Walmart's acquisition of the neobank One in 2022 has led to a significant increase in fraud complaints and negative customer reviews. The retailer, which has long aspired to become a financial powerhouse, valued the new venture at $3.67 billion. Despite the potential financial benefits, the acquisition has made it easier for scammers to compromise accounts, particularly those of Walmart employees encouraged to use the service. This has resulted in numerous instances of theft, with employees like Carl losing almost their entire paycheck to online thieves shortly after it was deposited.
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Only a few hours after Carl’s Walmart paycheck landed in his One Finance account, online thieves had stolen all but a few cents. Carl’s experience has been distressingly common since Walmart bought One in 2022. https://t.co/LHLFuJTocy
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Soon after Walmart acquired One Finance and began encouraging Walmart employees to use the online-only bank, it also made it easier for scammers to log into and compromise accounts of those employees. https://t.co/IkcmNJ9eNL
Walmart's sought for decades to get into the consumer-banking business. In 2022, it seized a new opportunity, seeking to sign up millions to ONE 'neobank' accounts -- starting with its own employees. It immediately valued the new venture at $3.67 billion. https://t.co/CHJJsIX5zI
Walmart has long sought to become a financial powerhouse. But after the retailer acquired a neobank called One in 2022, fraud complaints multiplied and customer reviews cratered. https://t.co/UIiGAb9o2k
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