A proposal to set up a fund to compensate victims of bank scams has been rejected by payments group Pay.UK. Pay UK says that there has been no industry consensus to finance a central fund. A voluntary code requiring banks to reimburse affected customers is funded to the end of December so from January it…

A new payment security report by Verizon, has highlighted the disappointing drop in compliance with the Payment Card Industry Data Security Standard (PCI DSS) for the second year in a row. Compliance now stands at just 36.7% worldwide. With Card-Not-Present fraud set to reach £680m in the UK by 2021 and the findings of this…

New research from TSB shows that a quarter (24%) of UK consumers who have shopped on Black Friday or Cyber Monday say they have experienced attempts at fraud during the weekend sales in the past. TSB’s research shows that only one in ten (14%) think about whether a website appears fraudulent when shopping in these…

Halifax has announced that its customers can now benefit from a service feature to protect themselves from gambling-related harm. The gambling card freeze, which is a feature of the banks’ mobile app, was developed in recognition of the ways in which the bank can support customers to manage their money and gamble responsibly. Halifax is…

The latest ONS employment figures showed that the rise in the number of self-employed people in the last year was greater than the rise in the number of employed people (an annual rise of 195,000 to September, compared with a rise of 110,000 employed people). The proportion of all workers who are self-employed is now…

Banks will need to strike a balance between technology innovation and risk mitigation according to a new report by HSBC. The report says that technology and data advances will enable banks to provide customers with a hyper-personalized largely automated service within the next decade, replacing the traditional retail products-based approach. But the extent of the…

Recent research from the University of Edinburgh Business School has revealed that including gender information in credit scoring models increases the proportion of women accepted for consumer credit without altering the predictive accuracy of these models, The reseearch suggests that women can benefit from gender being taken into consideration in automated decision-making processes, increasing their…

Nine out of 10 business owners across construction suffer a range of mental health issues due to payment and other business pressures, according to a survey run by leading engineering services trade bodies BESA and ECA. The new survey, conducted in association with 25 other construction trade bodies, found that business owners have an array…

StepChange debt charity has published the key measures that it wants the next Government to prioritise to address the harm of problem debt and to help households build greater financial resilience for the future. The StepChange election manifesto calls on each of the political parties to commit to these measures during the General Election campaign.…

Consumers are keen to use biometric verification in a wide range of circumstances from online shopping and banking to confirming their age at a pub and even voting in elections, according to new research from Equifax, the business and consumer insights expert. Almost three quarters (71%) would be happy to completely replace traditional security methods…

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