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This Week In Credit Card News: Theft On Payment Apps Is Skyrocketing

Jan 25, 2024 - forbes.com
A new study from Bankrate reveals that 36% of Americans have more credit card debt than emergency savings, the highest percentage in 12 years. This is despite low unemployment and cooling inflation, with 63% of U.S. adults citing inflation as the main reason for their inability to save. Meanwhile, credit card spending is on the rise, with the four largest U.S. banks reporting increased spending in 2023 compared to the previous year. Small businesses are starting to pass on processing fees to customers due to increased charges from credit card companies.

In other financial news, theft on payment apps like Venmo and Cash App is increasing, prompting Manhattan District Attorney Alvin Bragg to call for more security measures. Swedish fintech firm Klarna is launching a monthly subscription plan in the U.S. to secure its heaviest users ahead of an expected IPO. Mastercard has launched a biometric authentication service to enhance security for consumers. Apple has offered to open its mobile payments to third parties amid an EU antitrust case. Lastly, a recent survey shows less than 40% of organizations have successfully deployed an AI project due to barriers such as cybersecurity threats.

Key takeaways:

  • Around 36% of Americans have more credit card debt than emergency savings, according to a study from Bankrate.
  • Theft on payment apps like Venmo and Cash App is increasing, prompting calls for more security measures.
  • Credit card spending is on the rise and consumers are taking longer to pay off their debts.
  • Swedish fintech firm Klarna is launching a monthly subscription plan in the U.S. to secure its heaviest users ahead of an expected IPO.
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