Financial

SEVERAL banks and building societies are yet to sign up to a new code designed to protect people from payment scams, Which? has revealed.

A week ago we published the appalling story of an eBay seller who had his account hacked and the email address changed on his best selling listings. Due to his high turnover and the low value of each individual order, 10s of thousands were syphoned from payments from the hacked eBay account before he noticed.

https://tamebay.com/2019/08/changed-paypal-email-address-on-hacked-ebay-account-a-multi-million-fraud.html

In its official release, the FCA said: “Consumers should be cautious when investing in such cryptoassets and should ensure they understand and can bear the risks involved with assets that have no intrinsic value.”

https://www.accountancyage.com/2019/08/05/fca-clarifies-stance-of-cryptoassets/#.XUm7IFQZffU.twitter

The FCA is today publishing Final Guidance which sets out the cryptoasset activities it regulates. This is in response to the FCA’s consultation published earlier this year.

Design flaws discovered in Visa's payments system for contactless cards could allow criminals to steal hundreds in a single tap.

Adelheid Luise Spitzeder was born in Berlin in 1832 and won minor fame as an actress, debuting to great acclaim in 1856. In subsequent years, however, she was unable to achieve a level of success sufficient to sustain her lifestyle. In 1869, desperate for money, she borrowed 100 gulden (roughly £400 today) from a woman she met in Munich, promising that she knew someone who was willing to take the sum and pay 10% a month for it. Spotting her opportunity, Spitzeder advertised similar services via a newspaper and the number of people who were willing to lend to her increased exponentially. She set up the Spitzedersche Privatbank in 1869. By 1872 the bank was so successful that she was considered to be the wealthiest woman in Bavaria.

https://moneyweek.com/511836/great-frauds-in-history-adelheid-luise-spitzeder/#.XULJBId8wl0.twitter

Changes made to the regime will be implemented on 9 December 2019, the same date that brokers will start to have to comply with the rules by.

Why does Ron Pol, a respected anti-money laundering researcher, make such a stunning statement?

Noel Edmonds has reached an agreement with Lloyds Banking Group worth a reported £5m after his former business was destroyed following fraud at one of its branches.

https://uk.finance.yahoo.com/news/noel-edmonds-agrees-deal-lloyds-over-bank-fraud-145900755.html?soc_src=social-sh&soc_trk=tw&guccounter=1&guce_referrer=aHR0cHM6Ly90LmNvL0NyWGU3S0xTV1c&guce_referrer_sig=AQAAAFToyxSWjVtyLDOZRrAZAEwt6YQSpVR8oRu7Z-TXrmdtqeU4nx6SsjkTUNHJpJBb-KkoUDjC5ncnlztpwRO5WHO7M5TsYmyGYw5XozYuGUTk2r8BMyiMf1qRYv8QDlcMvVTSlIR0oKv2hsHhTXg6bw78IupDr2zcQZJJOs0BhNRq

Regulator fails to mention Woodford or LCF in letter to wealth managers about its concerns