Payment Expert is looking back on an unprecedented year that has caused huge disruptions to all sectors.
The year commenced amidst much turbulence, with foreign exchange bureau Travelex being down from the opening day of the year.
It came following the discovery of a software virus infection, which forced the firm to halt trading on its UK site.
It’s been reported that those responsible for the hack are demanding approximately $3m (£2.3m), threatening substantial and deeply damaging data leaks in the event of the company not abiding by the demands.
As news of the attack broke, Travelex offered the following update on its site: “As a precautionary measure in order to protect data and prevent the spread of the virus, we immediately took all our systems offline. Our investigation to date shows no indication that any personal or customer data has been compromised.”
Nonetheless, those claiming responsibility for the hack have claimed to possess 5GB of customer data.
This news would be followed by the UK Gambling Commission (UKGC) enforcing its widely anticipated credit card wagering ban across all gambling verticals to be imposed from 14 April 2020.
Despite criticism from MPs, the UKGC stated that it would maintain close cooperation with licensed incumbents forming new working groups of safer gambling initiatives in the key areas of VIP incentives, advertising safeguards and product design.
Neil McArthur, Gambling Commission chief executive, commented: “Credit card gambling can lead to significant financial harm. The ban that we have announced today should minimise the risks of harm to consumers from gambling with money they do not have.
“We also know that there are examples of consumers who have accumulated tens of thousands of pounds of debt through gambling because of credit card availability. There is also evidence that the fees charged by credit cards can exacerbate the situation because the consumer can try to chase losses to a greater extent.”
SBC
European online gambling leadership was given no grace period to ease into a new decade of regulatory complexities, as a newly formed Spanish coalition government signed off an immediate reform of federal gambling laws led by newly appointed Consumer Affairs Minister Alberto Garzon.
Acknowledging changing headwinds, Fabio Schiaviolin, Chief Executive of Italian betting group Snaitech SPA, stated European leadership required a deeper skillset to navigate its political headwinds and recognise its deeper social commitments.
As fires ravaged Australia’s Gold Coast, Tabcorp Holdings, would host a ‘Bushfire Relief Draws, with all lottery proceeds donated to Australian emergency services fighting the nation’s biggest environmental catastrophe.
Showing no respite, January and February early proceedings indicated that the industry would once again be in the political spotlight entering a new year… though nobody could have predicted what came next on the industry’s menu.
InsiderSport The Scottish FA called time on its partnership with William Hill later in February after assessing the landscape. The long-running association began almost a decade ago in 2011, with the bookmaker sponsoring the national team and the Scottish Cup. Everton FC also chose to terminate its contract with SportPesa after reviewing its commercial strategy.
