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Fraud Concerns Hit Venmo and Zelle, Fed Eyes Rate Cut, Walmart vs. Amazon in Digital Ad Race
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First up today: A PYMNTS Intelligence report reveals that more than half of U.S. consumers now use peer-to-peer (P2P) apps like Venmo and Zelle, raising concerns over growing fraud. Financial institutions are increasingly leveraging AI and machine learning to combat impostor scams and maintain trust.
In job market news: July saw a slowdown in job growth and an unemployment rate rise to 4.3%, sparking debates over the size of the Federal Reserve's upcoming interest rate cut. The latest jobs report will likely influence the Fed's decision at their September 17-18 meeting.
In regulatory updates: Florida Governor Ron DeSantis has signed the HB 989 anti-woke law, preventing banks from freezing accounts based on political beliefs. This controversial measure aims to protect access to financial services while raising concerns at the U.S. Treasury.
Also in regulatory news: Wells Fargo disclosed government inquiries into its anti-money laundering and sanctions programs in its latest SEC filing. The bank did not provide details, and this marks a new development absent from its previous quarterly report.
And finally: Walmart and Amazon are ramping up digital ad spending. Walmart’s Sam’s Club introduces display ads in its Scan & Go feature, while Walmart Connect expands its in-store ads. Amazon offers lower ad prices on Prime Video and enhances data collaboration via AWS Clean Rooms, emphasizing data-driven strategies.
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