LowCards.com Weekly Credit Card Update–June 12, 2020

LowCards.com Weekly Credit Card Update–June 12, 2020

June 12, 2020         Written By Bill Hardekopf

FBI Warns Hackers Are Targeting Mobile Banking Apps
The FBI on Wednesday warned that malicious cyber actors were targeting mobile banking apps in an attempt to steal money as more Americans have moved to online banking during the coronavirus pandemic. The FBI noted it expects to see hackers “exploit” mobile banking platforms, which have seen a 50 percent surge in use since the beginning of the pandemic. Story by Maggie Miller for The Hill

Average Data Breach Costs Public Companies $116 Million
A new report, Trends in Cybersecurity Breach Disclosures, found the average cost of a cyber-breach to a publicly traded company was $116 million. In 2019, the information hackers most often obtained through data breaches was customer names, addresses, and e-mail addresses (48%, 29%, and 28% respectively). The most common methods hackers successfully used to obtain company data from 2011 to 2019 was malware (34%), phishing (25%), unauthorized access (20%), and misconfiguration (12%). Story by Aaron Nicodemus for Compliance Week

Capital One and Other Debt Collectors Are Still Coming for Millions of Americans
Federal, state and local officials have all taken some steps to protect Americans from the ravages of the economic crash due to Covid-19. Congress halted a substantial portion of evictions, foreclosures and collection on student loans. But one of the most aggressive and common forms of debt collection has generally been allowed to continue: seizure of wages for old consumer debts. Now the most common type of case is debt collection. Lining up against debtors who are almost never represented by an attorney, debt collection companies win millions of court judgments each year, which then allow them to seize debtors’ wages for years into the future. Story by Paul Kiel and Jeff Ernsthausen for ProPublica

Use Cards Smartly to Avoid Limit Slashing, Account Closing
There’s nothing like having a rug pulled out from under you when you’re barefoot and the floor is cold. When it comes to credit cards in the time of the coronavirus pandemic, such is life. A recent survey by CompareCards.com found that three in 10 cardholders are relying heavily on their credit cards and in fact using them more than ever since the start of the pandemic. Yet, 25% of credit cardholders polled saw their limit slashed and/or their account closed altogether in the past 30 days. Story by Sheryl Nance-Nash for Newsday

Decline in Retail Sales Eased in May
U.S. retail sales, including online and in-person transactions, fell 5.6% in May from a year ago, according to a new study from Mastercard SpendingPulse. That’s an improvement from the 14.1% drop it recorded the previous month. The report also shows e-commerce sales almost doubled last month amid widespread economic lockdown measures due to the coronavirus pandemic. The report estimates that online sales received $53 billion of incremental spending in the U.S. during April and May. The study also highlights the rare pockets of strength in consumer buying, including online sales and spending on home improvement and groceries. Story by Jonathan Roeder for Bloomberg

5 Things You Didn’t Know Your Credit Card Concierge Could Do
Have you ever dreamed of having your own personal assistant? If you have concierge service with your credit card, your wish can be fulfilled. You may have thought that this benefit was only good for things like restaurant reservations, theater tickets or helping with various travel arrangements, if you knew about the benefit at all. Think again. The name “concierge” may have travel-related connotations, but in reality, a credit card concierge can act more like a jack-of-all-trades, saving you a ton of time without costing an extra cent. Story by Robin Saks Frankel for Forbes

Chase Partners with Sensibill on Digital Receipts for Mobile Banking Users
JPMorgan Chase is partnering with Toronto-based Sensibill to provide mobile banking customers with digital receipt management. Sensibill’s technology, which works with about 75 banks and credit unions in North America and the U.K., will allow Chase mobile banking users to manage expenses directly in the bank’s app. Story in Mobile Payments Today

Berkeley Startup Aims to Provide Credit Cards for Students, Immigrants
When Kristy Kim graduated from UC Berkeley in 2011, she needed a car to commute to Palo Alto for a finance job. But like many young people and recent immigrants, Kim had no credit history and couldn’t get approved for a loan to purchase a car. So, last year as a graduate student, Kim co-founded her own credit card company, TomoCredit, short for Tomorrow’s Credit, to provide credit cards to people who don’t have a credit score and cannot get approved for credit by bigger banks. The startup, which employs four other immigrants who come from countries around the world, has raised more than $3 million and has over 15,000 people signed up to use their credit cards. Story by Ivan Natividad for Berkeley News

How to Prepare for the Long-Term Financial Impact of Covid-19
The recent economic downturn in America has forced most households to think in the short-term. How will I pay this month’s bills? What can I afford with my unemployment income? These are important matters to consider, but it’s equally important to prepare for the long-term financial impact of Covid-19. Story by Heaven Speirs for LowCards.com

LoungeBuddy Gives Amex Card Members Exclusive Access to Luxurious Airport Lounges Around the World
LoungeBuddy is an app-based booking service that lets travelers find and book an airport lounge visit for a small fee. The company was formed in 2013 and acquired by American Express in April 2019. The booking service is now exclusively available to Amex card members, but anyone can use the LoungeBuddy app to see which lounges are available at an airport they’re traveling through, and determine whether they may already be entitled to access through their credit card or airline miles programs. The average fee for a three-hour pass at an available lounge is around $50, and can be booked and paid for with the member’s Amex card. LoungeBuddy provides access to hundreds of airport lounges around the world, including those located at 31 airports in the U.S. Story by Ashley Dull for CardRates

BitPay’s Prepaid Mastercard Launches in U.S. to Make Crypto Accessible
Blockchain payments provider BitPay has launched a Mastercard prepaid card for crypto users in the United States. The BitPay Card enables customers to convert their cryptocurrency into fiat, which can then be loaded onto the card and spent anywhere Mastercard debit is accepted. Card holders can also withdraw U.S. dollars from ATMs and make online purchases. Story by Rachel Wolfson for Coin Telegraph

The information contained within this article was accurate as of June 12, 2020. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.