Fintech’s Fraud Problem: Why Some Merchants Are Shunning Digital Bank Cards

<p>Digital-first “neobanks” like Chime or Square's Cash App are one of the hottest sectors in the fintech revolution. They offer fast approval and low- or no-fee accounts, all without any brick-and-mortar branches—a powerful selling point during a pandemic. But the same “frictionless” signup and ease-of-use features that make digital banks appealing to customers have given crooks an opening to wreak havoc through various schemes.</p>