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 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 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.
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.
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 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.
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