Card fraud goes down whilst banking fraud increases

Recently released figures have shown that whilst credit card fraud in the UK has been going down, which will come as a relief to the many cardholders that have been fearful about becoming victims of this sort of crime, the level of online banking fraud has been increasing. Read more

Tags: Credit card, banking fraud, credit card fraud, business, level, pin technology, losses

Warning issues over bank fraud committed by phone

Consumers are being warned to be careful about calls that they receive claiming to be from someone at their bank, stating that this is a common way for fraudsters to get information from accountholders and use it to commit fraudulent transactions. Read more

Tags: doubt, losses, Highlands, Advance-fee fraud, police authorities

Overseas credit card fraud increases

An increase in the amount lost as a result of credit card fraud has been driven by fraud on UK cards used abroad. Read more

Tags: uk, soil, result, card details, period, losses, debit

Expect annual fees on your credit card

The next decade is likely to herald a new era for credit cards, where users are charged simply for having them.

Financial research company Defaqto predicts that annual charges will become the norm in the next ten years as credit card companies and banks look to rebuild their profits following the capping of penalty fees.

The likes of Lloyds TSB and Barclaycard have already or are considering introducing charges of this sort and it seems that more firms will follow suit.

“Reports that Barclaycard is considering an annual fee is not a surprise and my expectation in the years ahead is that there will be a gradual move towards annual fees in the credit card market,” said David Black, head of banking at Defaqto.

“However this will herald a significant contraction in market size as people who clear their outstanding credit card balances on a monthly basis will, as they start facing annual fees, jettison credit cards in favour of using debit cards instead.”

If, as Defaqto predicts, fewer people use credit cards, it may be that those who do hold one will be hit even harder by annual fees as the providers charge more to cover the losses.

However, a mass exodus from credit card use may also work in the public’s favour as competition hots up and more favourable deals are introduced.

Tags: move towards, profits, credit, losses, significant contraction, banks, jettison credit cards, head of banking

Over one thousand jobs to go at Barclays

Over one thousand people employed by Barclays Bank will be losing their jobs in the next three years, as the bank prepares to move its Poole based processing and IT office.

Bank officials have announced that eleven hundred people will have to lose their jobs over a three year period, cutting the workforce at the office from nineteen hundred to just eight hundred. The bank plans to mover operations to a smaller building in the area.

One union official from Unite stated: ‘We are very concerned at today’s announcement which will mean a large reduction of jobs in Poole. Unite does however have robust agreements in place and the bank’s plans are spread over the next three years, so we will be working with the bank to ensure the maximum number of redeployments and voluntary redundancies. We do welcome the news that Barclays will have a new building in the area, albeit smaller, so ending speculation that they may pull out of the area altogether.’

A council official also commented, stating: ‘We are saddened to hear of the job losses at Barclays and will be working closely with them and local agencies to offer as much support as possible to those staff affected. Although the job losses will impact the town in some areas, we will be doing everything in our power to counter the effects. We are continuing to work with Barclays to find suitable sites in Poole that will meet their business requirements and are pleased that they are committed to staying in the local area.’

The Chief Executive of the local council added: ‘The job losses are very regrettable. We will be working with Barclays to set up a strong and helpful network amongst local business and employment organisations to support those affected through information, advice, job searches and retraining opportunities.’

Tom Smith
23rd May 2007

Tags: losses, IT, barclays, employment, jobs, business, union