Latest news with #Revolut
Yahoo
5 hours ago
- Business
- Yahoo
Crypto-Friendly Bank Revolut Eyes Expansion Into Derivatives
Digital bank Revolut could be planning to expand the scope of its cryptocurrency exchange with a derivatives offering, a new job posting on its website suggests. Revolut is recruiting a general manager of crypto derivatives who will be tasked with taking a new derivatives offering "from zero to scale," according to the job specification. The London-based firm debuted its crypto exchange for professional traders in the U.K. in May 2024 before rolling it out across the European Union six months later. The market for crypto derivatives in the U.K. has gathered some momentum in recent months with the debut of the first centrally-cleared and Financial Conduct Authority (FCA)-regulated derivatives platform GFO-X last month. Mike Novogratz' crypto financial services firm Galaxy is also eyeing a slice of this pie, with its U.K. arm securing FCA approval to execute derivatives trading in April.
Finextra
9 hours ago
- Business
- Finextra
Revolut joins European Payments Initiative
Revolut has joined the European Payments Initiative to bring its Wero Wallet to millions of new customers this summer. 1 Launched late last year to harness the potential of account-to-account (A2A) payments to help European banks take on the might of Visa and Mastercard, Wero has already enrolled 40 million users across the first wave of markets it has entered. It enables A2A transfers using Sepa Instant Credit Transfer protocols so users can send money within 10 seconds via phone numbers, email addresses, or QR codes. Revolut's customers, initially in France, Belgium, and Germany, will have access to Wero's core features directly within their Revolut app. This includes instant, free-of-charge P2P money transfers between Wero users. Looking ahead, Revolut will integrate additional use cases as they come onstream. This includes e-commerce payments in the second half of 2025, followed by in-store payments, subscription management, and loyalty services from 2026 onward.. "Facilitating seamless access to free and instant payments is no longer a nice to have, it's a must," says David Tirado, VP of global business at Revolut. "By enabling Wero within the Revolut app, alongside our other local peer-to-peer payment partners, we're empowering our customers to make instant and secure payments seamlessly within European borders, in the most suitable way for them."
The Sun
16 hours ago
- Business
- The Sun
Brits face losing £100million in ticket scams this summer if resale price caps are introduced, experts warn
BRITS could be ripped off by £100million in ticket scams this summer alone if price caps are introduced on ticketing resale – as fraudsters target the biggest events of the year, experts have warned. Figures from the National Fraud Intelligence Bureau, Action Fraud and the National Crime Agency revealed ticket fraud across England and Wales cost £70million in 2024. 3 But this year, the figure could rocket to £280million, with potentially more than a third of scams expected to hit in the next few months– £100million – if price caps are imposed as excitement builds around Glastonbury, Wimbledon, and the long-awaited Oasis tour. The findings come from Bradshaw Advisory and independent research from anti-fraud organisation We Fight Fraud, which says scams are likely to quadruple, should price caps be put in place driving consumers to unregulated platforms and risky social media sites. It follows data from Revolut which showed ticket scams soared by 40 per cent ahead of Taylor Swift's London gigs last August. Experts say the UK Government's proposal to cap resale prices could end up playing straight into the hands of scammers – making it easier for fraud to flourish as desperate fans turn to riskier means of securing tickets. Dave Eborne, head of fraud operations at Revolut, said: "We know that highly anticipated events, like concerts and sports matches, can become a target for unscrupulous criminals preying on enthusiastic fans. 'Especially with sought-after tickets, fraudsters leverage both the fear of missing out on a unique opportunity and a sense of urgency due to scarcity and high demand. 'The idea that a potential ticket could disappear quickly encourages people to act fast without thinking – but it's vital that consumers look for tell-tale warning signs before handing over their hard-earned cash. 'As We Fight Fraud's research shows, banning or capping resale doesn't stop these scams; it simply provides another platform for them to thrive, costing fans and the wider economy through increased fraud." The research points to data from Ireland and Victoria, Australia - two regions that have introduced caps and seen significant increase in reports of ticket fraud. The Bradshaw Advisory identified in Ireland, where price caps exist, 13.6 per cent of fans reported being scammed - more than three times the UK's 3.8 per cent rate. And there could be a wider impact as well, as since October 2024, UK banks have been required to reimburse victims of Authorised Push Payment (APP) fraud, which includes most ticket scams. Dr Nicola Harding, from We Fight Fraud, said: 'Price caps don't stop fraud - they multiply it and we could see live event fans defrauded to the tune of £100 million this summer. "Smart, transparent regulation of the resale market, and robust consumer education on the warning signs of ticket scams, are the only real solutions to protect fans." TOP TIPS TO AVOID AND SPOT A TICKET SCAM Do your homework: Purchase tickets only through a legitimate and regulated platform. If you are unsure of a website's legitimacy, you can check it by using Get Safe Online's Check a Website tool Cover yourself: Ensure platforms offer fan protection with a guarantee should anything go wrong. Resist the hard sell and social media: Getting in-demand tickets can feel like a race against time but don't let individual sellers pressure you into a quick purchase. Avoid buying tickets on social media where many sellers are unverified, increasing the risk of scams or counterfeit tickets. Verify the venue and date: If the event is taking place at a venue unknown to you, then confirm its existence through online maps and look for independent reviews. Once you have done so, search the original live event announcement or schedule on the artist or team's website to make sure dates and location align. Price check reality: If a deal seems too good to be true, it probably is. Avoid suspiciously cheap tickets. 3
Coin Geek
18 hours ago
- Business
- Coin Geek
Apple expands 'Tap to Pay' functionality in Europe
Getting your Trinity Audio player ready... As the race for point-of-sale solutions heats up, Apple (NASDAQ: AAPL) is keen on seizing market share by extending its 'Tap to pay' capability to new European countries. According to a company statement, Apple's contactless payment functionality will be available in eight more European nations. Per the report, merchants in Belgium, Croatia, Denmark, Cyprus, Iceland, Greece, Malta, and Luxembourg will have access to the feature. The Tap to Pay feature will allow merchants to receive customer payments by tapping cards or digital wallets on the merchants' iPhones. Apple says the contactless payment feature will lean on near-field communication (NFC) technology without additional hardware. 'No additional hardware is needed, so merchants can accept payments from wherever they do business,' read the statement. Apple is collaborating with payment service providers and app developers to extend the reach of the Tap to Pay functionality. Fintech firms in the new regions can integrate the Tap to Pay feature in the iOS versions of their apps, improving the ability of merchants to receive payments. Several payment platforms across the eight new EU countries have supported the Tap to Pay feature. Global payment processing company Adyen will support the Tap to Pay feature in all countries except Greece, with European neobank Viva making an expansive presence in the list. Other worthy mentions include Revolut, Stripe, and Worldline, with Apple confirming that PayPal (NASDAQ: PYPL) and NBG Pay will offer support. Furthermore, the statement notes that contactless cards from leading payment networks like Mastercard (NASDAQ: MA) and Visa (NASDAQ: V) will be compatible with the Tap to Pay feature. However, Apple does not mention stablecoins or digital asset payments for the Tap to Pay feature. Apple has been throwing its weight behind NFC payments, famously extending its proprietary feature to third parties in the EU. Tap to Pay functionality race heats up Apple faces stiff competition from other technology giants in the race for contactless payments. Samsung (NASDAQ: SSNLF) has unveiled its Tap to Pay capabilities for digital wallets, supporting Samsung devices and cards that are not assigned to digital wallets. Google Wallet (NASDAQ: GOOGL) has joined the race with a contactless payment offering for kids, extending the scope to wearable tech like smartwatches. Rising contactless payments are tipped to contribute toward the anticipated $3 trillion in U.S. digital payment volume in 2025. Digital wallet adoption in Australia surges to a new all-time high Elsewhere, while Australia's local payment system is one of the most advanced in the world, new data indicates that digital wallet adoption is on the rise. GlobalData reported that digital wallet usage in Australia has surged to a new peak, growing by 32.2% over the last year. Per GlobalData's Payment Instrument Analytics, the total transaction volumes from digital wallets in Australia rose from AUD 126 billion (US$83.2 billion) to AUD 166 billion (US$110 billion). The spike in digital wallet adoption in Australia is not a flash in the pan but a combination of several key factors. GlobalData lead banking analyst Shivani Gupta revealed that the main factor is changing consumer behavior, with mobile-based payments reaching a peak. Furthermore, digital wallet service providers have been increasing their market share in Australia since 2020. Currently, Google, Apple, and Samsung are jostling for market share, luring consumers and merchants with advanced functionalities. For example, Gupta cites Google Wallet's dual network debit card feature, which is designed to support payments via local and international networks. Others are turning to contactless payment functionalities, with Apple and Samsung gaining traction with their Tap to Pay features. Digital wallets are onboarding millions of Australians with the additional functionality of QR codes and stablecoin functionalities, streamlining payments for consumers and merchants in the country. 'Like many markets in Asia Pacific, digital wallet adoption is on the rise in Australia, supported by rising consumer preference for mobile payments, and [the] proliferation of digital wallet brands such as Google Pay, Apple Pay, and Samsung Pay,' said Gupta. These factors have sent digital wallet metrics in Australia through the roof. According to the Reserve Bank of Australia (RBA), nearly 40% of all card transactions in the country are processed through digital wallets. Per the report, the trend is tipped to continue well beyond 2030 at a compound annual growth rate (CAGR) of 13.7%. The forecast predicts digital wallet transaction volumes to reach AUD 336.1 billion (US$221 billion) by 2030. Rising adoption rates across the Asia Pacific The Asia Pacific is the fastest-growing region for digital wallet adoption globally, led by China and India. However, Hong Kong and Singapore are contributing to the soaring metrics with a report tipping digital wallets to surpass credit card use in Hong Kong. Across the region, cash usage has fallen, fuelled by meteoric digital wallet adoption levels. While the private sector is leading the charge, governments are leveraging digital wallets in the region to disburse funds to citizens, pushing the functionality beyond payments. Watch: New age of payment solutions title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Yahoo
2 days ago
- Business
- Yahoo
Scam Summer: Experts Warn Price Caps May Fuel £100 Million in Ticket Fraud
Ticket fraud already costs consumers £70 million a year If price caps are introduced, experts predict an explosion in fraud, to the tune of £100 million in a single "summer of scams" We Fight Fraud and Revolut warn that Government's proposed resale caps risk handing fans money over to criminal networks Premier League sting exposes black market in fake tickets, mule accounts and "name change" fees - as experts warn: introducing price caps will be a scammer's dream LONDON, June 02, 2025--(BUSINESS WIRE)--With the UK heading into its biggest summer of live events in years, experts are warning that the Government's plans to cap the resale price of tickets could backfire - dramatically increasing fraud, pushing fans into the hands of scammers and triggering a financial backlash for both banks and consumers. While the move to strengthen regulation is welcome, the proposal to restrict the price of resold tickets is raising serious concerns. In response to the Government's recent consultation on ticket resale regulation, which includes proposals to restrict the price of resold tickets, We Fight Fraud (WFF) - supported by one of the UK's leading fintechs, Revolut - is sounding the alarm: price caps won't protect fans - they'll expose them. Data from the National Fraud Intelligence Bureau, Action Fraud and the National Crime Agency shows that the cost of reported ticket fraud for England and Wales was £70 million last year. Yet this pales into insignificance with how much consumers would lose in the event of a mooted price cap being introduced. New figures from Bradshaw Advisory, backed by independent research from We Fight Fraud, suggest that number would quadruple as ticket resales migrate from the regulated secondary market to social media. This would mean consumers being hit in the pocket to the tune of £280 million a year – with £100 million of that falling in the peak summer months alone. Dr Nicola Harding, CEO of We Fight Fraud, a specialist unit made up of ex-police, intelligence officers, cyber experts, and financial crime investigators, said: "Capping resale prices may sound fan-friendly - but in practice, it pushes buyers into unregulated, risky spaces where criminals operate freely. We've tested this market. We've seen what happens. Price caps don't stop fraud - they multiply it and we could see live event fans defrauded to the tune of £100 million this summer." As part of its investigation, We Fight Fraud conducted a covert ticket-buying operation at a Premier League match in March between Liverpool and Southampton. The results were stark: Three out of four tickets purchased via social media in test cases were either fake or never arrived. Two out of five tickets were outright scams. Two others were obtained illegally via hijacked memberships. Buyers were asked to pay bogus "name change" fees and transfer money to money mule accounts. All scams were orchestrated via social media platforms and encrypted messaging apps. "These aren't opportunistic chancers," said Harding. "They're organised criminal networks exploiting fans who've been shut out of safe, legitimate resale routes. "The more you limit legitimate access, the more you push desperate fans into the shadows - and that's exactly where scammers lie in wait." While We Fight Fraud's research* focused on the UK, international data tells a worrying story. In Ireland and Victoria, Australia - where ticket resale caps are in place - fraud has surged. Bradshaw Advisory's research found that in Ireland, 13.6% of fans reported being scammed, over three times the UK's 3.8% rate. Independent research shows fraud has risen in step with these restrictions. Since October 2024, UK banks have been required to reimburse victims of Authorised Push Payment (APP) fraud, which includes most ticket scams. With resale restrictions forcing more buyers onto risky channels, the financial burden is now spreading from fans to banks - and eventually to the wider economy. Revolut saw ticket scams increase by 40% in the run-up to Taylor Swift concerts in London in August 2024. "We know that highly anticipated events, like concerts and sports matches, can become a target for unscrupulous criminals preying on enthusiastic fans," said Dave Eborne, Head of Fraud Operations at Revolut. "Especially with sought-after tickets, fraudsters leverage both the fear of missing out on a unique opportunity and a sense of urgency due to scarcity and high demand. The idea that a potential ticket could disappear quickly encourages people to act fast without thinking – but it's vital that consumers look for tell-tale warning signs before handing over their hard-earned cash. As Dr. Harding's research shows, banning or capping resale doesn't stop these scams; it simply provides another platform for them to thrive, costing fans and the wider economy through increased fraud. Smart, transparent regulation of the resale market, and robust consumer education on the warning signs of ticket scams, are the only real solutions to protect fans." For further information please contact contact@ or call us on +44(0)20 3633 0996 NOTES TO EDITORS About Revolut: Revolut is one of the UK's leading fintechs, helping people get more from their money. In 2015, Revolut launched in the UK offering money transfer and exchange. Today, more than 50 million customers around the world use dozens of Revolut's innovative products to make more than half a billion transactions a month. Across our personal and business accounts, we give customers more control over their finances and connect people seamlessly across the world. We Fight Fraud ( is a testing and research consultancy that specialises in identifying vulnerabilities related to financial crime. The independent research by WFF was commissioned by viagogo. Reinforcing We Fight Fraud's findings, Lloyds Bank recently issued a warning following a surge in scams linked to Oasis reunion tickets. Their analysis revealed that over two-thirds of all ticket scams now originate on social media, with Facebook responsible for 90% of those cases. Victims lost an average of £436, contributing to an estimated £2 million in total ticket scam losses over the past year. The scams typically involved convincing but fake listings, pressure to act quickly, and bogus charges like "admin" or "name change" fees - tactics that mirror those uncovered in We Fight Fraud's own investigations. REPORTING FRAUD: If you suspect fraud, report it to your bank and to Action Fraud at or if you prefer, on 0300 123 2040. If you're in Scotland, call Police Scotland on 101. About the data: Action fraud data from the NFIB dashboard shows the cost of ticket fraud for England and Wales is around £9.8m across the last 12 months. When you factor in that 86% of fraud goes unreported (Action Fraud and National Crime Agency), the more realistic figure is likely to be £70m across the last 12 months. If we regulate that with price caps, that figure will balloon to £280m (based on Bradshaw advisory research that shows level of fraud in markets with price caps is four times that of the UK). WFF's research at a Premier League football match investigation shows three in four tickets purchased were scams. View source version on Contacts contact@ +44(0)20 3633 0996
