Category: Finance

Fraudsters try to make every day April Fool’s Day

This April 1st, Bank of Ireland is warning customers that fraudsters don’t just try to fool you for one day, they are always active and financial fraud can lead to devastating loss of income and savings. The Bank is reminding customers about the top ten fraud types currently reported to its 24/7 fraud team.

According to Bank of Ireland’s fraud reporting data, the most concerning fraud type being used to target customers is investment scams, with smishing texts and vishing calls following closely behind. Further down the list, yet becoming more prevalent, are malware attacks where fraudsters gain access to customers’ devices and access private information, including their banking app.

The 10 most commonly reported frauds are:

  1. Investment scams – promising higher returns on investments that don’t exist.
  2. Smishing texts – scam texts claiming to be from delivery companies and other providers urging you to pay outstanding charges or update account details.
  3. Vishing calls – fraudsters pretend to be from your bank, saying your account has been compromised and they need to move your money to a ‘safe account’.
  4. Purchase scams – fake adverts on genuine websites and social media platforms that promise a slashed price or bargain.
  5. Romance scams – fraudsters build relationships online to manipulate victims into sending them money.
  6. Family impersonation – fake messages pretending to be from a family member who has lost their phone and needs access to money.
  7. Rental and holiday scams – fraudsters trick people into paying rent for property that doesn’t exist or is not actually available to rent.
  8. Money mules – criminals try to recruit people into receiving stolen money into their account, then transfer it to another account and keep some of the cash for themselves as ‘payment’.
  9. Malware – harmful apps that ask for full control of your device allowing fraudsters to control your phone and access private information like your banking app.
  10. Phishing emails – fraudsters send emails that look like they’re from legitimate companies, asking for personal information or login credentials.

Nicola Sadlier, Head of Fraud, Bank of Ireland said: “Fraudsters don’t just try to fool you for one day, they never take a break and are always on. Our latest fraud reporting data shows that investment fraud is still the most concerning scam targeting our customers. The level of highly personalised targeting, with fraudsters promising higher returns on bogus schemes, continues to grow. Smishing texts and vishing attempts continue on a persistent basis. Fraudulent advertisements online and on social media have been the subject of regular warnings for some time and the trend is not going away. And some new types of fraud including accessing devices using malware are happening more often.

“All fraud types are serious criminal activity and there is no room for complacency. Being alert to the ‘red flags’ – including ‘too good to be true’ returns and pressure to act quickly – is vital.

“Bank of Ireland offers a 24/7 fraud telephone support for customers on 1800 946 764, available every day of the year. We encourage our customers to put this number in their phone, so they have easy access to it if they ever need it.”

For detailed advice and information on how to stay safe from all types of financial fraud, visit the Security Zone on Bank of Ireland’s website.

Red flags of Investment Fraud:

  • Follow-up calls: You receive a call having clicked an investment product advert on social media or in a sponsored search result.
  • Higher/fast returns: They promise a quick and profitable return, with little or no risk.
  • Pressure: They advise you must act quickly to take advantage of an “opportunity of a lifetime”.
  • Celebrity Endorsements: Be wary where the investment is being endorsed by celebrities – they may not know their name is attached to the advertisement.
  • Secrecy: They say you’re not to discuss the “investment” with family, friends or your bank and they may instruct you to sign a “non-disclosure agreement” (NDA).

Remember, Bank of Ireland will never:

  • Send you a text or email with a link directly to the login page of our online banking channels asking you to confirm or update your banking details
  • Ask you to click a link in a message with an urgent warning about suspicious activity on your account
  • Ask you to transfer money out of your account to protect you from fraud
  • Ask you to send us back your bank card.

 

Don’t ever share:

  • Your full six-digit 365 PIN or Business On Line credentials
  • Any one-time activation codes or codes from your Business On Line Approve app
  • Your four-digit card PIN.

Anyone who suspects they have been a victim of fraud should contact their bank immediately so that the bank can try to stop the fraud and try to recover funds. Bank of Ireland customers can call the Fraud Team 24/7 on the Freephone line 1800 946 764.

SumUp launches SumUp Pay, offering 0,5% cashback for Irish customers

Global fintech leader, SumUp, has today announced it is expanding its offering with the launch of SumUp Pay for consumers in the Irish market. Through diversifying its offering, SumUp looks to support both the consumer and merchant, reinforcing its commitment to the Irish entrepreneurial landscape and wider economy. This new solution permits online and in-store payments with a virtual Mastercard and the ability to earn 0,5% cashback on every purchase, earning up to €10 per calendar month.

With SumUp Pay, the company now enables consumers to create a free account, accessible via the mobile app, enabling full financial autonomy. Users can instantly access a free virtual Mastercard and top up their account via card or bank transfer. SumUp Pay allows for secure, fee-free payments worldwide, with transactions deducted directly from the balance and verified through biometric authentication like Touch or Face ID.

SumUp Pay offers a straightforward cashback system, giving users 0,5% back on every purchase, with no minimum spend or restrictions. Unlike other services, there are no conditions to meet; users can earn up to €10 per month simply by making everyday purchases at any retailer, both online and at brick and mortar shops.

Other features of SumUp Pay include the ability to easily split bills or send money to friends directly within the app. The peer-to-peer payment feature also supports free instant SEPA transfers, ensuring that funds arrive within minutes. Additionally, SumUp Pay can act as a personal financial coach, helping its users track expenses. The “Space” feature allows users to organise their money by creating multiple spending categories for saving, planning, or limiting expenses. This streamlined management is complemented by detailed reports, enabling users to monitor their spending, set monthly goals, and gain real-time insights into where and how they are spending their money.

“With SumUp Pay, we are providing a simple and accessible solution for managing daily finances. Our goal is to help users regain control of their money while offering tangible benefits such as instant, no-strings-attached cashback. A satisfied consumer becomes a loyal customer, and a loyal customer brings success to merchants,” added Erik Schünemann, Product Lead at SumUp on today’s announcement.

Niall Mac an tSionnaigh, CEO of SumUp Ireland commented: “With the rising cost of living in Ireland, at SumUp we are focused on making life a little easier for both consumers and merchants. We’re committed to providing simple, valuable payment solutions for businesses, while also looking out for the people who shop with them. Our goal is to create a marketplace where everyone is supported, cared for, and able to thrive, helping to build a more self-sufficient, connected community for all.”

Following successful launches of SumUp Pay in other key markets, and building on the momentum of innovations like Cash Advance in the Irish market, SumUp continues to work towards an inclusive ecosystem that bolsters the economy and empowers consumers and merchants alike.

Choosing a Direct Lender for Your Payday Loan: What to Look For

When financial emergencies arise, a payday loan can be a quick and convenient solution to your immediate cash needs. However, it’s crucial to choose the right payday loans direct lender to ensure your financial safety and peace of mind. With numerous lenders available in the market, understanding what to look for in a direct lender can help you make an informed choice.

Understanding Payday Loans

Before diving into what makes a good payday loan provider, it’s essential to grasp what payday loans entail. These short-term loans are typically sought to cover unexpected expenses or tide you over until your next paycheck. As they usually come with high interest rates, carefully choosing a reliable direct lender is paramount.

The Importance of Choosing a Direct Lender

Opting for a direct lender as opposed to a broker or intermediary provides several advantages. Firstly, it often translates to better terms since you are dealing directly with the source of the funds. It can also offer more security, as you’re not handing over your sensitive data to multiple parties, reducing the risk of data breaches and privacy issues.

Key Considerations in Selecting a Direct Lender

Here are some critical aspects to consider when choosing a direct lender for your payday loan:

1. Regulatory Compliance

A legitimate lender should comply with the Financial Conduct Authority (FCA) regulations in the UK. This compliance ensures that they adhere to strict guidelines aimed at protecting consumers. Verify the lender’s FCA registration status before proceeding.

2. Transparent Rates and Fees

Transparency is key when assessing any financial product. A direct lender should clearly disclose all rates and additional fees associated with the loan. Avoid any lender who shrouds these costs in ambiguity, as it could signal hidden fees or unfavourable loan terms.

3. Flexible Loan Terms

Flexible loan terms can be beneficial when you need to tailor repayments around your personal circumstances. Look for lenders who offer variable repayment options without hefty penalties for early repayment.

4. Solid Reputation and Reviews

Customer reviews can be incredibly telling about a lender’s reputation and past performance. Explore independent review platforms and look for patterns of positive feedback or consistent warnings from previous borrowers.

5. Straightforward Application Process

A cumbersome and lengthy application process can exacerbate your financial stress. Prefer lenders with streamlined, user-friendly applications that can be completed online without unnecessary steps.

6. Data Security and Privacy

In our digital age, safeguarding your personal and financial information is non-negotiable. Ensure your potential lender implements robust data security measures to protect your information from cyber threats.

Conclusion

Choosing a direct lender for your payday loan requires due diligence and careful consideration. While payday loans offer quick financial relief, selecting the wrong lender could lead to more financial distress. Prioritize lenders who comply with regulatory standards, offer transparency in their rates, and foster a positive reputation among users. By doing so, you ensure that your financial decisions are both informed and beneficial to your long-term financial health.


  

 

Stretching Your Budget: How Payday Loans Help Bridge Short-Term Gaps

In an ideal world, we would all have a financial safety net to fall back on in times of need. However, the reality for many people is that unexpected expenses can arise, creating gaps in their budget that are difficult to fill. This is where a payday loan UK can be a useful option. These loans provide short-term financial relief and allow individuals to deal with pressing financial demands until their next paycheck arrives. But how exactly do they help bridge these gaps, and are they the best solution for everyone?

First, let’s explore what payday loans entail. Payday loans are short-term loans designed to cover immediate financial needs. They are typically for smaller amounts of money and are expected to be repaid by the borrower’s next payday, hence the term ‘payday loan’. One of the primary benefits of payday loans is their accessibility. Most lenders offer a straightforward application process, which can often be completed online, making it easy even for those with a busy schedule.

Another advantage of payday loans is their speed. When unexpected expenses arise, like a car repair or a medical emergency, quick access to funds can be crucial. Unlike traditional bank loans, which can take weeks to process, payday loans can be approved in as little as a few hours. This rapid turnaround ensures borrowers can address their financial gaps immediately, mitigating further issues that could arise from delayed payments.

The purpose of payday loans is to provide a temporary solution, and they should not be seen as a long-term financial strategy. Their ease of access and quick approval process are balanced by high interest rates, which means they can become expensive if not repaid on time. Therefore, understanding the terms of the loan and having a clear plan for repayment is crucial. Borrowers should ensure they can repay the loan in full on their next payday to avoid additional fees and interest.

Despite the costs, payday loans serve a distinct role in the financial ecosystem. They cater to individuals who may not have access to traditional forms of credit, whether due to a lack of credit history or poor financial standing. For these individuals, payday loans can prevent more severe financial hardships by offering a lifeline when waiting for the next paycheck or a traditional loan approval is not viable.

However, it’s vital to weigh the pros and cons of payday loans against other alternatives. Building an emergency fund, for example, can be a more sustainable solution for financial gaps. Additionally, some credit unions and community organisations offer financial assistance or low-interest loans that may be more manageable for those needing longer repayment periods.

It’s also worth considering speaking to a financial adviser. They can offer personalised advice and might suggest creating a budget plan that allows for savings to cover potential shortfalls. By anticipating future financial needs, individuals can minimise the reliance on such temporary solutions as payday loans.

In conclusion, while payday loans can effectively bridge short-term financial gaps, they are not without drawbacks. Responsible use, paired with financial foresight, is key to leveraging them effectively. Always assess your financial situation carefully and understand the terms of any loan agreement before proceeding. By doing so, you can ensure that payday loans serve their purpose without becoming a financial burden.

 

Author Bio: Kelly is the founder of the Cashfloat blog and has been working tirelessly to produce interesting and informative articles for UK consumers since the blog’s creation. Kelly’s passion is travelling. She loves her job because she can do it from anywhere in the world! Whether inspiration hits her while sitting on the balcony of a French B&B, or whether she is struck with an idea in a roadside cafe in Moscow, she will always make sure that the idea comes to fruition.

Pace of growth in household spending accelerates in January

Bank of Ireland customers increased their debit and credit card spending for January, with an acceleration in the pace of household spending growth to 6.1%, up from 4.5% in December. This growth, which was broad-based across various sectors, significantly outpaced the current CPI inflation rate of 1.4%, indicating a real gain in consumption of approximately 4%.

A key highlight of January’s spending was a surge in summer holiday planning – travel agencies saw a 50% increase in sales from December, while airline spending rose by 90%. Although year-on-year growth in these categories was modest, spending on hotels and resorts increased by 4.9%.

Spending on sports clubs saw a substantial 23% year-on-year rise, reflecting ‘New Year, New You’ resolutions. However, the January sales season’s impact on retail was less pronounced, with clothing sales down 5% year-on-year, although electrical goods saw a 6.4% increase – November/December are now the most important months for sales of both these items.

Despite the January sales season not providing a significant boost to retail spending, likely due to the prominence of Black Friday and Cyber Monday sales in November and December, spending on services saw a 4.2% year-on-year increase, driven by higher expenditure on travel and other services. ATM withdrawals decreased in January by 2% year-on-year, now accounting for just 12% of total card spending, down from nearly one-third pre-pandemic.

“January’s credit/debit card data showing nominal spending growth of 6.1% is an encouraging sign, showing households’ incomes and expenditure are now growing faster than prices. Notably, cash withdrawals now account for just €1 in every €10 spent by Irish households, well down from one-third just a couple of years ago,” said Conall Mac Coille, Chief Economist, Bank of Ireland.

Looking ahead, Bank of Ireland forecasts a 3% real growth in consumer spending for 2025. “Several indicators support this optimistic outlook, including employment growth at 3.7%, a low unemployment rate of 4%, and average earnings growth of 5%, which is above the CPI inflation rate of 1.4%. Budget 2025 tax cuts, worth 2% of disposable incomes at the average wage, are also expected to bolster consumer spending”, said Conall Mac Coille.

Valentine’s Day is likely to have provided a significant boost to florists, with spending typically rising 5-6 times the normal daily average during this period. There has been a consistent decline in spending on online dating services, down 17% year-on-year in January and 43% since the peak in 2021.

Paysend Celebrates 10 Million Consumer Customers Milestone

In a significant milestone for the fintech industry, Paysend, the UK-based global payments platform, has announced reaching 10 million consumer customers worldwide. This achievement underscores Paysend’s remarkable growth and solidifies its position in the cross-border payments market, which is projected to reach USD$ 60 trillion by 2030. From its beginnings as a visionary startup, Paysend has evolved into the world’s largest digital payment network, embodying its mission of delivering the simplest money transfer solutions globally.

A certified processor for Mastercard, Visa, and China UnionPay, Paysend is known for its commitment to transparency and accessibility. The company’s innovative payment infrastructure facilitates seamless money transfers to cards, wallets, and accounts in over 170 countries from more than 50 sending locations. This extensive reach caters to individual consumers and enterprise clients alike, attracting partnerships with industry leaders such as Mastercard and Western Union, as well as innovative firms like Deel, underscoring Paysend’s growing influence in the global payments ecosystem.

Abdul Abdulkerimov, Founder and Executive Chairman of Paysend, commented:

“This milestone reflects the significant impact our payment technology platform has on millions of consumers and enterprises worldwide. As the largest global digital network with over 25 billion endpoints, our mission is to simplify international payments for everyone. We extend our heartfelt thanks to all our customers with great pride and gratitude.”

Paysend’s dedication is reflected in its impressive metrics: over 15 million downloads of the Paysend app on Google Play and an 85% ‘excellent’ rating from more than 34,000 Trustpilot reviews. Despite these achievements, Paysend considers them just the beginning of its journey, with an unwavering focus on continued growth and innovation.

Jairo Riveros, Group Head of Strategy and Managing Director for the Americas, added:

“Reaching over 10 million consumer customers worldwide is a testament to the strength of the extensive network we’ve built with our strategic partners. Our commitment remains steadfast: to make money transfers simple, fast, and accessible for everyone, including the unbanked. We sincerely thank our customers and partners for their trust and support.”

Paysend continues to drive innovation, highlighted by the 2024 launch of “Libre,” a groundbreaking feature that enables money transfers using just a phone number. This advancement reinforces Paysend’s position as a leader in payment technology and as the world’s largest digital payment network. Additionally, Paysend’s partnership with TelevisaUnivision, the largest Spanish-language broadcast network in the U.S., provides a unique opportunity to connect with the world’s largest remittance market, amplifying the company’s reach and impact and further solidifying it as a frontrunner in the cross-border payments market.

Bank of Ireland sees record Christmas digital banking usage

Analysis of Bank of Ireland customer behaviour between 14 and 24 December has shown record Christmas digital banking usage.

On Thursday, 19 December close to 1.6 million digital banking logins were recorded across Bank of Ireland’s iOS and Android mobile apps, as well as through its online banking website. This is higher digital banking usage than any other peak holiday or shopping period including Christmas, the traditionally busy Black Friday sales, and the Easter holiday season. The peak 2024 login figure is an increase of 4% compared to December 2023.

Biometric logins to the mobile banking app have also grown in popularity, up by 45% in December 2024 compared to December 2023. Over 3 million biometric logins were recorded during the month.

The pre-holiday period analysed saw contactless transactions increasing by 2%, with over 1.9 million contactless transactions recorded on 23 December alone, also making this a record-breaking figure for contactless transactions by Bank of Ireland customers. And, while digital banking and contactless payments increased, the number of ATM transactions fell 12% in December 2024 compared with the same date range (14 – 24 Dec) in 2023.

Ciarán Coyle, Group Chief Operating Officer, Bank of Ireland said: “As demonstrated by these latest figures consumers really value the speed of digital banking, especially during particularly busy holiday and shopping periods. We pair that digital service with telephone and branch options for more complex matters or bigger decisions. Being able to bank from anywhere – home, office, or on the move – is one of the greatest benefits of digital banking and that’s why we are focussed on continuing to invest in and enhance our digital banking services.”

PayPal study: Almost half (46%) of Irish consumers would prefer to send money to family and friends to avoid buying Christmas gifts

PayPal has announced the findings of a new study which found that almost half (46%) of Irish consumers would prefer to send money to family/friends so they wouldn’t have to buy gifts this Christmas. This preference was most popular among Gen Z respondents (50%).

The research—conducted by Censuswide and involving 1,001 consumers across Ireland—also revealed that more than three-quarters (78%) would prefer to spend quality time with friends and family rather than buying them gifts this Christmas. This time, Gen X was most inclined to express this sentiment (81%).

Festive finances & not-so-silent nights

Despite the implied desire to move away from the tradition of buying Christmas gifts, the average expected spend per person on presents came in at €525. When it comes to the counties, people from Carlow (€780), Kildare (€692), and Meath (€674) expect to spend most.

Furthermore, 49% of people surveyed feel under pressure to spend more than planned/budgeted based on what others are spending. It also appears that people are eager to get their Christmas shopping, with two-thirds (66%) predicting they will have theirs finished by the second week of December. Just 14% appear to be last-minute shoppers, completing their purchases during Christmas week or on Christmas Eve.

As well as gifting, 47% of Irish consumers surveyed expect to spend more on social events and gatherings this festive season. The average anticipated spend was estimated to be €339, with respondents from Kildare (€428), Dublin (€385) and Mayo (€376) set to spend most on such outings.

Sharing is caring

Given the expectations around spending, there seems to be a shift towards sharing the load – and cost – when it comes to gifting. In fact, 63% of Irish consumers surveyed will engage in bill-splitting or group purchases.

The top bill splitting activities were revealed to be nights out (47%), family gifts (37%), and Christmas dinner (35%). When paying people back, 46% of people typically round up, while just over a third (36%) would pay people back to the exact cent.

At the other end of the scale, 45% revealed that they have previously not been paid back by friends or family for a gift or activity during the festive season. Moreover, 58% felt too awkward to ask for money they were owed, so they didn’t mention it.

Loud budgeting

Something people aren’t feeling awkward about is loud budgeting (being honest with others about their finances) – with 47% saying they would feel comfortable telling friends or family they haven’t budgeted for a specific activity or gift and almost a third (32%) having told friends as much previously over the festive season.

Speaking about the findings, Jonas Breding, General Manager Northern Europe, PayPal, said: “While it is a time of year when people are spending and when some are feeling more financial pressure than usual, people’s preferences and behaviours are changing. As well as more convenient and cost-effective ways of treating friends and family at this time of year, people are also opting to do activities with, rather than buying things for their loved ones.

“Consumers in Ireland want to make the most of the festive season, but they also want to be smart and realistic regarding their budgets. We know that being able to send money or split bills via person-to-person payments is important, as well as feeling empowered and vocal when it comes to priorities for this festive season.”

‘Mindful’ spending Irish will still treat themselves this Black Friday

As Black Friday approaches, shoppers across the country are adopting a more mindful approach to spending, new data from Revolut, the global fintech with more than 2.8 million Irish customers and over 50 million globally, suggests.

As financial pressures continue to tighten the purse strings, 30% of Irish consumers have reported that they plan to spend less this Black Friday, reflecting a blend of financial caution and a desire to indulge in more meaningful purchases either for themselves or loved ones.

The study also suggests that ‘treat culture’ is still making a significant mark on Irish society, with one in five (20%) citing a desire to treat themselves to something new as their main motivation for any Black Friday spending. Those wanting a little treat this Black Friday are 25% of 18-24-year-olds, while half (49%) of 18-34-year-old consumers will use this occasion to spend mindfully, purchasing things they wouldn’t normally be able to afford.

This move towards a more mindful way of spending has also impacted where consumers are choosing to shop. Despite Black Friday historically being a popular online retail event, many plan to head back to the high street this year. Two in five (42%) shoppers will hand Ireland’s small shop owners a boost, with many citing a desire to support small businesses and escape long delivery times as factors in their decision-making.

Youngsters are the most motivated by Black Friday shopping with 90% of 18-24-year-olds agreeing Black Friday is a good chance to grab a great deal compared to the more sceptical over-65s (59%) – 15% of whom claim that the deals on offer aren’t as good as they used to be.

Maurice Murphy, General Manager at Revolut Bank UAB – Ireland Branch, said: “Managing your money needn’t be complex or confusing but it pays to be mindful, and this data clearly shows a change in consumer behaviour ahead of this year’s Black Friday. Irish shoppers are purposefully savvy, but with plenty of deals on offer, it’s good to see consumers unafraid of treating themselves at this time.”

With consumers in Ireland increasingly prioritising mindful purchases, brands and retailers alike are preparing for a season defined by quality offerings and compelling deals. Revolut will also take part in this year’s Black Friday with some exciting deals available in-app this month: 

 

  • Aer Lingus: Until the end of November 2024, earn 10x RevPoints when you choose to pay with Revolut Pay at the checkout.
  • The Irish Independent: Until the end of November 2024, earn 10x RevPoints when you choose to pay with Revolut Pay at the checkout.
  • HelloFresh: Until the end of November 2024, get a 50% discount and 20x RevPoints.
  • Vision Express: Until the end of November 2024, get a free eye test and 30% off when you spend €60 or more, as well as 20x RevPoints.

 

Revolut Bank UAB (Irish Branch) was recently recognised by financial comparison site Bonkers.ie as ‘Ireland’s Best Consumer Business’ and ‘provider of the Best Current Account’, while the company ranked 9th as part of the Ireland RepTrak® 2024 study earlier this year.

 

For more information, visit: www.revolut.com/en-IE