Marygold & Co. eliminates the potential for check fraud within its digital banking and money management app
The company’s digital-only approach advances its efforts to enhance environmental sustainability by moving to 100% paperless
DENVER, Oct. 18, 2023 (GLOBE NEWSWIRE) — Marygold & Co., a full-service financial provider, today announced a new initiative to eradicate the risk of check fraud within its mobile app, no longer accepting remote check deposits.
Check deposit functionality in mobile banking apps is frequently targeted by fraudsters, with nearly 75% of mobile banking scams involving check deposit features and fake checks. Between the rise in digital banking solutions and a decades long decline in check usage, the discontinued feature saw minimal use from regular users.
“Understanding that change can be challenging, we firmly believe that removing this feature is a step in the right direction for our company, customers and the environment. Check fraud is a massive challenge, and ending support for check deposits in our mobile app empowers us to take a stand,” said Nicholas Gerber, Marygold & Co.’s CEO. “A significant milestone in our commitment to client success, this move will not only help us streamline our operations but encourage our valued clients to embrace digital payment methods that are faster, more secure and environmentally friendly.”
Discontinuing this feature empowers Marygold & Co. to shift its focus to leading the digital-only fintech space. The company’s digital app continues providing a wide variety of convenient and innovative money management features — from PayAnyone®, which enables users to pay anyone through the app, regardless of whether they use the Marygold & Co. app, to Money Pools savings accounts that help them save and invest toward various financial goals. Marygold & Co. still offers a contactless Debit Mastercard™ that clients who prefer physical solutions can use worldwide wherever Mastercard is accepted.
For more information about Marygold & Co., the future of banking, please visit marygoldandco.com.
About Marygold & Co.
Marygold & Co., a wholly-owned subsidiary of The Marygold Companies, Inc. [NYSE American: MGLD], was established in the U.S. in 2019 as a development stage company that today delivers an innovative fintech mobile banking app built to organize users’ financial lives. Marygold & Co. is a financial technology company, not a bank. Banking services are provided by Community Federal Savings Bank, a member of the FDIC. The Marygold & Co. contactless Debit Mastercard™ can be used nationwide at 37,000 surcharge-free MoneyPass ATMs and anywhere Mastercard™ is accepted worldwide. Offices are located in Denver, Colorado. For more information, visit marygoldandco.com.
About The Marygold Companies, Inc.
The Marygold Companies, Inc., listed on the NYSE-American exchange as MGLD, was founded in 1996 and repositioned as a global holding firm in 2015. The company currently has operating subsidiaries in financial services, food manufacturing, printing, security systems and beauty products under the trade names USCF Investments, Tiger Financial & Asset Management Limited, Gourmet Foods, Printstock Products, Brigadier Security Systems and Original Sprout, respectively. Offices and manufacturing operations are in the U.S., New Zealand, the U.K. and Canada. For more information, visit themarygoldcompanies.com.
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CONTACT: Andrea Holt Director of Public Relations [email protected] 404.906.8936
