Connect with us

Business

Over a quarter of online fraudsters get access to victims’ credit cards in Europe

Published

on

Online user making an online payment with a credit card
Access to bank accounts (44%) and credit cards (28%) were the top targets by identity fraudsters in the past year, new research reveals

Forget the ‘Tinder Swindler’, the Israeli scammer matching women on a dating app to later convince them to request credit cards under their names for him to use. In real life, you don’t have to go on an online date to end up being scammed or featured on a Netflix’s true crime documentary.

The UK has over 60 million smartphone users – and millions of those possibly fell victim to identity fraud in the last 12 months, according to research by digital identity and fraud solution specialist company GBG.

The research, conducted by Censuswide on behalf of GBG, surveyed both consumers aged 18+, that own a smartphone, and business leaders across Europe – UK, France, Germany and Spain between 17-26 January 2022. The report revealed that fraud is a major concern across Europe – with young adults aged 18-to-24 being hardest hit with almost a fifth (18%) becoming victims of identity fraud compared to 9% of 45-to-54-year-olds, and just 3% of consumers aged 55 and over.

The recently released research also uncovered high levels of anxiety, with a large majority of the British digital users surveyed worrying that becoming a victim of fraud is inevitable. 93% of respondents felt concerned that they will fall victim to fraud in the future.

160 decision makers in insurance, financial services, e-commerce/retail, fintech, gaming/gambling and the pension sector across UK, France, Germany and Spain were also surveyed between 17-26 January 2022. Almost half (42%) of European businesses surveyed said they had experienced known or suspected attempted fraudulent activity in the past 12 months, with 33% saying it had increased compared to last year. Those experiencing a known or suspected fraud attempt said the average transactional value of a breach was £16,000. While a quarter (25%) claimed each fraud breach cost their business between £10,000 and £35,000.

“By accurately identifying and authenticating an individual, businesses can stop fraudsters in their tracks and consumers are actively looking to businesses to protect them. There is a real opportunity for businesses to step up – to not just see fraud as just a threat but as an opportunity to build trust, better protect their customers and business, and grow their customer base.” – says Gus Tomlinson, Chief Product Officer, EMEA at GBG, a company headquartered in the UK and working with customers in over 70 countries

The report reveals that around two thirds (66%) of European consumers signed up to at least one new online account in the past 12 months, with 67% doing the same in the UK. Among those British consumers personally impacted by identity fraud, 44% had their bank account accessed and money taken and 19% of victims had a new utility account opened in their name. People targeted by online identity fraud also had their mobile phone number stolen and cloned (5%) and over a quarter of the cases (28%) involved victims’ names being used to gain access to a credit card.

Spread the word

No matter how careful you are, you can end up being a victim of online fraud. If you think you have been exposed to a scam, don’t keep it to yourself. According to OFCOM, government-approved regulatory and competition authority for the broadcasting and telecommunications in the United Kingdom, by telling those around you about your experience, you will help to make more people aware of scams that are out there, and this could help others to avoid falling victim. Spreading awareness among your friends and family – or even by sharing on social media using screenshots, for example, without displaying sensitive information such as PIN numbers – means more people will be able to keep an eye out for the scammers’ latest tactics.

How to report it

If you think you have been the victim of a scam, report it to Action Fraud as soon as possible. You can do this by calling 0300 123 2040 or visiting the Action Fraud website at www.actionfraud.police.uk

Action Fraud is the reporting centre for fraud and cybercrime in England, Wales and Northern Ireland. Reports of fraud and any other financial crime in Scotland should be made to Police Scotland via 101.

EuroNewsweek is a dynamic news platform featuring lifestyle, sustainability, successful stories, tech, leadership, creative marketing, business, and the unstoppable people behind them.

Business

Event brings entrepreneurs together to talk the future of tech in the UK

Published

on

Spotify has assembled entrepreneurs and trailblazers for a series of thought-provoking conversations alongside a group of influencers, commentators, and policymakers. Dustee Jenkins, Chief Public Affairs Officer at Spotify, hosted the evening at the company’s HQ in London. To kick things off, Jenkins sat down with Brent Hoberman, who cofounded the online travel and leisure retailer lastminute.com in 1998. “Primarily what is organic here [in the UK] is talent,” he noted. “There is a huge depth of talent. It’s one of the highest densities of top corporates: Those corporates actually educate and train talent, and a lot of that talent wants to work at startups. You’ve got talent, capital and skills.” Spotify’s Co-President and Chief Business Officer Alex Norström then sat down with venture capitalist Harry Stebbings, host of The Twenty Minute VC podcast. Harry launched the podcast as a teenager in 2015 and has since interviewed thousands of investors, entrepreneurs, and startup founders. The two unpacked how founders can overcome barriers to growth in today’s tech sector, and Harry asked Alex what he likes about London. “I’m impressed by the passion of London,” Alex replied. “I came here thinking I was going to get a lot of rain. I got vibrancy and dynamism, both culturally as well as in business.” The event also featured her Royal Highness Princess Beatrice of York – founder of BY-EQ and Vice President of Partnerships and Strategy at Afiniti - hosting a fireside chat with Priya Dogra, Former President of WarnerBros Discovery for EMEA, and Sakshi Chhabra Mittal, founder and CEO of Foodhak, a science-based meal delivery service. The three discussed the impact tech is having on mission-driven companies and strategies for designing businesses in the modern age, as well as how to bring more women into tech. Exceeding £1 trillion, the UK’s technology market is the largest in Europe and the third-largest in the world. The country has been an important piece of the Spotify puzzle since it launched in 2008. Nowadays as one of our biggest research and development hubs, it’s where the company experiment with some of its newest launches and products, including audiobooks in Premium, video-based learning courses, and, most recently, AI Playlist. Spotify’s success in the U.K. is due in large part to the country’s open, connected, and competitive economy.
Spotify has assembled entrepreneurs and trailblazers for a series of conversations in London

Spotify has assembled entrepreneurs and trailblazers for a series of thought-provoking conversations alongside a group of influencers, commentators, and policymakers. Dustee Jenkins, Chief Public Affairs Officer at Spotify, hosted the evening at the company’s HQ in London.

To kick things off, Jenkins sat down with Brent Hoberman, who cofounded the online travel and leisure retailer lastminute.com in 1998.

“Primarily what is organic here [in the UK] is talent,” he noted. “There is a huge depth of talent. It’s one of the highest densities of top corporates: Those corporates actually educate and train talent, and a lot of that talent wants to work at startups. You’ve got talent, capital and skills.”

Spotify’s Co-President and Chief Business Officer Alex Norström then sat down with venture capitalist Harry Stebbings, host of The Twenty Minute VC podcast. Harry launched the podcast as a teenager in 2015 and has since interviewed thousands of investors, entrepreneurs, and startup founders. The two unpacked how founders can overcome barriers to growth in today’s tech sector, and Harry asked Alex what he likes about London.

“I’m impressed by the passion of London,” Alex replied. “I came here thinking I was going to get a lot of rain. I got vibrancy and dynamism, both culturally as well as in business.”

The event also featured her Royal Highness Princess Beatrice of York – founder of BY-EQ and Vice President of Partnerships and Strategy at Afiniti – hosting a fireside chat with Priya Dogra, Former President of WarnerBros Discovery for EMEA, and Sakshi Chhabra Mittal, founder and CEO of Foodhak, a science-based meal delivery service. The three discussed the impact tech is having on mission-driven companies and strategies for designing businesses in the modern age, as well as how to bring more women into tech.

Exceeding £1 trillion, the UK’s technology market is the largest in Europe and the third-largest in the world. The country has been an important piece of the Spotify puzzle since it launched in 2008. Nowadays as one of our biggest research and development hubs, it’s where the company experiment with some of its newest launches and products, including audiobooks in Premium, video-based learning courses, and, most recently, AI Playlist.

Continue Reading

Business

What is credit invisibility and how can it affect your finances?

Published

on

A woman paying groceries with cash
Only paying in cash will make it difficult to build a credit history and may make you may be credit invisible

If you’ve never taken out a loan or owned a credit card, you may be credit invisible. This means that financial institutions have no records to show that you’ve borrowed money responsibly in the past, which lenders largely rely on to approve you for financial products.

Everybody starts off with invisible credit. However, it can affect you in more ways than one, so it’s important to seek ways to build your credit history as early as you can. Here, we look at some of the effects of credit invisibility on your finances, and offer a few tips to start becoming credit visible.

Access to financial products

Before being approved for any kind of financial product in which you borrow an amount of money, a lender will run a credit check to ensure you have a good credit history. Usually, they’ll be looking to see that you have a high credit score – this would prove that you’ve borrowed money responsibly in the past, and have been able to continuously keep up with repayment obligations.

When you have no credit history for lenders to look at, it can make it harder to qualify for financial products. Your lender will know that you have no prior experience managing borrowed money, and therefore can’t for certain know that you’ll pay any amount back that you borrow. This can be true of all kinds of borrowing options, such as credit cards and loans.

Low limits, high fees

Ultimately, everyone starts off with limited or invisible credit history. So, there will always be a restricted number of financial products available to those looking to borrow for the first time.

However, you may not be offered the best deal if you’re credit invisible. For example, you might be offered a lower limit on a credit card you apply for, or a smaller sum of money on a loan. Plus, you’re likely to face higher interest fees than those who have a visible credit history.

Stagnated progression

Most people will need to borrow money from a lender at some point or another. Usually this will be to pay for a big life expense – you may be buying a house with a mortgage, or purchasing a car on finance. Having limited access to credit options can make goals like these much harder to work towards and obtain. Unfortunately, this could have a knock on effect on your overall quality of life.

Limited access to financial products means that you’ll largely have to rely on your own savings to make any big purchases – this could set you back years when it comes to owning a property.

How can you become credit visible?

Luckily, credit invisibility impacting your quality of life in the long-term is a worst-case scenario. As long as you take a proactive approach towards your finances, you can easily remedy your credit invisibility.

There are plenty of simple steps you can take to become credit visible – you can get on the electoral roll, link your current account to a credit reference agency, or take out a monthly mobile phone contract. These tasks won’t necessarily prove that you can borrow money responsibly, but they’re a good place to start.

Next, you’ll want to look into credit options. Taking out a credit card or loan with a low limit and a high interest rate can seem like an unappealing option, but as long as you can cope with the financial responsibility, it’ll be worth it in the long run. By sticking to your limit and repayment commitments, you’ll prove to your lender that you are a responsible borrower. In turn, this will be reflected on your credit report, and your credit history will begin to take shape. Using such a product responsibly is likely to boost your credit score rather swiftly, which can qualify you for further credit options. You may even find that after a set period of time, your lender is willing to increase your limit and offer a lower rate of interest on your product.

Getting started

Keen to start building your credit history? Do plenty of research on the products available to you before making any long-term commitment. To ensure that you can keep up with the financial responsibility, create a detailed financial plan for the best results.

Continue Reading

Business

Extreme tourism market to reach $91 Billion

Published

on

Extreme Tourism Market to Reach $91.0 Billion
Mountain climbing held the highest extreme tourism market share in 2022 | Photo: Connor Moynihan

A recent report published by Allied Market Research forecasts that the global extreme tourism market, valued at $24.2 billion in 2022, could reach $91.0 billion by 2032.

The growing influence of social media is a powerful force surging demand in the extreme tourism market, which attracts travellers those leaving their comfort zones to engage in activities that are considered high-risk, adventurous, or unconventional, such as skydiving, bungee jumping, and rock climbing. Thanks to platforms such as Instagram and YouTube, serving visuals and tutorials breathtaking adventures,

Travelers, inspired by visually appealing content on platforms such as Instagram and YouTube, are actively seeking out thrilling experiences to share on their own social networks, driving a sense of Fear of Missing Out (FOMO) among younger demographics, compelling them to actively participate in adrenaline-pumping activities to create their shareable moments.

By adventure type, the mountain climbing segment held the highest market share in 2022, accounting for more the two-fifths of the global extreme tourism market revenue and is estimated to maintain its leadership status throughout the forecast period. However, the skydiving segment is projected to manifest the highest CAGR of 15.2% from 2023 to 2032.

25 to 45 years is the age group holding the highest market share since 2022, according to the report, accounting for more than two-fifths of the global extreme tourism market revenue. The segment is estimated to maintain its leadership status throughout the forecast period. However, by 2032 it will be below 25 years segment that is projected to have the highest CAGR: 15.3%.

Continue Reading

Trending