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UK Bank Account Fraud Soars During First Half of 2021

Fraudsters targeting general accounts to facilitate criminal behaviour

New technologies such as Machine Learning helping businesses identify more fraud

New research from Experian has revealed that bank account fraud is now tracking at its highest level for more than three years. Drawing on the latest data from the National Hunter Fraud Prevention Service, the analysis uncovered an alarming surge in fraudulent activity targeting British businesses and consumers.

Wednesday, August 25, 2021 - 13:27
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Financial IT
Tap Happy: Almost Half of Transactions to Be Contactless by the End of 2022
  • The use of contactless payments is set to make up 47% of all UK payments between 2021-2022, and will be the most common type of transaction
  • Contactless payments are up by nearly a third (30%) since the start of the pandemic, when chip & pin payments were still the most popular way to pay
  • Between 2021 and 2022, cash payments will account for just over one tenth (11%) of all purchases
Wednesday, August 25, 2021 - 12:59
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Financial IT
Seaglass Cloud Supports Omni Energy in Addressing the Under-served Pre-payment Gas and Electricity Market

Seaglass Cloud Technology, an end-to-end, software-as-a-service (SaaS) provider to the energy sector, has developed a scalable and future-proof, full-service customer management system for Omni Energy, helping it to provide a responsive and highly-efficient service to domestic pay-as-you-go (PAYG) energy customers.

Wednesday, August 25, 2021 - 12:46
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Financial IT
Fintechs: How to get BIN Sponsorship Right

The pace of product development has never been quicker in the financial sector, with the number of fintech companies trebling since 2018. Within this fast-changing environment, it makes Banking Identification Number (BIN) sponsorship even more critical because this offers a shortcut for many businesses seeking to get their innovative proposition to both domestic and international markets. 

Wednesday, August 25, 2021 - 12:21
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Financial IT
Shares.io Reveals Unique $10m Pre-product Seed Round and Imminent Launch of Europe’s First Social and Investing App

~ Shares.io today announces the next stage of its journey to deliver “investing made social” as waitlists open for UK launch in Autumn, expected Europe-wide early 2022 ~ 

~ One of Europe’s largest-ever seed rounds, $10 Million USD pre-product and previously unannounced funding also revealed, to build social-first consumer app with no-minimum, no-fees access to 1,500 stocks ~ 

Wednesday, August 25, 2021 - 12:17
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Financial IT
Open Banking Could Save SME Lenders More Than 18,000 Work-hours a Year, According to New Research

·       Open Banking technology could reduce processing times on borrowing applications by 85%, according to new research from Yolt Technology Services (YTS)  

·       Innovation could replace average two-week wait times from application to payment by cutting out application bottlenecks  

Wednesday, August 25, 2021 - 11:51
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Financial IT
TotallyMoney Appoints Liz Afolabi as People Director

TotallyMoney, the credit app built to help people move their money forwards and achieve their financial goals, is excited to announce the appointment of Liz Afolabi as its People Director. 

Wednesday, August 25, 2021 - 11:10
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Financial IT
Atom Bank’s Annual Report Shows Strong Progress Since March 2020, With the Bank Moving Towards Sustainable Profitability
  • Significant development in Net interest margin with March 2021 run rate at 114bps (March 2020: 10bps).  This momentum has continued post year end with NIM of 130bps in June 2021 
  • Credit risk performance remained strong despite the impact of Covid
  • Losses narrowed to an underlying operating loss of £36m with strong momentum to monthly break even during 2022, with a first month of operating profit recorded in June 2021 
Wednesday, August 25, 2021 - 11:06
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Financial IT
Squirro Launches AI Week 2021 Including Executive Masterclasses for FS Leaders to Get More From AI

AI Week takes place from October-5 to October-8, featuring industry leaders showcasing best practices in AI implementation and a series of hands-on workshops and success cases

Wednesday, August 25, 2021 - 11:03
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Financial IT
Ten Most Crucial Events of the Decade: The Release of Special Forex Industry Analytics

The international Forex broker OctaFX turns ten years old. This past decade culminates in 6.6 million Forex trading accounts opened, 200,000 Trade &Win gifts delivered, over 102,000 followers on social media, 44 Forex industry awards received, providing services in more than 100 countries, and 500 million trades executed on the platform since inception—to just name a few company achievements to date.

Wednesday, August 25, 2021 - 10:46
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Financial IT

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