With the release of its Q2 earnings, Bank of America announced that its provision for credit losses and charge-offs grew to $1.5 billion, an increase from the previous quarter’s total of $1.3 billion. According to the company, net charge-offs—money the bank writes off and doesn’t expect to be paid back—nearly doubled to $1.5 billion from $869 million in the previous year. JPMorganChase made a similar disclosure last week during its Q2 results. Its credit loss provisions rose to $3.05 billion for the quarter, up from $1.88 billion in Q1. Read more: https://ow.ly/xN1650SEHJn #payments #credit #creditloss #chargeoffs
PaymentsJournal
Financial Services
Livonia, MI 17,289 followers
PaymentsJournal is a free online information portal designed to keep payments & banking industry professionals informed.
About us
PaymentsJournal provides the latest insights on the trends shaping the payments space. A division of Javelin Strategy & Research, PaymentsJournal monitors the payments, banking, and fintech industries, covering topics such as credit, debit, cryptocurrency, buy now, pay later (BNPL), and more.
- Website
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http://paymentsjournal.com
External link for PaymentsJournal
- Industry
- Financial Services
- Company size
- 11-50 employees
- Headquarters
- Livonia, MI
- Type
- Partnership
Locations
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Primary
17430 College Pkwy
Livonia, MI 48152, US
Employees at PaymentsJournal
Updates
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Many elderly adults in the UK are vulnerable to cybercriminals and are frequently targeted by fraud attacks. According to a study from the University of Portsmouth, 40% of respondents reported experiencing online fraud. Three-quarters of these attacks targeted seniors’ mobile phones, with 60% of the attempts made through phone calls and around 11% via text messages. Read more: https://ow.ly/qZAY50SEHFP #payments #fraud #elderfraud #scams
40% of UK Seniors Have Endured Recurring Fraud Attempts
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The ability to modernize through connected solutions is greater now than it has ever been, but adoption has been slow. Over 90% of U.S. businesses accept checks, and 86% use checks for outgoing payments. In most cases, it’s not for lack of better options; it’s because that’s the way things have been. “Cracking the behavior is critical,” James Richardson, Head of Global Product Solutions at Bottomline said. “Frankly, it’s a cultural thing. It’s already being done in other countries, but over the next few years, moving away from checks will be significant to overcome for U.S. companies. Once that happens and CFOs’ eyes are opened, they will see a new wave of change within their organizations.” Read more: https://ow.ly/u8T450SEqfI #payments #businesspayments #CFO #fraud #modernization
Rapid Time to Value: Modernizing Business Payments
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One of the most disturbing aspects of present-day fraud is just how prevalent it has become. Around 80% of respondents to an Association of Financial Professionals survey said they were victims of payment fraud in 2023. It was a 15% increase from 2022 and the highest number since 2015. In a recent PaymentsJournal podcast, Ryan Clayton, Director of Solution Consulting at Bottomline and Albert Bodine, Director of Commercial and Enterprise Payments at Javelin Strategy & Research, discuss the technology and tactics criminals employ and the ways organizations can defend themselves. Read more: https://ow.ly/r1Ez50SEooi #fraud #payments #socialengineering #fraudmitigation #fraudprevention Jacob Jegher, Brian Riley, Jordan Hirschfield, Albert Bodine, Ryan Cole, Don Apgar, James Wester, Christopher Miller, PhD, Amy Gorin, Craig Lancaster, Sophia Gonzalez, Ben Danner, Matthew Gaughan, Elisa Athonvarangkul Tavilla, Suzanne Sando, Jennifer Pitt, Kevin Libby, James Quigley, Justin Hamel, Sandy Park
Out of a Spy Novel: Mitigating Modern-Day Fraud
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With their newly upgraded Marriott Bonvoy Bold Credit Card, Marriott and Chase have introduced a new category: travel now, pay later (TNPL). Taking inspiration from the popular BNPL plans, Chase and Marriott Hotels are allowing cardmembers to break up qualifying travel purchases into equal monthly payments without incurring any interest or plan fees. Read more: https://ow.ly/UmVp50SCzjN #payments #travel #TNPL #credit #BNPL
Marriott, Chase Enhance Credit Card with Travel Now, Pay Later Feature
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The Federal Reserve proposed rules to gain clarity on how traditional banks are exposed to non-bank financial institutions. Institutions like hedge funds, mortgage lenders, and private equity funds are often referred to as “shadow banks” because they don’t have to report their transactions to the Federal Reserve. The Fed estimated that conventional banks had around $2 trillion in funds tied up in non-bank financial institutions at the end of 2022. Read more: https://ow.ly/rZO650SCyTm #banking #banks #shadowbanks #regulations #credit
The Federal Reserve Aims to Regulate “Shadow Banks”
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REGISTER NOW: https://ow.ly/SN8s50SCsWu Navigate through the core challenges confronting enterprise businesses in online payments, discovering solutions for achieving unparalleled performance and cost savings at scale. Simplifying global complexities and offering value beyond processing, Trevor Nies, SVP of Digital at Adyen and James Wester, Co-Head of Payments at Javelin Strategy & Research, will unveil strategies that position payments as a revenue and cost savings driver. • Strategic full funnel payments evaluation • Frictionless transactions • Performance-driven cost reduction #payments #revenue #digitalpayments #friction #cost
Online Payments as a Revenue Driver
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Financial advisors do not have to become cybersecurity experts. Identity protection services (IDPS) providers specialize in identity fraud prevention, and many such companies offer turnkey solutions. “Financial advisors could do a much better job of partnering with identity protection services providers, or at the very least recommending them to their clients,” Tracy K., Director of Fraud and Security at Javelin Strategy & Research said. “Portfolio planning should always include identity protection for the entire family.” Read more: https://ow.ly/Sq5o50SCq4R #fraud #cybersecurity #scams #wealthmanagement
Cyber Risk Management for Children, Families: A Wealth Manager’s Role
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Consumers are turning to mobile banking apps as the preferred channel for financial interaction, in part because of convenience and enhanced security. A mobile banking channel also provides FIs with a chance to improve engagement with consumers, especially for cybersecurity awareness and outreach. A new report from Javelin Strategy & Research lessons from top-tier banks that set an example for community banks and credit unions to follow. Javelin Director of Fraud and Security Tracy K. spoke about two important emerging trends in mobile cybersecurity: biometrics and push notifications. Read more: https://ow.ly/l9Mi50SCnNA #payments #mobilebanking #banking #cybersecurity #scams
The Next Phase of Cybersecurity on Mobile Banking Apps
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Home Depot has agreed to pay $750,000 to settle a California lawsuit that alleged the big-box retailer didn’t follow existing state laws regarding gift card redemption. Like several other states, California requires retailers to provide an option for gift card holders to redeem the value of their card if it’s below $10. “There are a series of states that have laws requiring stores to cash out gift cards if they fall under a certain value,” said Jordan Hirschfield, Director of Prepaid at Javelin Strategy & Research. “Typically, the consumer has to request the cash-out, and the store must comply with the request.” Read more: https://ow.ly/gpfe50SBzFY #payments #giftcards #retail #lawsuit #prepaid
Home Depot’s Gift Card Woes Could Have Been Avoided
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