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☆ Credit expert with over 20 years experience: 'Nothing good' comes from maxing out your card
▼ + stars: | 2024-11-20 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

Nearly 40% of cardholders in the U.S. have maxed out a credit card or come close to doing so, according to Bankrate's October credit utilization survey. "Nothing good comes out of running up large balances on credit cards," says John Ulzheimer, a credit expert with over 20 years experience who formerly worked for FICO and Experian. It accounts for 30% of how your FICO credit score is calculated and is an "extremely influential" factor used to generate your VantageScore credit score. Maxing out your credit card can throw off your credit utilization ratio, thus harming your overall score. Why it's worth keeping your credit utilization lowThe credit scoring agencies didn't arbitrarily decide to make your credit utilization ratio an important part of your score, Ulzheimer says.

Persons: John Ulzheimer, Bankrate, Ulzheimer, They've Organizations: FICO Locations: cardholders, U.S

☆ European markets set to open lower; UK GDP ticks up slightly
▼ + stars: | 2024-11-15 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

European markets were set to open lower Friday, as investors looked ahead to fresh data and assessed the future path for interest rate cuts following hawkish comments from U.S. Federal Reserve Chair Jerome Powell. The U.K.'s FTSE 100 index was seen opening 13 points lower at 8,054, Germany's DAX 39 points down to 19,210, France's CAC lower 26 points at 7,283 and Italy's FTSE MIB 129 points down to 33,966, according to IG data. Across the Atlantic, speaking Thursday, Powell said that strong U.S. economic growth is allowing policymakers to take their time in deciding how far and how fast to lower interest rates. U.S. stock futures inched lower overnight as Wall Street continued to assess the comments and the future path of the post-election rally. Asia markets, meanwhile, were mixed during Friday's session.

Persons: Jerome Powell, Germany's DAX, Powell Organizations: U.S . Federal, CAC, Burberry, Labour, Aegon, Experian Locations: U.S, Asia

☆ A couple renovating their new home found a body in the attic, reviving a 15-year-old mystery
▼ + stars: | 2024-11-05 | by ( Joshua Nelken-Zitser | Thibault Spirlet | ) www.businessinsider.com time to read: +3 min

A couple in France found human remains in their attic during home renovations. The bones likely belong to a former owner who went missing 15 years ago, a local prosecutor said. AdvertisementA couple were doing work on their recently purchased property in northeastern France when they made a chilling discovery — human remains in the attic. The property owners weren't named. AdvertisementHowever, Glady told AFP that the skeleton "very likely" belonged to the former homeowner, who disappeared in 2009 when he was 81.

Persons: —, Olivier Glady, Glady, Randall Bell, Experian, Benoit Vautrin, Républicain Lorrain, Aloïs Iffly Organizations: Service, Business, AFP, Landmark Research, Strasbourg Institute, Forensic Medicine, Local Locations: France, Erstroff

However, a debt consolidation loan isn't a one-size-fits-all solution, says CFP Uziel Gomez. While I try to avoid carrying high-interest debt and aim to pay my credit card balance in full each month, as a financial coach, people often come to me feeling overwhelmed and wanting help with looming credit card debt. Sometimes, a debt consolidation loan can help, but it's not always the answer. If someone isn't ready for debt consolidation, Gomez recommends whittling away at your credit card payments using either the snowball or avalanche debt payoff method. You haven't established good habitsIf you haven't established good habits to keep your credit card spending to a minimum, it's probably best not to consider a credit card debt consolidation loan or balance transfer card.

Persons: Millennials, Xers, Uziel Gomez, —, it's, that's, Gomez, there's, whittling, he's, haven't, let's Organizations: Service, New York Federal Reserve, Primeros Locations: LA

☆ Gen Z, millennials are using AI for personal finance advice, report finds
▼ + stars: | 2024-11-04 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

A new report by Experian found that 67% of polled Gen Zers and 62% of surveyed millennials are using artificial intelligence to help with their personal finances. Users say that generative AI tools like ChatGPT have helped in areas including saving and budgeting (60%), investment planning (48%) and credit score improvement (48%). The Gen Z respondents were ages 18 to 27 while millennials were ages 28 to 43. According to data Experian provided to CNBC, 98% of Gen Z adults and 98% of millennials had a positive experience with the software. While using generative AI can help as a first step to drawing up a budget or figuring out how to increase your credit score, always verify the information through external resources, experts say.

Persons: Experian, Gen Zers, Christina Roman, millennials, Xers Organizations: Finance, CNBC

☆ FICO and VantageScore are the 'Coke and Pepsi' of credit scoring, says credit expert—what to know about each
▼ + stars: | 2024-10-31 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +3 min

When you view your credit score, you're likely to see a different three-digit number depending on whether you checked your score online, on your banking app or via another means. Although you have multiple credit scores, they're mainly calculated by two companies: VantageScore and FICO, which are the two main credit scoring systems used by the majority of lenders to evaluate how well you're managing your credit. "Think of those like Coke and Pepsi," John Ulzheimer, a credit expert who formerly worked for FICO and Experian, tells CNBC Make it. And your credit history needs to be at least six months long in order for FICO to generate your score. Although FICO scores are also used by lenders when you apply for credit, a mortgage or an auto loan, FICO weighs the factors it uses to calculate its credit scores differently.

Persons: John Ulzheimer, VantageScore, FICO, Matt Schulz, LendingTree's, Schulz Organizations: Pepsi, FICO, CNBC Locations: U.S

☆ 'Slow shopping' can save you money this holiday season. Here’s how it works
▼ + stars: | 2024-10-31 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

"This is definitely a shopping trend worth adopting to help you avoid impulse purchases and taking on debt," she said. Slow shopping allows you to time your purchase based on when it's on sale for the lowest price, Woroch explained. Slow shopping also allows for more time to save up for big-ticket items. David Dee Delgado | ReutersMore than half — 54% — of adults made at least one impulse purchase last holiday season, according to a recent survey by Bankrate. "When you are thinking of holiday shopping, make a list and check it twice," he said.

Persons: Andrea Woroch, Woroch, David Dee Delgado, Bankrate, Experian's Griffin, Ted Rossman Organizations: Black, Reuters, Bankrate Locations: Manhattan, New York City , New York, U.S

☆ Here's who would benefit from Trump's proposed tax break on car loan interest
▼ + stars: | 2024-10-14 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Trump's proposed tax break would make interest on car loans fully tax deductible. That tax break lets homeowners deduct annual mortgage interest payments from their taxable income, thereby reducing their tax bill. Few taxpayers claim itemized tax deductionsTo get the deduction, car owners would need to itemize their tax return to include their borrowing costs. About 14.8 million federal tax returns, or about 9%, claimed an itemized deduction on their 2021 federal tax returns, according to the most recent IRS data. An itemized tax break on car loan interest "would help only a fraction of taxpayers," said Leonard Burman, an institute fellow at the Urban-Brookings Tax Policy Center.

Persons: Donald Trump, Sarah Rice, Trump's, Experian, It'd, Seiberg, Trump, didn't, Erica York, —, Leonard Burman, Burman, York, it'd Organizations: Detroit Economic, Bloomberg, Getty Images, Federal Reserve Bank of New, AAA, Trump, Cowen Washington Research Group, Republicans, CNBC, Finance, Social Security, Taxpayers, Tax, Center, Federal Tax, Urban, Brookings Tax Locations: Federal Reserve Bank of New York, Detroit, York

☆ Goldman Sachs just refreshed its conviction lists of global stocks, giving 3 over 20% upside
▼ + stars: | 2024-10-14 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +4 min

Goldman Sachs has refreshed its lists of top global stock picks, adding some and removing others. There have also been plenty of additions to the Directors' Cut, including the following three stocks which Goldman also gives more than 20% upside potential over the next 12 months. Goldman has a 12-month target price of £52 ($68) on the stock, implying nearly 33% potential upside. The bank's analyst Andrew Baker likes that the company is "well positioned for central bank policy rate easing." Goldman has a target price of 7.80 Singapore dollars on the stock, implying 20.4% potential upside.

Persons: Goldman Sachs, Goldman, Experian, Suhasini, Assicurazioni Generali, Andrew Baker, Baker, Keppel, Xuan, Tan, — CNBC's Michael Bloom Organizations: Companies, Qantas Airways, Shell, London Stock Exchange, U.S, Milan Stock Exchange, Keppel, Singapore Exchange Locations: Asia, Europe, Danish, Suhasini Varanasi, Italy, Goldman's Asia, Singapore, U.S

☆ What internet data brokers have on you — and how you can start to get it back
▼ + stars: | 2024-10-11 | by ( Barbara Booth | ) www.cnbc.com time to read: +17 min

Inside data brokers' massive vaultCybersecurity experts estimate that data brokers collect an average of 1,000 data points on each individual with an online presence. Little oversight around data privacyThe lack of comprehensive regulation around data privacy allows data brokers to operate with little oversight, unlike the General Data Protection Regulation (GDPR) in the European Union. Opt-out links and instructions are readily available for most of the major data brokers: ExperianTransUnionLexisNexisEpsilon But data privacy experts says reclaiming or deleting your data from brokers can be a deliberately complex process that is not only time-consuming but frustrating. "With AI, data brokers will create even more detailed and predictive profiles, incorporating everything from biometric data to behavioral tracking," Abed said. Until regulation steps in, data brokers will continue to collect as much data as possible.

Persons: Pew, Arjun Bhatnagar, Roger Grimes, Jeff Chester, Chester, I'm, Bruno Kurtic, Chris Henderson, Chelsea Magnant, Rob Hughes, Kurtic, Cloaked's Bhatnagar, Henderson, Javad Abed, Abed Organizations: Pew Research, Social, LexisNexis, Epsilon, OneRep, Center for Digital Democracy, D.C, Bedrock Security, National Security Agency, CNBC, Data Protection, European Union, NYU's Center for Global Affairs, Brunswick, RSA, U.S, Consumers, Consumer, Engage, Federal Trade Commission, FTC, Johns Hopkins Carey Business School Locations: Washington, California, U.S, Chester

☆ PayPal just opened a new ad business. The exec leading it unpacks the plan to link advertisers with its trove of transaction data.
▼ + stars: | 2024-10-10 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +5 min

PayPal is set to launch an ad business, starting in the US. AdvertisementPayPal is set to announce the official launch of PayPal Ads on Thursday. This new advertising business looks to help marketers tap into data on the billions of transactions that take place across its payments platforms. Users can opt-out of their data being shared with advertisers, PayPal said. Advertisement"Mastercard already has a data business," Webster said.

Persons: —, Mark Grether, Uber's, Grether, JiYoung Kim, Lyft, It's, Alex Chriss, Diego Scotti, Robert Webster, Webster, Dunn, Bradstreet Organizations: PayPal, Service, Business, Amazon, Walmart, Nordstrom, Ticketmaster, Chriss, Verizon, TAU Marketing Solutions, Mastercard Locations: York, Germany, Experian

A credit score under these thresholds is also called a sub-prime credit score, which means that creditors might think twice when reviewing your application for a credit line. However, a combination of serious negative marks on your credit score may seriously hurt your credit score, putting you on the lower end of the score range. Minimal credit history: A minimal credit history means you haven't been using credit (like a credit card or loan) for much time. While one credit check on your credit report may dent your credit score by a few points, several of these in a short period of time will significantly hurt your credit score. While one credit check on your credit report may dent your credit score by a few points, several of these in a short period of time will significantly hurt your credit score.

Persons: VantageScore, aren't, you'll, Enoch Omololu, Erik Beguin, Kendall Meade, Jennifer, Read Organizations: New Canadians, Austin Capital Bank, Business, Yahoo, Finance, CBS, MSNBC, CNBC, Forbes, Black Enterprise, USA, The Johns Hopkins University Carey School of Business, Business Journalists Locations: annualcreditreport.com, America, TheGrio, New York City

☆ Nearly a third of Gen Zers don't feel in control of their credit score—managing it is 'actually very easy,' says expert
▼ + stars: | 2024-10-06 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +2 min

However, around 20% of them say they don't have the knowledge or tools to do so and nearly 30% don't feel that they're in control of their credit score. Despite that, Gen Zers' average credit score isn't too shabby. As a reminder, your FICO score can fall anywhere between 300 and 850. "Managing your credit scores and credit reports is actually very easy and, almost, can be done without any overt effort on your part," John Ulzheimer, a credit expert who formerly worked for FICO and Experian, tells CNBC Make it. Here are the two most important factors that impact your credit score and how understanding them can help you give your score a boost.

Persons: Gen Zers, aren't, John Ulzheimer Organizations: CNBC, FICO

World of Hyatt Loyalty BenefitsThe World Of Hyatt Credit Card has valuable benefits for Hyatt loyalists. Hyatt Credit Card FeesAnnual FeeThe World Of Hyatt Credit Card has a $95 annual fee. Hyatt Credit Card ComparisonThe World Of Hyatt Credit Card is great for Hyatt loyalists. Learn more about the Marriott Bonvoy Boundless® Credit Card in our Marriott Bonvoy Boundless credit card review, and compare your options for Marriott hotel credit cards in our guide to the best Marriott Bonvoy credit cards right now. Hyatt Credit Card Frequently Asked QuestionsWhat are the main benefits of the World of Hyatt Credit Card?

Persons: You'll, Hyatt, —, you'll, we've, Hyatt Ziva Los Cabos, Hyatt Ziva Puerto, Marriott, Harlan Vaughn Harlan Vaughn, he’s, Harlan, Read, Angela Fung Organizations: Business, Hyatt Credit, Hyatt, Hyatt —, Chase, FDIC, Hyatt Credit Card, Hyatt loyalists, Regency Club, Hyatt Ziva Puerto Vallarta, Hyatt House, MGM, American Airlines, Marriott, Ink, Travelers, Hilton, Finance Locations: Hyatt, Hyatt.com, Austin, Tucson, Massachusetts, U.S, Dallas , Texas

While there's no universal minimum credit score to rent an apartment, landlords generally prefer applicants with a good credit score, which is at least 670. How to improve your credit score for rentingIf your credit score isn't stellar right now, don't worry. The average credit score of a Gen Z consumer is 680 compared to the average baby boomer's credit score of 745. Credit builder loans and rent reporting companies can help you add credit history to your credit report. Frequently asked questions about apartment credit score requirementsCan you rent an apartment if you do not have credit?

Persons: —, TransUnion, Kendall Meade, Jay Zigmont, Jennifer, Read Organizations: Fair, Childfree, Business, Yahoo, Finance, CBS, MSNBC, CNBC, Forbes, Black Enterprise, USA, The Johns Hopkins University Carey School of Business, Business Journalists Locations: AnnualCreditReport.com, SoFi, Chevron, America, TheGrio, New York City

☆ 6 strategies to help mitigate rising car and home insurance costs
▼ + stars: | 2024-09-30 | by ( Sharon Epperson | In Sharoneppersoncnbc | ) www.cnbc.com time to read: +8 min

While overall inflation has slowed, insurance costs are taking a bigger bite out of many household budgets. Car insurance premiums have also shot up. Bankrate estimates that in September the average cost for full coverage car insurance is $2,348 a year. Extreme weather events, higher replacement and repair costs, and increased medical expenses after accidents have boosted car insurance rates, experts say. Car insurance discounts range from safe driver and good student discounts to taking a defensive driving course.

Persons: Mike Spiering, Francesca Spiering, Joe Raedle, Shannon Martin, that's, Afilalo, Mike Barrett, Tayfun, David Carothers, Loretta Worters, you've, Rod Griffin, They're, You've, Bankrate's Martin, Price Organizations: Bureau of Labor Statistics, Autoinsurance.com, Barrett Insurance Agency, Anadolu, Getty, Independent Insurance Agents, of America, Florida Risk Partners, Insurance, Federal Emergency Management Agency, University of Pennsylvania's Wharton Risk Center Locations: Hollywood , Florida, St, Johnsbury , Vermont, Fork, New Mexico, United States, Florida, Valrico , Florida, U.S

☆ I'm a former FBI agent and cybersecurity expert. Here are 5 things everyone should do to outsmart online criminals.
▼ + stars: | 2024-09-28 | by ( Hannah Abraham | ) www.businessinsider.com time to read: +5 min

Former FBI agent Jason Hogg shared five tips to stay safe online. AdvertisementThis as-told-to essay is based on a conversation with Jason Hogg, a former FBI agent and an executive at the private equity firm Great Hill Partners. I can't talk too much about it, but I was a special agent with the FBI. My father was the former CEO of MasterCard and a former FBI agent himself, but he still ended up having a significant amount of money removed from his checking account due to compromised credentials that he did not reset. AdvertisementFor all the positive things that come from social media, it creates a treasure trove of information for bad actors.

Persons: Jason Hogg, Hogg, —, didn't, we've, That's Organizations: FBI, Service, Great Hill Partners, Special, MasterCard Locations: Brooklyn

☆ How Apple and Microsoft’s trusted brands are being used to scam you online
▼ + stars: | 2024-09-25 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +7 min

No, it's not really Apple or Microsoft popping up on your screen to tell you your computer has been infected. "Because, who doesn't know Microsoft or Apple as a brand?" Here's what people should know to protect themselves from scams targeting commonly used, trusted tech brands:Never assume any online ad is authenticPeople can be duped in a number of ways. Sometimes simply opening the attachment could infect a consumer's computer with malware. If, for instance, you called a number for "Microsoft" or "Apple" and gave usernames and passwords, change those.

Persons: it's, It's scammers, Cliff Steinhauer, Nati Tal, Bing, Malwarebytes, Jérôme Segura, Segura, Jim Routh, It's, Routh Organizations: National Cybersecurity Alliance, Microsoft, Apple, Guardio Labs, McAfee, PayPal, Norton

☆ Americans are drowning in credit card debt. Trump’s proposed cap on interest rates probably won’t help
▼ + stars: | 2024-09-24 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

At $1.14 trillion, Americans’ credit card debt is at a record high, according to data from the Federal Reserve Bank of New York. “While working Americans catch up, we’re going to put a temporary cap on credit card interest rates,” Trump said at a rally last week. You may not be able to count on your credit card for purchasesThe average American has racked up $6,500 in credit card debt, according to Experian data from the third quarter of last year. The reason: Interest rates are how credit card companies manage the risk that a customer won’t pay their credit card bill on time. Your favorite credit card rewards could be jeopardizedEven if you don’t currently have any credit card debt and have a top-tier credit score, you could be left worse off from a 10% credit card fee cap.

Persons: New York CNN —, Donald Trump’s, ” Trump, Republican Sen, Josh Hawley, Sen, Bernie Sanders, Alexandria Ocasio, Matt Schulz, “, Schulz, Karoline Leavitt, ” Leavitt, Banks, Joe Biden’s, ” Schulz, ” Organizations: New, New York CNN, Federal Reserve Bank of New, Republican, CNN, Trump Locations: New York, Federal Reserve Bank of New York, Congress, Alexandria, Cortez

But many people are still wondering, what does a rate cut mean for my money? For those who’ve been waiting it out, the rate cut “will instill some hope in folks,” said Elizabeth Renter, senior economist at NerdWallet. Consider your (improved) debt repayment optionsThis week’s rate cut was good news for those struggling to unload themselves of credit card debt. They’re a popular savings instrument when interest rates are high, and as most economists expected, CD rates have already started declining since the Fed’s interest rate cut. “This rate cut is not something that should trigger you to go make any drastic changes to the overall direction of your portfolio,” he added.

Persons: Jerome Powell, ”, Elizabeth Renter, Michele Raneri, “, “ It’s, Rodney Lake, It’s, cardholders, Now’s, Lake, don’t, Freddie Mac, ” Renter, they’ve, Raneri, Lee Baker, there’s, Bankrate, Baker, it’s, —, “ Don’t Organizations: NerdWallet, TransUnion, Federal Trade Commission, GW Investment, George Washington University School of Business, Apex Financial Services, P Locations: U.S

The process of building credit is often described as a catch-22, because you already need credit to get approved for credit products like a credit card. Fizz Credit Builder Debit Card OverviewFizz is a credit-building debit card that launched in January 2023. User Reviews and RatingsCustomer reviews of Fizz Credit Builder Debit Card are mostly positive. The Fizz Credit Builder Debit Card debit card operates on the Mastercard's network. How to Get a Fizz CardTo get the Fizz Credit Builder Debit Card , you need to download the Fizz app from the Apple app store or the Google Play store.

Persons: Read, —, Fizz's Organizations: Patriot Bank, Google, Apple, Mastercard, Social Locations: Chevron

International credit scores generally do not transfer to credit scores in the U.S. Nova Credit allows immigrants from some countries to apply for credit with an international credit score. FICO VantageScore Payment history (35%) Payment history (40%) Credit balance (30%) Length & type of credit (21%) Length of credit history (15%) Percent of credit used (20%) New credit (10%) Total debt/balances (11%) Mix of credit accounts (10%) Recent credit behavior and inquiries (5%) Available credit (3%)Varying reporting standardsOther countries have credit-scoring systems that differ from the United States. Check for applying without a U.S. credit history — While filling out a credit card application, check a box with "apply without having a U.S. credit history." Along with exploring credit scores, credit reports, and how to build credit, Jennifer analyzes how current economic trends impact everyday people and offers her expert advice on budgeting, saving, and growing wealth in today’s economy.

Persons: Misha Esipov, Dun, Bradstreet, Equifax, TransUnion, you've, Jennifer, Read Organizations: Nova Credit, Popular, Nova Credit's, Nova, American Express, Business, Yahoo, Finance, CBS, MSNBC, CNBC, Forbes, Black Enterprise, USA, The Johns Hopkins University Carey School of Business, Business Journalists Locations: U.S, United States, America, Experian, Nova, Canada, Japan, Australia, Brazil, Dominican Republic, India, Kenya, Mexico, Nigeria, Philippines, South Korea, Spain, Switzerland, TheGrio, New York City

☆ Dark web researcher warned Columbus, Ohio, residents ransomware attack was bigger than mayor said. The city is suing him
▼ + stars: | 2024-09-15 | by ( Kevin Williams | ) www.cnbc.com time to read: +10 min

It appeared to be another typical ransomware attack that impacted the city of Columbus, Ohio, this past July. Connor Goodwolf (legal name is David Leroy Ross) is an IT consultant who plumbs the dark web as part of his job. So when word got out that the city of Columbus, his hometown, had been breached, Goodwolf did what he does: he poked around online. "Lawsuits against data security researchers are rare," said Raymond Ku, professor of law at Case Western Reserve University. Columbus City Attorney Zach Klein said during a September press conference that the case was "not about freedom of speech or whistleblowing.

Persons: Andy Ginther, Connor Goodwolf, David Leroy Ross, Goodwolf, Goodwolf's, Columbus Mayor Andrew Ginther, government's, Edward Snowden, Raymond Ku, Kyle Hanslovan, Huntress, Snowden, Hanslovan, Zach Klein, Scott Dylan, Dylan Organizations: Social, Columbus Mayor, Google, Rhysida Group, Columbus, Infrastructure Security Agency, CNBC, Case Western Reserve University, United, NexaTech Ventures, Goodwolf, Intel Locations: Columbus , Ohio, Ransomware, Columbus, Eastern Europe, Russia, U.S, United Kingdom, Goodwolf

While FICO has deprioritized medical debt in credit score calculations, VantageScore removed medical debt from its calculations. The CFPB announced rulemaking to address the reporting of medical bills on credit reports that would require the credit bureaus to stop reporting medical bills entirely. How medical bills can affect your creditIn the past, credit bureaus would report medical debt the same as any other overdue bills, and could cause your credit score to drop. Protecting your credit from medical billsWhile unpaid medical debt doesn't have the same impact on your credit score as an unpaid credit card bill, it can impact your credit nonetheless. Consider medical credit cards or loansInstead of a traditional credit card, consider a medical credit card or loan.

Persons: FICO, rulemaking, doesn't, —, Experian, VantageScore, Biden, Tiffany Cross, Rick Eicheldinger, You'll, Cross Organizations: Consumer Financial Protection Bureau, CFPB Locations: United States, U.S

☆ Why credit card fraud alerts are rising, and how worried you should be about them
▼ + stars: | 2024-09-12 | by ( Michelle Castillo | ) www.cnbc.com time to read: +2 min

The rate of fraud alerts is "absolutely" going up, according to Deloitte U.S. risk & financial advisory principal Satish Lalchand. About 60% of credit card holders in 2023 experienced some sort of attempted fraud, according to Experian. "Fraud in general across all channels, whether it's check fraud, credit card fraud payments, the peer-to-peer payments, everything, is significantly increasing at a very rapid pace," Lalchand said. It has forecast a persistent threat that could reach nearly $400 billion in card fraud in the decade to 2032. "When we come down to credit cards, financial institutions are investing more in the concept of fraud and fraud modernization, replacing older technology and having better fraud detection capabilities, and retuning their alerts," Lalchand said.

Persons: it's, Satish Lalchand, Lalchand, Nilson, That's Organizations: Deloitte U.S, Global, U.S, Visa

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