Number crunching is a key component of the payment industry, with digits scattered across the sector’s key stories.
Each week, Payment Expert digests these digits and brings an overview of the past payments week in numbers. This edition looks at the increasing problem of fraud and the UK’s latest action plan to counter it.
Home Office: Fraud makes 40% out of all crime in England and Wales
After months of negotiations, the Online Fraud Charter has been officially signed into power by the UK government and some of the largest Big Tech companies.
This comes at a time when fraud is responsible for 40% of all crime across England and Wales, according to the Home Office.
The likes of Google, Meta, and Microsoft will strengthen the government’s efforts to protect its citizens from online criminals and fraud attempts, with the new document ensuring stricter rules across social media platforms.
Study: 48% of young consumers at risk of banking fraud
According to a new report by market analyst GFT UK, banking fraud is predominantly targeting younger people compared to the older generation.
Surveying banking customers between 25 and 34, GFT found that 48% of them have experienced fraud in various forms – with the money taken in each case averaging around £570.
In comparison, only 24% of customers aged 55 and above have said they’ve been a target of fraud or know of someone else who has been.
Calls to reduce stigma as 62% of gambling harm victims face negative judgement
PayPlan has called for increased acceptance of people struggling from gambling harm amid a new study showing that there’s a strong stigma around the issue.
GambleAware and GamCare – the UK’s largest gambling prevention bodies – revealed that 62% of the people participating in a joint survey believe that there is always a negative judgement circling around those who suffer from gambling harm.
PayPlan, which is a debt advice provider, believes that tackling the stigma will make it easier to get involved in discussions, leading to an improved understanding of personal finance.
Workers’ union labels 900 Barclays job cuts as ‘disgraceful’
Barclays has been scrutinised by trade union Unite over surfaced plans to lay off around 900 staff.
According to Unite, the job cuts are completely uncalled for when you take into consideration the amounts of money that Barclays is making, especially around the holiday season.
Unite’s General Secretary, Sharon Graham, added: “Barclays is disgracefully cutting jobs to further boost its massive profits. This is a mega-rich bank that is already on course to make eye-watering profits this year.”
Contis fined €840k in Lithuania
Fintech firm Contis has been reprimanded financially by the Bank of Lithuania over the alleged inefficient AML procedures in place.
The €840,000 penalty comes after the bank found that Contis had exercised unsatisfactory control over the money that distributors moved on its network between 2021 and 2022.
A spokesperson for the company commented: “We are working closely with the regulator and have proactively implemented the majority of the measures to reflect recommendations given by the Bank of Lithuania.”