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Banking apps fall short on fraud protections: report

March 14, 2024

For the report, Consumer Reports evaluated the mobile banking apps of five large traditional banks: Bank of America, Capital One, JPMorgan Chase, U.S. Bank and Wells Fargo, as well as those of five digital banks: Albert, Ally, Chime, Current and Varo.

The banks and their associated apps were then evaluated on four criteria related to fraud prevention: commitment to real-time monitoring; commitment to fraud notifications, having fraud; scam education on the website; and similar education for the app generally.

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