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.

• 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

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.

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. 

~ 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 ~ 

·       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  

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. 

• 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 

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

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.