FCA/PSR: Pockets of vulnerability remain but most UK consumers have reasonable access to cash
Research commissioned by the Financial Conduct Authority and the UK's Payment Systems Regulator finds that – contrary to popular belief – most people have reasonable access to cash through a combination of bank, building society, or Post Office branches and ATMs.
More than 5M Britons Banned from Buying Crypto By Their Bank #Shorts
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Published on: June 21, 2021
Written By: Connor Sephton
More than 5M Britons Banned from Buying Crypto By Their Bank
More than five million Britons are going to be banned from buying cryptocurrencies by one of the country’s biggest banks.
TSB’s clampdown, reported by The Telegraph, is said to be linked to “excessively high” fraud rates.
It fears that financial scammers are duping customers and using exchanges to transfer their victims’ cash into digital assets that cannot be traced.
According to TSB, one in eight payments to these platforms ended up with fraudsters — compared with one in 5,500 non-crypto transactions.
Growing Concerns
TSB isn’t alone in taking such action — other British institutions including the online-only banks Monzo and Starling have introduced temporary suspensions too.
Starling stressed that it plans to reverse this measure “as we roll out additional checks specifically for payments to crypto exchanges.”
On Friday, new figures from the U.K.’s Financial Conduct Authority suggested that 2.3 million people now own cryptocurrencies — 400,000 more than last year.
The typical investment now stands at approximately £300, with 53% stating that they have had a positive experience so far.
All of this means that the latest clampdown by banks could affect a greater number of Britons attempting to enter this space.
How are Bank APIs Transforming Cash Management Operations?
What is a Bank API? A bank API is a critical element of Open Banking which allows third-party companies to build new services for banking customers. These services include data visualizations, flexible methods of categorizing transactions for the unique scenarios of businesses, moving assets between accounts (or different banks or even different currencies), and so on. Banking APIs are at the heart of contemporary and future growth in fintech.
The development of an API allows clients of financial institutions to get enhanced services from specialized software companies. For example, Trovata, utilizes bank APIs to provide a unique cash management platform experience to its subscribed users.
Money We Trust: Designing Cash’s Digital Counterpart – Report Launch Webinar
In the face of technological innovation and declining cash use, we need a new kind of money fit for the 21st century. And with Covid-19 highlighting the problems with our privatised and precarious money and banking system, is now the right time a central bank digital currency?
Head here to read our latest report in full:
www.positivemoney.org/money-we-trust
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Former US Bank employee: Fired for giving personal cash to customer
Emily James said she was fired from a Gresham U.S. Bank after giving a customer in need $20 of her own money.