MAP Newsletter - Winter 2024 - Flipbook - Page 3
ISSUE 58 | Winter 2024
Save the Date
September 17-18, 2024
Industry News
Credit card delinquencies on the rise. Credit card delinquencies surged by more than 50% last year, according to a new report from
the New York Fed. Total consumer debt grew to $17.5 trillion and credit
card debt increased to a total of $1.13 trillion with serious delinquency
accounting for 6.6% in Q4 2023, “Serious delinquency” is defined as 90
or more days past due. According to research from TransUnion, serious
delinquencies have reached their highest level since 2009, in the midst
of the Great Recession. Overall, credit card debt increased by 14.5%
from the same period in 2022. Meanwhile, household debt rose by a
more modest 3.6% from a year ago.
uConference24
S e p t e m b e r 1 7- 1 8 , 2 0 24
|
T h e We s t i n B e l l e v u e
|
B e l l e v u e , Wa s h i n g to n
Member Access Processing (MAP) is pleased to welcome client and
guest credit unions to attend our 26th Annual Payments and User’s
Conference, a two-day event for credit union professionals to learn
about the rapidly evolving payments and financial services industry.
The conference will be held September 17-18 at the Westin Bellevue in
Bellevue, WA.
Keynoting the company’s annual client
conference is Jim Stickley, a cyber
security expert with over 30 years in
the industry. Jim is the CEO of Stickley
on Security and was co-founder of
TraceSecurity Inc. Jim has been involved
in thousands of security services for
financial institutions, Fortune 100 corpoJim Stickley
rations, healthcare facilities, legal firms,
and insurance companies. Through the years Stickley has discovered
numerous security vulnerabilities in products such as firewalls, PKI
servers, online banking applications, and PDA devices.
Jim can be seen throughout the United States where he serves as an
entertaining speaker for corporations, security-related conferences,
seminars, and forums, covering topics that range from basic identity
theft to national cyber terrorism.
MAP’s two-day conference will feature networking, workshops, and
presentations for payment and operations professions to learn the
latest trends and tools in the industry. For updates and more information about the conference, check out uConference24.com.
Ransomware spikes 130% in 2024. According to cybersecurity
firm BlackFog, ransomware attacks
increased 130% from January 2023,
the second-highest it has ever
recorded, second only to November, 2023. BlackFog’s data also
show that, in the past few months,
ransomware attackers made a decided shift to small and mid-size
organizations. A record low 29% of ransomware victims paid the ransom
demanded by cyberthieves in the last quarter of 2023, according to
figures from Coveware, a specialist in ransomware negotiation. Organizations in the United States account for 57% of ransomware attacks,
followed by the United Kingdom at 8%, and Singapore at 4%.
Record cash back for Apple cardholders. Apple Inc. said the
more than 12 million Apple Card users have earned more than $1 billion
Daily Cash from their 2023 spending. Apple Card launched in 2019 and
has been issued by Goldman Sachs, though that is likely to change
because Apple sent a proposed exit plan to the bank in November.
Zelle issues refunds to Scams Victims. Zelle has been issuing
refunds to consumers duped by fraudsters
into sending money using the network. The
reimbursements, which the banks have
reportedly been paying out since June 30,
represent a major about face for Zelle,
which last year told lawmakers that it was
unreasonable to require financial institutions in the Zelle network to refund money to consumers who authorized transfers, even if they were tricked by fraudsters via Zelle. Reports
of consumers duped into sending money to fraudsters surfaced last
year, prompting Sen. Elizabeth Warren (D-Mass.) and seven other senaContinued on page 7
3