by: Simon Zhen
The start of the new year means we’re once again anticipating new banking trends. In 2015, we believe we’ll see enhancements and upgrades to our existing financial accounts so that our ability to grow, protect and manage our money, experiences significant improvements.
Last year, we were accurate with 4 out of our 5 banking predictions and we’re looking to improve our success rate in 2015. Here are MyBankTracker’s 2015 banking predictions:
Prediction #1: Breaches taken more seriously by banks
There’s no doubt that payment card breaches took the spotlight in 2014 — millions of consumer debit and credit card accounts were compromised. Month after month, another retailer would reveal that it was a victim of a data breach that jeopardized customer information. We wouldn’t be surprised if you had an account or two affected by these breaches.
So far, many affected retailers have offered free credit protection plans to affected consumers for just one year. Meanwhile, banks and credit card issuers have fronted the costs of these data breaches. For instance, it costs money to reissue new cards and provide refunds on unauthorized purchases.
In 2015, it is already certain that credit cards in the U.S. will start to see widespread use of EMV-chip credit cards to improve card security. Bearing the initials for Europay, MasterCard and Visa, the chip secures digital payment information whenever you use your credit card for a purchase. Major card payment companies (i.e., American Express, Discover, MasterCard and Visa) are requiring stores and card issuers to offer them by October 2015.continue reading »