Criminals behind £217K fraud jailed for total of 55 months

20th October 2021 Consumer Collections |

Two criminals from London have been sentenced at Inner London Crown Court after pleading guilty to conspiring together to commit £217,000 of fraud. The sentencing, on 15 October 2021, followed a successful investigation by the Dedicated Card and Payment Crime Unit (DCPCU), a specialist police unit sponsored by the banking and finance industry that investigates…

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Take action on fraud regulator warns charities

19th October 2021 Consumer Collections | #fraud

Latest data from Action Fraud has shown 1,059 separate incidents of fraud were reported by charities in just one year from April 2020 to March 2021. The true scale of fraud against charities is believed to be much higher, as fraud is known to be underreported. The Commission is highlighting these figures, and the live…

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Fair Finance and 4most agree credit decision partnership

19th October 2021 Company News |

Risk analytics consultancy, 4most, has announced that it has partnered with financial services provider, Fair Finance, to deliver a more automated approach to decisioning and improve decision quality by expanding its lending activity. 4most has been working closely with the risk team at Fair Finance to create a series of initiatives designed to improve the…

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Call financial services to protect older people from financial abuse

Hodge Bank is calling on intermediaries and brokers to be alert to the financial abuse of their elderly clients after new research reveals 94% of 45–70-year-olds believe financial service companies need to do more to protect older people from this kind of abuse. New research from Hodge and Hourglass, the charity calling time on the…

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Major retailers bombard online shoppers with Buy Now Pay Later

18th October 2021 Alternative Consumer Lending | #BNPL

Online shoppers are being bombarded with Buy Now Pay Later (BNPL) payment options at the checkout, often with little or no information about late fees, credit checks and the risk of falling into debt, a Which? investigation of more than 100 major retailers has found. Which? looked at 111 of the biggest online retailers in…

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FCA Chair to step down in Spring 2022

18th October 2021 Appointments | #FCA

Charles Randell, Chairman of the Financial Conduct Authority (FCA), will step down from the regulator a year earlier than planned. Randell, who took up the role in April 2018 and was meant to serve a five-year term, will leave the FCA and the Payment Systems Regulator in spring 2022, having spent four years in the…

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Credit Kudos launches Open Banking credit score platform

15th October 2021 Consumer Collections |

Credit Kudos, the Open Banking credit reference agency, has launched Signal, a highly accurate, explainable Open Banking credit score to help lenders serve more customers, reduce defaults and evidence risk decisions. Available now, the score enables lenders to move beyond the limitations of traditional credit data, allowing them to accurately score all applicants, not just…

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Rollout of new £100 contactless limit begins

15th October 2021 Consumer Collections | #payments

The national roll-out of the new £100 spending limit for contactless card payments will begin today (Friday 15th October). Consumers will start to see retailers accepting contactless card payments up to £100, which will give them more flexibility when shopping in-store. This will also help with bigger spends where speed and convenience are valued, such…

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Report outlines huge potential growth for open banking

14th October 2021 Consumer Collections | #open banking

Open banking provider, Yolt Technology Services (YTS), launched its inaugural European Open Banking Outlook (EOBO) revealing huge growth potential for open banking, with 40% of banking customers across Europe’s biggest markets not currently using any open banking solution. YTS also sets out how this potential can be unlocked. The EOBO, produced in partnership with the…

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New credit builder product launched to support near-prime borrowers

Subscription loan provider, Creditspring has launched a new credit builder product that helps members gradually improve their credit score without running the risk of incurring further debt. The product, called Step, is the industry’s first credit builder product where the issuer takes on risk through loans borrowed, offers members a small, no-interest loan in exchange…

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Consumer spending grew 13.3% in September

13th October 2021 Banking and Loans | #spend

Consumer card spending grew 13.3 per cent in September compared to the same period in 2019, as consumers enjoyed the last of the summer sun. However, ongoing supply chain shortages and rising food and energy prices have hampered consumer confidence. Data from Barclaycard has revealed that spending on essential items increased 14.4 per cent –…

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Over half of credit providers planning to implement Open Banking this year

13th October 2021 Consumer Collections | #open banking

Over half (55%) of UK credit providers plan to implement Open Banking in 2021, with 93% of those businesses expecting to do so in the next 12 months, according to the latest Open Banking Research Report by credit reference agency, Equifax. With the pandemic accelerating consumer adoption of new technologies, and more digital data available…

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Card spending figures show that financial confidence remains strong

13th October 2021 Banking and Loans | #credit cards

Latest card spending figures from global analytics software provider FICO has indicated that the summer holidays and continued reliance on pandemic savings probably contributed to a growth in average spending on cards. The analysis shows that the average spend on credit cards increased £23 to £711 in August 2021. This is the highest level since…

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