Other Money News

The winners of the 2019 Moneyfacts Awards were announced last night during a ceremony held at the Pavilion at the Tower of London. Hundreds of industry professionals from leading financial institutions gathered at a special dinner hosted by Rob Beckett.

Lee Tillcock, Editor of Moneyfacts, said “The Moneyfacts Awards has recognised those providers and brokers that helped to make the previous 12 months more positive for consumers. The last year has proven somewhat unpredictable on a political level and while challenges remain, there is little doubt that the levels of choice and a willingness to find real funding solutions both improved throughout the year. The need to keep up the good work that has been started is vital, and a continued commitment to quality and product choice – displayed by the worthy finalists and eventual winners of these awards – is of paramount importance.”

To see the full list of awarded companies, please click here .

This week marks the start of National Scams Awareness Fortnight, a campaign set up by Citizens Advice to alert consumers what to do if they see or experience a scam.

The increase in online shopping and banking over the last decade has led to scams and cyber fraud hitting the headlines over the last few years. According to data released by Shieldpay, one in four (23%) British consumers have been the victim of fraud when shopping online and the cost of online scams for those targeted while purchasing an item online was an average of £608 – with one in seven (14%) victims defrauded by more than £1,000.

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market over the past seven days. The deals are available right now, but may be subject to change.

Consumers made more crime reports for fraud during June than any other month, according to ClearScore, a credit checking service provider.

A ClearScore Freedom of Information request found that during 2018, more crime reports for fraud were made to Action Fraud than during any other month during the year. In fact, the number of frauds reported in June was 37% higher than in December, when the fewest frauds were reported. 

This warning comes in the same week as eight high street banks and building societies (covering 17 brands) have signed up to a new voluntary agreement to refund victims of push payment fraud. Despite this better protection for victims of fraud, consumers still need to be wary about possible fraudsters and take precautions against cyber-criminals trying to gain unauthorised access to accounts.