Monthly Archives: June 2015

UK Card Transactions Hit Record 1 Billion per Month

Consumers in the UK are spending more of their cards than ever before, with over 1 billion transactions in February, according to figures released by the UK Cards Association.

A total of £49.6 billion was spent on cards in February, with spending on debit cards continuing to outstrip credit cards, increasing 7.7% on the same time last year to £35.2 billion, whilst credit card spending grew 5.6% to £14.4 billion.

Figures for UK card spending online were also published for the first time last month and accounting for 24.4% of all card spend and 11.3% of all card-based transactions.

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Identity Theft Rises in UK by Almost One Third

The number of people who fell victim to identity theft in the UK has sharply risen in the first quarter of this year, rising by almost a third, according to the figures released by Cifas, a UK-based fraud prevention service.

Cifas confirmed a total of 34,151 instances of ID fraud for the first quarter of this year. There were 14,103 confirmed cases of ID fraud that involved a credit card and 9,349 that involved a bank account,

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New EU Ruling Drives Up Credit Card Costs, Triggering the End of Reward Schemes

The average interest rate charged on credit cards has soared, reaching record heights, and has brought the future of customer reward schemes into question, as the EU rule to place a cap on interchange fees.

The total cost of the rule change to card issues is thought to be somewhere in the region of £2.4billion, a cost that is being passed on to consumers.

As a direct result of this ruling,

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In a bid to boost the security of credit/debit cards a French tech company has come up with a way of dynamically generating CVV codes that change every 40-60 minutes.

The company, Oberthur Technologies, have devised a way of inserting a miniature screen, lithium battery and processing chip into standard cards, located where you would usually find the CVV code printed.

These components work together to randomly generate the CVV code,

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Majority of Affect UK Consumers Yet to Claim Identity Protection Compensation

Only 1 in 3 consumers affected by the credit card identity protection mis-selling scandal have so far submitted a claim for compensation from insurance provider CPP.

Of the total 7 million UK consumers who are eligible for compensation, only 2.4 million have so far come forward and filed claims, leaving approximately £850 million in unclaimed reimbursements.

According to figures released by the Financial Conduct Authority (FCA), compensation from CPP will reach around £1.3 billion,

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Cash withdrawals from UK current accounts now account for just £18.33 out of every £100 spent by consumers, according to new analysis released by Halifax.

The British bank looked into the extent at which it’s personal account customers were embracing and actively utilising alternative, digital payments, as well as more traditional, non-cash payment methods such as debit cards.

Over £15 in every £100 is being spent through what the bank call ‘faster payments’,

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