones, fives, tens, twenties) have grown steadily this decade. [Brookings]

Delta Launches Its New Credit Cards, Including Two Made of Metal

Delta Air Lines launched its redesigned credit cards with revamped benefits and one more surprise: the two most expensive cards will be made of metal. All four tiers for the consumer cards—blue, gold, platinum and reserve—have a new look. Platinum and reserve will be made of metal versus the traditional plastic. Metal credit cards are growing in popularity, with dozens of premium cards on the market now made of the heavier material. Existing cardholders won’t get the redesigned cards until their current one expires. [Star Tribune]

Mastercard Says It Has a ‘Natural Hedge’ on Coronavirus as Much of Its China-Related Volume is Online

Mastercard’s latest results indicated strong consumer spending that analysts think will continue even as the coronavirus outbreak unfolds. Chief Financial Officer Sachin Mehra continued that it’s still early to have much visibility into impacts from the virus, which has prompted some businesses to close stores in China and caused a handful of airlines to reconsider flights in and out of the country. Mastercard has a “natural hedge,” Mehra said, because “a decent portion of our inbound and outbound cross-border from China is e-commerce related.” [MarketWatch]

We Don’t Need a Separate Cybersecurity Agency

Bad news from the cyber world keeps piling up: election security, disinformation, data breaches, ransomware and even the threat of cyber-warfare from the likes of Iran, Russia or China. A growing number of officials, inside and outside the government, are arguing that as a country we need to get better organized to address this complex threat, and that the best way is to create a stand-alone cyber security agency. It’s an option already under consideration by the commission Congress created to address cyber threats, as well at the National Security Council. [Politico]



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