Did you ever get that SMS saying a delivery was attempted but failed, or an email stating that you need to confirm details for a delivery or an in-app message to say ‘approve this’? These are the primary ways in which scammers are targeting consumers to give their bank information voluntarily, when it is not……

Payments behemoths continued investing in technology to control costs and streamline operations in the second quarter.  Visa and Mastercard are deploying AI for the following:  To fight fraud;  Enhance data and analytics; and  Boost accounting and sales operations.  Mastercard is using AI for operations including data analytics, fraud and cybersecurity to improve offerings and efficiency,…

Barclays focused on the simplification of its operations and organization during the first half of 2024 as it leaned into its cloud strategy and upgraded legacy systems.  The London-based bank plans to increase its workload on the cloud to 85% to 90% from 75%, according to today’s earnings presentation.  Additionally, Barclays is upgrading its legacy…

Things we’re reading today include … Metro Bank soars as eyes turn to profitability again (proactiveinvestors.co.uk) The Bank of England’s climate-related financial disclosure 2024 | Bank of England Bank of England launches discussion paper on “ambitious agenda” for UK’s payments landscape – FinTech Futures How Can Fintechs Balance Profitability and Purpose? | The Fintech Times Female……

I just spotted a new innovation in India from Paytm, who I consider friends of mine after interviewing their founder, Vijay Shekhar Sharma for Digital Human a few years ago. What’s the innovation? Talking payments. The Paytm soundbox – which works both online and offline with QR codes – allows merchants and customers to hear their transactions……

Paris-based BNP Paribas is working with telecom service provider Orange to provide its 21.8 million customers with personal financing solutions, according to a June 26 release. The “tailored financing” will provide customers with loans up to 3,000 euros ($3,200) to buy mobile phones, according to the release.  “If you look at the core activities where…

HSBC continued to invest in digitalizing its retail and transaction banking businesses in the first half of 2024.  “The steps we’ve taken to change our retail business model and our continued investment in people and digitization have made wealth a key driver of revenue growth,” Chief Executive Noel Quinn said during today’s H1 earnings call.…

Frost Bank is investing in its AI, payments and customer onboarding experience to remain competitive and penetrate new markets.  In the second quarter, the $49 billion San Antonio-based bank upped its technology spend 8% year over year to $35.9 million, according to its July 25 earnings report. “We have plans to use AI … [and]…

Dishonest consumers are upping their fraud game as “friendly fraud” becomes the No. 1 problem in credit card disputes, but tech providers and merchants alike are upping their ability to fight through data and AI.  Friendly fraud and chargeback fees cost businesses more than $117 billion in 2023, according to a PayPal report. Friendly fraud,…

Fintech funding saw a rebound in the second quarter as global funding increased to $8.9 billion, up 11% year over year.  The U.S. saw the most fintech funding during the quarter at $4.8 billion across 324 deals, followed by Europe with $1.9 billion across 185 deals, according to data service provider CB Insights’ Q2 State…