The growing popularity of cryptocurrencies; How much is your stolen credit card worth?

More Americans now own cryptocurrencies than stocks

A survey of 1,000 US investors last month by CreditDonkey found that 72% own some form of cryptocurrency, compared to 64% who own stocks. It’s a staggering number when you consider that equity ownership has been the cornerstone of American retail investing for more than a century. [The Armchair Trader]

A Gmail and Facebook account is more valuable to a criminal than a credit card on the ‘Dark Web’

For criminals on the dark web, a Gmail or Facebook account is more valuable than a credit card. According to a price list published by Privacy Affairs, credit cards cost between $ 20 and $ 65, while Gmail and Facebook accounts cost $ 80 and $ 65 respectively. A cloned Mastercard

MOMMY
and the Visa card with its PIN code cost $ 25 each. [Entrepreneur]

The Ugly Truth Behind Your Fancy Rewards Credit Card

Credit card benefits reward rich Americans at the expense of the poor. The $ 200 in cash you got with your fancy new rewards card often comes at the expense of someone who can’t afford it. Every time a credit card is swiped, the bank charges a fee. To compensate, companies raise prices, so cash users (who tend to be poorer) often subsidize benefits given to credit card users (who tend to be richer). And the higher the rewards, the higher the cost to unsuspecting people who will pay for it. [Vox]

Bank of America to Reissue 4 Million Cards Using Fast Contactless Shipping

While major card issuers are gradually rolling out NFC-enabled credit and debit cards, Bank of America is taking a much more aggressive approach. In New York, Boston and San Francisco, BofA

BAC
will force a massive NFC upgrade by mailing new contactless credit and debit cards to all of its consumer card holders in those regions, amounting to about four million Visa

V
cards. This approach is in stark contrast to the industry standard of replacing cards only when they expire. [American Banker]

Defaulted businesses facing higher interest rates and higher collateral requirements

Companies are now being financially penalized by banks for data breaches. The American Accounting Association study found that banks are punishing companies that lose customer financial account information or social security numbers through data breaches with substantially higher interest rates and stricter collateral and covenant requirements. [ZD Net]

Chase will open its first VIP lounge at the airport

Chase is getting into the airport lounge game with his first ever Chase Sapphire lounge from The Club. Chase has been approved to operate a new 12,000-square-foot premium lounge at Boston’s Logan International Airport. The Massachusetts Port Authority (Massport), Logan’s owning and operating entity, received four proposals from lounge operators last October. Those proposals came from American Express

AXP
(Centurion Room), Plaza Premium Group (Capital One Room), TAV America Operations Services (Primeclass Room) and Airport Dimensions (Chase Sapphire Room). [The Points Guy]

SEC Chairman Gary Gensler recommends that Congress regulate cryptocurrency exchanges

SEC Chairman Gary Gensler believes the $ 2 trillion cryptocurrency market needs more protection for investors in the United States. He said the authority of the SEC is restricted to securities and products or asset managers that could invest in cryptocurrencies. But he suggested that Congress could play a role in providing greater regulatory clarity, particularly around exchanges. [CoinDesk]

Mir breaks the duopoly of Visa-Mastercard in Russia

As Europe’s proposed alternative to Visa and Mastercard takes shape, evidence from Russia suggests that an upstart rival may break the duopoly of the American giants, if the government is willing to put its finger on the scale. Russia established the national Mir payment card network in late 2015 at the urging of President Vladimir Putin in response to US and EU sanctions over the annexation of Crimea, which saw Mastercard and Visa disrupt services to several of the banks of the country. According to GlobalData, as of 2020, Mir has issued 74.6 million debit cards, which represents 28.62% of all debit cards in circulation. [FinExtra]

What big retailers agree to buy now and pay later?

Buy now, pay later is an increasingly popular way for consumers to shop online and in stores. Several services offer these installment loans at the point of sale. It is estimated that 39% of consumers have tried to buy now, then pay for the service at least once. As interest in this type of short-term financing grows, so does the number of retailers that accept it. In a sense, buy now and pay later is similar to layaway, but with one key difference. Rather than having to wait until all installment payments have been made, consumers can get their purchases right away. [Investopedia]

Corporate Prepaid Cards Find New Role in Coronavirus Aid

Pressured to disburse emergency funds quickly and efficiently, charities and local governments are using prepaid expense management and corporate spending cards to help people in need affected by the coronavirus. This trend is likely to continue after the lockdown, as these cards offer far superior spending controls and transparency compared to consumer-oriented prepaid cards and other aid disbursement means. Cash booklets are unsanitary and lacking in accountability, while paper food vouchers are slow, inefficient, and non-reloadable, and standard reloadable prepaid cards lack features like receipt management and accounting capabilities. [American Banker]

LG is closing its mobile payments service

In a superficial move, LG is shutting down its contactless mobile payments service in the US after knocking on the curtains at its smartphone business. The Korean electronics giant alerted customers that it will phase out the LG Pay digital wallet “for the remainder of 2021” before the November 1 discontinuation date. [Engadget]

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