Mobile Commerce

Report: 47 Percent Of Consumers Desperately Need Their Phone

When you walk down the street, it’s probably impossible to not see numerous people walking with a smartphone in their hand – most likely looking down at it and not paying attention to where they’re walking.

While the sight is a common one, recent research shows that people’s addictions to their phone might be more serious than originally thought. According to a recent Bank of America report, almost one in two – 47 percent – U.S. consumers admit they wouldn’t last a day without their smartphone. Additionally, of those surveyed who use their phone for mobile banking, 31 percent said they log on at least once a day, while 82 percent access their accounts at least once a week or more.

Bank of America senior vice president and mobile solutions executive Marc Warshawsky said in the release that mobile phones have changed the way people live their lives, and that fact has carried over into their finances.

“Bank of America now has more than 15 million active mobile banking users who access their accounts on a mobile device over 165 million times per month,” Warshawsky said. “We’ve seen this number continue to grow and recently the number of monthly mobile banking logins surpassed online banking logins for the first time.”

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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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