News item of the week: Fraudsters pocket half a billion pounds from UK banking customers
Mo money mo problems wasn’t just a concern for 90s rap legend Biggie Smalls. This week it transpired that as people spend more online, the UK’s banks have become uncomfortably familiar with the term too, with the BBC reporting that scammers have managed to skim 500 million from customers in the first half of 2018. B.I.G news.
According to figures from UK Finance, while £358m was lost to unauthorised fraud, which includes transactions made without the account holder’s permission (usually refunded by banks), £145m was lost as a result of authorised push payment (APP) scams, in which people are duped into sending their hard-earned cash to another account, often under the mirage of buying, say, a 50-inch screen or money-green leather sofa. Because customers themselves made the transaction, the bank isn’t liable for losses incurred.
Comment piece of the week: Millennial money attitudes
In a humorous and honest post for The Times, property and personal finance reporter Laura Whateley has uncovered an interesting tidbit of research (taken from her forthcoming book, Money: A User’s Guide) about millennial money attitudes to dosh, which also revealed her top ten tips for saving money and STILL having a life.
The research touched upon how saving has become a dirty word for millennials, something NOT to mention at dinner tables, something to swipe left on. Why? Because it’s something that many millennials (your writer included) have neglected, and deep down we know it, having to suppress our jealous rage whenever a peer suddenly reveals what they’ve somehow managed squirrel away. NUTS.
Number of the week: A-I Got 5 on it
Following yet more 90s musical references that no one asked for, congratulations to Concirrus, the AI-based insuretech, for raising £5 million in equity funding.
The raise was co-led by venture capital firm IQ Capital and specialist insuretech investor Eos Venture Partners, bringing the total raised to a healthy £12 million. More info here.
Quote of the week
We are @Foco_Global on Twitter, what’s your excuse?