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1 in 4 UK consumers fear mobile payment services over cash and cards, believing that they will result in them making more impulsive purchases, leading to them spending more, according to new research from comparison website uSwitch.

The research surveyed 1,248 respondents, finding that 57% of respondents would like the ability to check their account balances on their smartphones and mobile devices and 38% would like “tap and go” payments to have a transaction value limit.

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Britain Opts Out of EBA Online Payments Security Guidelines

The UK is one of three EU member states that have opted out of signing up to new guidelines from the European Banking Authority (EBA) on standards for payment service providers. The guidelines, which come into effect this August, require payment firms to meet a number of certain standards, notably those related to the privacy and security of their customers when making payments online.

Head of Consumer Protection, Financial Innovation and Payments for the EBA,

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The amount of money paid out to informants by the HMRC is set to reach a record high of £605,000, more than twice the amount paid out last year, as it attempts to increase efforts to crack down on tax evaders.

According to research from RPC, a city-based law firm, payouts had risen from £402,000 in 2013-14 due primarily to increased public awareness of the possible rewards for informing on those suspected of tax evasion,

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Banks Alerted by Interpol to New ATM Virus

Banks in several countries have come under fire from a new type of financial cyberattack, in which a virus is placed on bank computer systems, allowing cash withdrawals from ATM machines to users without an account, according to officials for Interpol.

The International Criminal Police Organisation, Interpol, warned that although there were no reported cases yet, it expects the virus to spread to ATMs in Japan, warning banks in the country to begin taking all necessary precautions to circumvent what they consider to be an imminent attack.

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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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