Latest UK Finance News: Finextra Research

Which?: APP losses are 'spiralling out of control'

Ahead of the introduction of a new voluntary code to reimburse customers who fall victim to authorised push payment (APP) fraud, consumer group Which? says that losses from money transfer scams are 'spiralling out of control', with £674 per minute drained from consumer accounts.

22 May 2019

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UK embraces contactless payments

Total UK contactless spending rose by nearly a third last year to £69 billion, with tap and pay now accounting for more than 40% of all card transactions, according to industry figures.

15 March 2019

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The numbers don't add up: universal provision of access to cash called into question

The UK's Treasury Committee has called for urgent action to prevent the collapse of access to cash as ATM numbers drop and bank branches disappear from the high street.

14 February 2019

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UK Finance proposes payments tax to compensate fraud victims

Banking lobby UK Finance has floated the idea of imposing a universal tax on funds transfers which banks could dip into to compensate victims of push payments fraud.

10 October 2018

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New legislation may be needed to address APP fraud

Moves to reimburse consumers who fall victim to push payment fraud has come a step closer with the publication of a draft voluntary code drawn up by a steering group of UK banks and consumer rights campaigners.

28 September 2018

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Debit cards overtake cash payments in the UK

Debit card payments have overtaken cash in the UK for the first time, spurred by the rising popularity of contactless and online shopping.

18 June 2018

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APP scam data published for first time

UK consumers lost £236 million to authorised push payment scams in 2017, the first year that Britain's banks have reported data on the fraudulent activity, in which bank customers are duped into transferring cash to criminal accounts.

15 March 2018

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Uneasy sits the crown as cash use continues decline

The numbers of people using cash to pay for everyday purchases in the UK declined by 11% over the past year as growth in contactless card use accelerated.

11 August 2017

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UK banking app transaction numbers soar

Brits are increasingly relying on banking applications to manage their money, with nearly 40% of adults using apps in 2016 and transactions rising by 57% during the year.

29 June 2017

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Apps crush internet for UK banking logins

The number of internet banking logins made by Brits each day fell last year, as customers continued to migrate to apps, BBA research shows.

22 July 2016

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UK banks propose merger of five trade associations to create single super lobby

UK financial sector trade associations the British Bankers’ Association, the Council of Mortgage Lenders, Payments UK and the UK Cards Association could be brought together to create a single umbrella organisation for the industry under proposals put forward by a bank-backed review body.

20 November 2015

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Regulate bitcoin, but leave the blockchain alone say banking trade bodies

The British Bankers Association and the Payments Council have called for the Government to take a 'light touch' to regulation of the underlying bitcoin blockchain technology, which they say has the potential to fundamentally change the way financial assets are transferred.

20 January 2015

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