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Samsung’s Galaxy Note 7 Flameout

It seems there is a small problem with the latest edition of the Galaxy Note phone — it kind of catches on fire while it charges.

Embarrassing, since the phone first hit the market a month ago — poorly timed, considering Samsung‘s main rival, Apple, will be showing off its new flagship phone next week.

It likely will not catch on fire during Tim Cook’s presentation.

The fire issue is slowing down sales, hence Samsung’s announcement that it will offer customers a new product for free to replace all 2.5 million Galaxy Note 7s that have been sold. So far, Samsung reports it has found 24 devices with spontaneous combustion issues for every million sold.

“It is a big amount that is heartbreaking,” said Koh Dong-jin, president of Samsung’s mobile communications business.

It will also be both time-consuming and expensive. Samsung estimates that, all in all, recalling the phone will take about two weeks. At present, Samsung is the biggest maker in the smartphone market. As of IDC’s latest figures, it controls 22 percent to Apple’s 12 percent.

The phone was well-received by reviewers, drawing attention for several unique features, such as an iris scanner, which allows users to unlock the phone with their eyes. The fact that it bursts into flames when it is charged, however, has not received great reviews.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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