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NewsBriefs

This article contains excerpts from news stories recently posted under “We’re seeing a lot of volatility in customer satisfaction
Breaking Industry News on our homepage. For links to these and other scores in the digital banking and credit card space driven
full news stories, please visit www.greensheet.com/breakingnews.php. by a combination of heightened customer expectations
for what a digital experience should look like,” she
said.“Based on their experiences with other consumer
apps and websites that anticipate their needs and offer a
highly personalized customer experience, bank and credit
card customers are expecting more from their digital
solutions.”

Crypto scams top $1 billion

Fraudsters have found a new way to scam consumers:
cryptocurrencies. A new report from the Federal Trade
Commission revealed that fraudsters have stolen over
$1 billion in cryptocurrencies from 46,000 consumers
since the start of 2021—nearly 60 times more money
Verizon finds ransomware robust and rising than was reported lost to cryptocurrency scams in 2018.
Cryptocurrency scams accounted for about one in four
Ransomware attacks are maturing in terms of execution, dollars reported lost to fraud since January 2021, more
attack surface and geographic reach, according to the than any other form of payment, the FTC said. The median
recent Verizon Business 2022 Data Breach Investigation Report reported loss was $2,600. Of the losses covered in the FTC's
(2022 DBIR). The report is known for delivering cyberattack report, $680 million occurred in 2021. During the first
trend analysis in a down-to-earth, highly readable style. three months of 2022, an additional $329 million in fraud
The 2022 DBIR warns enterprises of escalating activities, losses were reported, suggesting losses this year could top
attributing four out of five data breaches to global $1.3 billion. A majority of reported payments to scammers,
organized crime. 70 percent, were in Bitcoin. About 10 percent were tied to
Tether and 9 percent Ether, the primary token used on the
Hans Vestberg, CEO and chairman at Verizon, noted the blockchain Ethereum network.
pandemic exposed flaws in network infrastructure that
criminals continue to exploit. "As we continue to accelerate
toward an increasingly digitized world, effective Merchants eager to accept crypto
technological solutions, strong security framework and
an increased focus on education will all play their part in Merchants are keen on accepting cryptocurrencies, but
ensuring that businesses remain secure, and customers they recognize there will be challenges. That's the upshot
protected," he said. of a new report from Deloitte, which surveyed 2,000 senior
executives at U.S. retail organizations. Deloitte found
that most survey respondents believe accepting digital
Economic winds batter customer currencies will put them at a competitive advantage.
satisfaction, survey finds Eighty-five percent expect digital currencies to be
ubiquitous in their respective industries within five years.
Scarcely three months after reporting high satisfaction Industries represented in the survey included digital
levels, J.D. Power researchers are finding the opposite goods, electronics, fashion, food and beverages, home and
sentiment among bank and credit union customers, garden, hospitality, and transportation.
according to multiple surveys released in June 2022. The
reports, J.D. Power 2022 U.S. Banking Mobile App Satisfaction Fifty-four percent of retailers surveyed have already
Study, 2022 U.S. Online Banking Satisfaction Study, 2022 invested more than $1 million toward enabling
U.S. Credit Card Mobile App Satisfaction Study and 2022 cryptocurrency payments, Deloitte said. "This survey
U.S. Online Credit Card Satisfaction Study, attribute recent shows that merchants view acceptance of digital currencies
dissatisfaction to a “perfect storm of rising customer – driven by consumer acceptance and demand – is key to
expectations and faltering economy.” Jennifer White, driving business, and those that are slow to adopt run the
senior consultant for banking and payment intelligence at risk of falling significantly behind," said Zachary Aron,
J.D. Power, noted a changing tide of customer satisfaction, principal and chief of the global and U.S. banking and
largely driven by a tough economic climate. capital markets practice at Deloitte.

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