This Week In Credit Card News: Pandemic Brings Huge Increases In Card Fraud And Mobile Banking

This Week In Credit Card News: Pandemic Brings Huge Increases In Card Fraud And Mobile Banking

Borrower, Beware: Credit Card Fraud Attempts Rise During the Coronavirus Crisis Fraudsters are increasingly using pilfered credit card numbers and phi

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Borrower, Beware: Credit Card Fraud Attempts Rise During the Coronavirus Crisis
Fraudsters are increasingly using pilfered credit card numbers and phishing attacks to prey on overwhelmed consumers and banks during the coronavirus pandemic. There has been a big jump in attempted fraud with debit and credit cards since coronavirus shut down the U.S. economy earlier this year, according to Fidelity National Information Services
FIS
. The dollar volume of attempted fraudulent transactions rose 35% in April from a year earlier. [The Wall Street Journal]

The pandemic has brought a substantial increase in mobile banking which is expected to continue.
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Coronavirus Crisis Mobile Banking Surge is a Shift That’s Likely to Stick
April saw a 200% jump in new mobile banking registrations, while mobile banking traffic rose 85%, according to Fidelity National Information Services. The coronavirus lockdown resulted in many bank branches being closed, as well as Americans checking their accounts repeatedly for their stimulus payout. Another survey showed only 40% of respondents said they expect to return to branches post-Covid, indicating the shift to online is likely to stick. [CNBC]
Credit Card Applications Have Dropped by 40% Amid Coronavirus
When consumers face economic hardship, opening a new credit card may be a helpful option to get by. But surprisingly, many Americans aren’t taking this approach during the global coronavirus pandemic. New credit card applications were down 40% from the first week of March to the last week, according to a new report from the CFPB Consumer Credit Panel. Auto loan inquiries have also decreased by 52% and mortgage inquiries by 27%. [CNBC]
New Stimulus Check “Debit Cards” Show America’s Banks Are In Big Trouble
A new wave of stimulus payments is hitting people’s mailboxes. But they’re not coming in the form of checks but rather pre-paid debit cards. The Treasury Department is sending out around four million debit cards to people who haven’t provided their banking information to the IRS. The Treasury’s calling them Economic Impact Payment cards. But these are Visa
V
cards. And they’re the latest proof of what I’ve been saying all along: this is the end of the bank. And another reason to bet on the true financial disruptors, like Visa and Mastercard
MA
. [Forbes]

Samsung Money is the Company’s New Samsung Pay-Linked Debit Card Program
Samsung has announced further details for its upcoming debit card program: it’s called Samsung Money by SoFi, and it’ll tie in directly with the existing Samsung Pay app. Samsung Money will offer a cash management account and a Samsung Money debit card, a Mastercard issued by The Bancorp Bank. Samsung is promising that Samsung Money will feature no account fees (although the fine print reserves the right to change that in the future) and “higher interest” compared to the national average. [The Verge]
Coronavirus IRS Stimulus Payments on Prepaid Debit Cards Arriving: What to Know
About four million people can expect to receive their stimulus cash on the preloaded Visa cards, which are being sent in the mail in plain envelopes marked “Money Network Cardholder Services.” They differ from typical debit cards because they are not linked to bank accounts and instead just come preloaded with an individual’s allotted stimulus payment amount. The debit cards are being sent to some individuals instead of paper checks if they don’t have direct deposit information on file with the tax agency. Here’s some details about using the cards. [Fox Business]
Chase Sapphire Reward Points Can Now Be Redeemed for Groceries and Takeout
Chase Sapphire cardholders will be able to use their rewards points to cover purchases like groceries and takeout food thanks to a temporary new feature. Called “Pay Yourself Back” the new system will allow cardholders to use their rewards points to cover a portion or all of existing purchases at grocery stores, home improvement stores and dining, including restaurants, takeout and eligible delivery services. The new points program will go into effect May 31 for the Chase Sapphire Preferred and Reserve cards, and the bank plans to extend the feature to other cards in the future. The new system is currently set be available through September 30. [MarketWatch]
Preparing Merchants for the Coming Mobile Wallet Boost
Call it the great shift: 40% of individuals are doing more of their daily retail and transactions online, partly because, well, there’s no other way to do it. And as many as 22% of the population surveyed said those habits would stick. Merchants must be prepared for a new world, post-pandemic, that will not be purely brick-and-mortar, but will also embrace order-ahead, curbside pickup and delivery options, with a dwindling reliance on cash changing hands. [PYMNTS]
If You Have a Side Gig, There Might Be a Better Credit Card for You
Entrepreneurial types who freelance and side hustle their way through the week likely have access to a tool that could help them thrive: a business credit card. If you drive a ride-share part time, regularly resell on eBay or book paid photography jobs on the side, you may qualify for a business credit card. You don’t need to have a storefront, employees or an LLC. Credit cards aimed at small businesses differ from personal cards, offering more lucrative rewards and sign-up bonuses you won’t find on most personal cards. [MarketWatch]
Americans Are Spending More on Groceries During Quarantine
During the pandemic, consumer spending has changed drastically. Travel spending has plunged more than 85% since this time last year, and home improvement and food delivery sales have soared. But the biggest increase in spending across all areas has by far been groceries. According to data from Earnest Research, total grocery sales spiked an initial 79% from March 11 to March 18 as Americans reacted to news of the quarantine. [CNBC]
Here’s How Unpaid Debt is Handled When a Person Dies
Creditors generally try to collect what’s owed to them by going after the decedent’s estate during a process called probate. There are instances, however, where the surviving spouse, or another heir, may be legally responsible. Some assets don’t count as part of a person’s estate for probate purposes. [CNBC]

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