Walmart Bought a Finance App and Reduced Fraud Protections. Guess What Happened Next?

Walmart's acquisition of neobank One Finance in 2022 led to a surge in fraud complaints and customer dissatisfaction. Many customers experienced unauthorized transactions and drained accounts after using the One debit card. Fraud and compliance issues have plagued Walmart's financial services business, with over $1 billion in consumer fraud losses in the past decade. One Finance saw a higher rate of complaints than other large neobanks, and customer support was outsourced, leading to delays in resolving issues. Walmart's expansion into consumer banking has faced opposition in the past, but the partnership with One was seen as an opportunity to enter the market. However, the problems with One have threatened this opportunity. One weakened user security by removing the username and password requirement for mobile users, making it easier for scammers to access accounts. The company also outsourced customer support, leading to inadequate assistance for customers. Despite claims of enhanced customer support and security, One continues to face criticism and complaints. [Extracted from the article]

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