Community

Wow - in 1988 in the UK we had 'Burtons Cards'  and Yorkshire Bank Retail Services ran a 'Budget Account'    If you put money into the account every month, a Line of Credit would be extended....    sales would be discounted, offers made, AND  Burtons/YBRS enjoyed VERY CHEAP borrowing, paying their Consumers 2% APR  interest - versus the 8-14% rates that commercial borrowingwould cost them......   This is a GREAT initiative and proves that what goes around comes around.... I take my hats off to the great innovators at Burtons Menswear and YBRS.....   I dont recall massive sums going on deposit, but it was great window dressing and was a good news story!   Gotta love a new initiative! 

Its been called 'Kiting' forever and has been banned by most credit providers 'forever'....  I guess the BNPL guys slipped under Chase's radar for a while....  Sounds like they closed a loophole

The hardware is something we all have and own now.... If you dont have a smartphone then the bank probably doesnt want you as a customer.... thats what Post offices are for.  Biometrics work well these days! 

$14.2M seems very small for an economy like Singapore - this is an anecdotal view - does anyone else have any comparable economies by fraud stats? 

This will be very useful for people who only carry physical cards in their wallets (not in their phones case),  still have their mobile phones, and have NOT up to that point loaded a card into their mobile wallet.  It will also help solo travellers.... Anyone travelling with a digitally engaged partner will be just fine and dandy.  All these solo travelling digital newbies will have to do, is:  Get a mobile wallet downloaded, get in touch with Visa, get the card sent and load this new card into  their new wallet....  Activate the card and 'bingo' .....  I am sure this will be very useful for the three people described above in the event they lose all their cards, hang onto their phone and discover mobile wallets in what must be a very stressful time!

its not innovative -  Cashplus card had business accounts like this back in 2008/9  perfect for the crash - providing Business banking accounts for £32 a year I recall - all built around a prepaid debit card!  

Well............... banks have never done particularly well as suppliers of Computer or mobile telephones,  Apple have done a good job of technical brokerage between merchants and card issuers but when it comes to the provision of complex consumer credit -its not a great surprise to see them fail to achieve success.  Sometimes you need more than a great brand and a potential market! 

I there can be risks in being Laser focused on something....   but not if its a geography.....   You can miss a lot if you are not fully aware of the world around you and channel your efforts into a very narrow channel. Somehow I dont think that Ken Villum is being entirely honest.   He is focused on the Nordics but will have a very clear idea about what comes next, and what will be his future market focus.  Building that way keeps investors happy when they ask the 'What Next?' Question.  This is an interesting approach to a problem using a dated (Credit based) solution..... The USA should take note !   Tripples all round! 

We should call these accounts 'Shelley's'

It will be new and emerging lenders  who are the primary targets for these criminals.  Existing lenders offering new products will also be targeted as will more established products but probably in this order based on my experience.   I believe the USA will be the happiest hunting ground for these avatars, and it will take the large data model owners to sniff them out.  Interestingly, the owners (private or corporate) of these rental properties may be able to become part of the solution if they are able to spot postal evidence of false claims of residency at their owned rental locations.