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Data from The UK Cards Association has revealed that contactless payments are continuing to rise, with one quarter of all card payments processed using this method.

In November 2016, 325 million purchases were completed using contactless debit and credit cards, accounting for 25 per cent of all card payments for the month compared to just 11 per cent in November 2015. The average contactless transaction for that month was £8.95, up from £8.03.

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Research reveals, in the UK alone, there are over 60 million credit cards in circulation (carrying over£1.5 trillion), and more than one in ten Brits don’t know how much interest they pay each month

This year, household debt has hit an astonishing £1.5 trillion high, according to data from the Bank of England. Furthermore, unsecured credit borrowed via personal loans and credit cards has increased at its fastest rate since 2005.

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According to research conducted by GoCompare.com, almost seven million adults in the UK have been in credit card debt for at least three years or longer, with nearly one in 10 disclosing that they’ve been in credit card debt for five years or more.

The survey also found that 14 percent of UK adults forecast they will have continue to have credit card debt through the year, with seven percent stating that they will have to ask friends and family for financial support.

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Credit card frauds are increasingly becoming a troubling issue for the financial industry. According to a new survey conducted by the polling company, Populus (commissioned by comparethemarket.com), they revealed that there is an increased levels of cyber-attacks occurring in the UK. Due to fraud, one in ten adults have had to replace their credit or debit card and many of these claims go unsolved as law enforcement cannot manage the volume.

The survey found that last year,

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Taxi drivers in London are deliberating a legal challenge over Transport for London’s proposal which will require taxi drivers to accept credit cards as payment.

The London taxi union, United Cabbies Group, stated that they had pursued legal advice on whether or not they should challenge the credit card rule. The group went on to say that they were planning to stage a protest in Whitehall later this week; however, after the Mayor of London,

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Fees that banks charge to businesses for processing credit and debit card payments are likely to be capped across the UK, that is according to new Government proposals, which the Chancellor George Osborne said should lead to lower prices for consumers.

It’s estimated by industry experts that the proposed rules could save UK businesses up to £480 million each year.

Sources at the Treasury have confirmed that they are currently in the process of consulting on the proposals,

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Moody’s credit ratings agency has raise concern over the increasing levels of UK consumer debt, saying that it believes that this will leave the UK economy more vulnerable to future shocks within the global financial system.

The report from Moody’s found that unsecured lending, which includes the likes of credit cards and personal loans, have increased some 7% year-on-year since December 2012, something that the firm says was particularly worrying considering the decline in savings and wages seen in the UK over the same period.

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A women has been arrested in connection to a bank card fraud case which saw a staggering £300,000 spent on a four day shopping spree in Manchester in July of last year.

As part of the shopping spree, gold bars were purchased, totaling £26,000, making them the most extravagant purchase on the stolen card. In addition to the gold, the fraudster also made off with rings, necklaces and two Rolexes, worth £18,000 each.

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The latest iteration of Microsoft’s long-standing operating system, Windows 10, will release later this month and offers users of Windows 7 and Windows 8 a free upgrade to make the switch to it, including ATM machine operators.

In a position paper from the ATMIA trade group, recommendations have been made to its members and vendors to upgrade to Windows 10 when it launches later this year, skipping over Windows 8 altogether.

A significant number ATMs throughout Europe and the US operate on Windows 7 or Windows XP,

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The percentage of fraudulent transactions on UK debit cards that occurred outside of the UK rose 25% last year, according to data from a large sample of cards analysed by software firm FICO.
Fraudulent cross-border transactions made up close to a third (31%) of all the fraudulent transactions on the 52 million active UK debit cards that were included in FICO’s study, up from 23% on the year before.

“Criminals are now opting for card-not-present and cross-border fraud,” said FICO’s fraud chief in Europe,

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