The nation’s second largest issuer, Bank of America (BofA), has slowly recovered from the “Great Credit Meltdown” of 2008-2009. BofA’s End-of-Year (EOY) U.S. credit card outstandings have produced a compound annual growth rate (CAGR) of -8.25% between 2009 and 2013, according to CardData.
Discover’s U.S. Purchase Dollar Volume (PDV) is growing 4.7% annually. slower than its peer group, however Discover is outpacing the top Visa and MasterCard in outstandings growth. RAM Research forecasts Q1/15 U.S. PDV will slightly exceed $27 billion.
Most bank fraud involves the use of false or anonymous identities. The growing concern however, lies with cybersecurity, as respondents named virus/malware installation and Distributed Denial of Service (DDoS) attacks as two of the top three fraud-related threat
U.S. Bank has invested and joined clearXchange, the largest bank-focused digital payments network in the U.S. The investment will also afford the opportunity to explore other ways the payment exchange network could develop from its unified, omnichannel approach to customer service.