Each week, we take a look at the latest news from the UK fintech Scene. This week, Nearly one-fifth of Brits have experienced credit or debit card fraud and More than 4 out of 10 UK consumers would use Open Banking to unlock faster loan approvals and better rates from their banks
Ziglu reports massive increase in people buying altcoins
New research from Ziglu reveals that nearly seven out of ten (68%) UK adults with cryptocurrencies own altcoins – cryptocurrencies that are not Bitcoin. The findings also reveal there is a growing demand for altcoins with 63% of those with cryptocurrencies planning to buy more over the next 12 months, with 40% planning to buy some that they don’t already hold.
The findings also revealed that of those Brits with cryptocurrencies, 76% own Bitcoin.
More than 4 out of 10 UK consumers would use Open Banking to unlock faster loan approvals and better rates from their banks
Research from digital bank Zopa finds that over 40% of UK consumers would make use of Open Banking to apply for credit if it improved their chances of getting an offer, gave them access to better rates, or made the application faster and hassle free.
Despite that, 8 out of 10 consumers have never knowingly used Open Banking. This disconnect reveals a strong demand for the benefits that Open Banking can bring customers, despite a lack of awareness of its underlying proposition.
Tim Waterman, Chief Commercial Officer at Zopa, said: “We are pleased to be part of a group of fintechs at the forefront of innovation, bringing the benefits of Open Banking to millions of new customers. We already use Open Banking verification to ease application journeys and to power tools like Borrowing Power which help our customers improve their financial health.”
70% of UK businesses have been the victim of a successful network security attack in the last year
More than two-thirds of UK businesses have been the victim of a successful network security attack in the last year, and 65 per cent have been the victim of at least one ransomware attack in the last 12 months, according to new research from Barracuda Networks.
These findings were released in a new report titled: “The state of network security in 2021” that surveyed 100 UK IT decision-makers responsible for their organisation’s networking, public cloud, and security to get their perspectives on cloud adoption, working from home, security concerns, and a variety of issues and challenges related to cybersecurity risks.
The data revealed that a significant 80 per cent of respondents with company-issued devices share their home internet connection with other members of their household, posing a significant security risk. Furthermore, one third (34 per cent) of UK companies do not issue company devices, and instead operated a bring your own device (BYOD) policy, and an additional 43 per cent of companies do issue company devices, but still allow BYOD for some use cases such as email.
Nearly one-fifth of Brits have experienced credit or debit card fraud
Fraudulent activity is taking place throughout the UK and the ways in which Brits are being targeted is constantly changing. Fraud committed using a debit or credit card has impacted the most people, with nearly one fifth (18%) of Brits having had an experience with it finds Lowell.
Despite nearly three-quarters of Brits (74%) believing that they would not give out any details to someone claiming to be from their bank, nearly one fifth (18%) of Brits have still experienced credit or debit card fraud. The research also found that 15% of Brits would be likely to click through a text link if they were contacted by someone claiming to be their bank, and 15% of Brits claimed they would not do any checks to guarantee a call from their bank was legitimate.
John Pears, CEO of Lowell, says: “It’s concerning to see how many people have been affected by fraudulent activity, and the variety of different techniques that people are being targeted with. It really goes to show that the sophistication with which these cybercriminals operate is increasing all the time – and we all need to be vigilant when it comes to protecting ourselves and vulnerable family members online.”
Cash-less Britain Moves Towards Card-less Britain in Post-Pandemic Shopping Revival
Samsung Electronics Co., Ltd has revealed the results of a national survey into the way Brits are choosing to pay as they reacquaint themselves with the new ‘low touch’ world of retail.
Whilst traditionally using cash or plastic cards for payments, the country has embraced more digital forms of payment over the last few years with almost half (46%) of Brits saying they were more willing to pay digitally at the peak of the lockdown in 2020. But as stores reopened in 2021 with more stringent health and safety measures, we’re seeing an even greater shift towards more low contact, mobile forms of payment.
By giving people the ability to turn their smartphone or smartwatch into a digital wallet that houses customers’ credit, debit and loyalty cards for use virtually everywhere contactless is accepted, the research also found that remarkably, two-thirds of people (62%) would now prefer to use their payment card through their mobile wallet, which is double the number of people from last year (31%).
Ex-Ripple and Visa executives unveil global retail micropayments network for Web 3.0
pingNpay, a global micropayment network backed by blockchain technology, has announced that it will make its network operational next year. The start-up plans to create a new category of high frequency, low value payments (below $20 per transaction) aimed at unlocking new digital retail services which will be at the centre of the next development of the internet, Web 3.0. pingNpay will initially launch in the UK, using a digital coin backed by the pound.
SOFTSWISS wins Best Customer Service Company of the Year at IGA
SOFTSWISS was awarded Best Customer Service Company of the Year at one of the most important events in the gambling and betting world, the International Gaming Awards (IGA), held in London last week.
Ivan Montik, founder of SOFTSWISS, comments: “We are very proud and grateful to the IGA for the opportunity to call ourselves the company with the best customer service. Behind each award like this are years of experience and the efforts of hundreds of people who ensure the growth and development of our large team day after day. Thanks to this, the number of loyal clients satisfied with the service and interaction with our products is also growing. SOFTSWISS priorities have been and remain the innovative solutions we use and our exceptional expertise in all things iGaming. Our customers and partners can always rely on SOFTSWISS’ professional service, which is now recognised as the best in the world. We will continue to grow and strengthen our status as one of the best companies in the gambling and betting world.”