Five At Five: A New CEO For Lowe’s

Welcome to Five at Five, your late look at the payments and commerce news you might have missed. Today’s stories take a closer look at JCPenney losing its CEO to Lowe’s, a new Chase card that focuses on small business owners and Comcast’s data security problem. Additionally, U.K. banks might not be doing enough to fight cybercrime, and Sage makes a move in expense management.

JCPenney’s CEO Takes The Helm At Lowe’s

JCPenney only recently became aware of the move: A company spokesperson told CNBC that CEO Marvin R. Ellison told them of his decision only a few days ago. As of now, four executives are behind the company’s day-to-day decisions. To fill the vacancy, the retailer is looking for external and internal candidates.

Chase Launches Ink Business Unlimited Credit Card

Chase said its Chase Ink Business Unlimited rewards small business owners on every purchase without requiring them to make purchases in special categories. The credit card has no annual fees and no minimum balance to redeem rewards. Customers also get $500 bonus cash back once they spend $3,000 on purchases in the first three months the credit card account is opened.

Comcast Faces Fallout From Website Bug That Leaked Consumer Data

The purpose of the site is to make it easy for customers to set up their home internet without having to wade through a customer service call. It’s a useful service except for the fact that it can apparently be tricked into displaying the home address of wherever the router happens to be. The site can also be forced to cough up a user’s Wi-Fi name and password.

UK Banks Need To Invest In Cutting-Edge Tech To Fight Cybercrime

Megan Butler, director of supervision at the Financial Conduct Authority FCA, said that banks have been wary of rolling out the latest technology to fight money laundering and fraud because they are afraid they will be punished by regulators if the new systems fail to identify any illegal activity.

Sage Adds Expense Management Prepaid Cards To Accounting Mix

Sage will offer its small business customers of its accounting and business services offerings in Spain B4B Payments’ existing expense management prepaid card solution. Sage will promote the card products to its network of account managers, the company said, while B4B will integrate transaction data from purchases made with the prepaid corporate card tools into Sage’s accounting platform.


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.