In today’s top news, the travel industry stands to lose $820 billion due to coronavirus fears, Uber may sideline riders and drivers who have the coronavirus or have been exposed to it, and lawmakers questioned Wells Fargo’s CEO over fake account scandals.
International corporate trips have largely been suspended as the coronavirus continues to spread, and the travel sector braces for an estimated revenue hit of $820 billion. China has been hit the hardest, accounting for almost half of all travel-related losses.
Uber may sideline drivers and riders who have been confirmed to be infected with the coronavirus or have been exposed to it. The ride-hailing company also said it has a team available 24/7 to support public health authorities.
Wells Fargo CEO Charlie Scharf appeared before the House Financial Services Committee on Tuesday (March 10) to answer questions regarding past “fake account” scandals at the bank. Scharf, who came on as CEO four months ago, pointed to new leadership and a flatter organizational structure as important elements of the firm’s plans for progress.
Credit and loan company Credit Sesame has announced a new, free digital bank account to help customers grow cash and credit in one place. The account offers a Sesame Cash debit card, partnering with Mastercard as its card network.
To stay young and competitive at 170, Western Union has opened its platform to enable some of the FinTech and Big Tech companies that are looking to dominate the global payments stage. It’s all part of the firm’s massive investment in digitization so that everyone, everywhere in the world, can access financial services, Western Union CEO Hikmet Ersek told Karen Webster.
Different social norms and customer-merchant expectations impact what fraud looks like in a given region, explains Dan Sketcher, head of product for Global Payments’ AU/NZ region. In this month’s AML/KYC Tracker, Sketcher discusses why global fraud-fighting requires a more local, personalized approach.
Amazon has been slowly but surely expanding its walk in, walk out technology — there are now 26 Go stores in operation in the U.S., and new openings scheduled. The eCommerce giant is now offering it to other retailers, with some caveats. Details are sparse, but here’s what we know.