Of Banking Deserts and Payment App Scams
The consumer finance marketplace can be full of traps and risks. And then, there are the places where there aren’t even banks, which creates a whole different set of challenges.
Here’s more on the challenges of living in a banking desert — a problem that impacts many in the rural South:
Report Examines Impact of "Banking Deserts" in the South | Advocate Andy | NewsBreak Original
Consumers in the South pay higher interest rates and face difficulties accessing credit. A new report from the Consumer…
“While Southern rural consumers apply for mortgages at the same rate as consumers nationwide (19 per 1,000 residents), they are much more likely to have their applications denied (27% of mortgage applications are denied in the rural South compared to 11% nationally). Additionally, rural Southerners who obtain credit tend to pay higher interest rates on average, 3.51% compared to 3.13% nationally.”
Payment apps can be convenient tools for moving money and managing finances — but they are also susceptible to scams at an alarming rate.
Here’s more on ways scammer prey on consumers — specifically military servicemembers and their families:
Payment App Scams Target Military Community | Advocate Andy | NewsBreak Original
Report shows scammers attempting to take advantage of servicemembers and their families through digital payment apps. A…
In 2022, servicemembers submitted more than 1,100 complaints on digital payment apps, one of the fastest-growing complaint types submitted to the CFPB. Many of the reported issues and complaints about digital payment apps relate to frauds and scams, suggesting it is a rapidly growing financial threat to military families.
More consumer finance news:
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An entirely different consumer protection issue: