Latest news with #JanineHirt
Metro
22-06-2025
- Business
- Metro
One in seven people lost money to fraud last year, survey finds
One in seven of us has lost money to fraud or scams in the past year, according to a new survey. Some 14% of those surveyed said they had fallen victim to a fraud which had cost them money in the last 12 months. Half of respondents said they had received a fraud attempt within the last three months. The prevalence of online fraud has increased support for tightening online security, with more people saying they are willing to go through additional checks to stay safe. Just under half (49%) of those surveyed by financial insights company TransUnion said they didn't mind being asked to reauthenticate after an initial login, for example, when changing a password or making a payment. An overwhelming 78% of the 1,000 over-18s asked said they did not want to be able to access their accounts without their identity being verified first. Chad Reimers, general manager of fraud and identity at TransUnion in the UK said: 'Quick and seamless journeys have become the norm. 'However, consumers are increasingly demanding trust as part of their interactions with digital channels. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video 'There are increasing demands from consumers to ensure security and authentication – and this spans across sectors, from financial services, to gaming, to online dating.' As well as reporting incidents to the police, people who believe they have fallen victim to fraud should tell their bank or payments provider as soon as they can. This can help the provider to claw back the money and could also help to prevent further fraud attempts on the account. Many banks have signed up to the 159 service – a memorable number that people can call if they have received contact that they suspect to be fraudulent. More Trending People can also check their credit reports for any activity which may indicate fraud. The UK lost around £23.9 billion to fraud and scams last year, according to the Nasdaq financial crime report – the equivalent to around 1% of Britain's GDP. This was the biggest loss in any country in the European region, followed France and Germany. View More » UK fraud reportedly accounts for more than 40% of crime but it receives 'less than 1% of police resources,' Janine Hirt, the CEO of Innovate Finance told Compliance Corylated. Get in touch with our news team by emailing us at webnews@ For more stories like this, check our news page. MORE: Family pays tribute to mum killed before house was blown up MORE: Full list of Santander bank branches closing this week MORE: Man, 22, fighting for life after stabbing outside prayer centre
Observer
25-05-2025
- Business
- Observer
Looking inside the rapid rise of fintech in the UK
It's been another record year for the industry, where businesses saw profits shoot up and customer bases swell. The UK's fastest growing private company by the Times Hundred and Europe's fastest growing start-up by Sifted, was Allica Bank, a London-based fintech. The firm nearly doubled its profit in 2024, earning £29.9m. Meanwhile, neobank giant Revolut topped £1 bn profit in 2024 and surpassed Europe's biggest lender, HSBC, in consumer base after recording 52.5m, compared to the lender's 41m. With young companies on the rise and established challengers posing a threat to traditional lenders, London has emerged as a global leader in fintech, but what's behind the City's momentum? Chief executive of Innovate Finance, Janine Hirt, said: 'Success stories like Allica Bank, Revolut and Zilch are great examples of UK fintech's strength — and they are far from the exception.' 'With over 82,000 people employed and projected growth that will see the workforce pass 100,000 in the next two years, the fintech sector is creating high-value jobs across the country and creating fast-growing hubs across the UK's nations and regions,' Hirt added. Innovate finance launched a unicorn council in 2024 aiming to steer the government with policy recommendations to help the industry thrive. The UK is the top unicorn breeder in Europe, having created over 185 startups valued over £1 bn, according to research from HSBC Innovation Banking. The unicorn council includes bosses from Monzo, Zilch, Zopa and Clearbank. Hirt said: 'Fintech is an area where the UK is genuinely world class and respected globally — fuelled by innovation, smart regulation and investment appeal.' Meeting consumer and business needs: In the early days of fintech ascendency, firms zeroed in on consumer lending. Monzo's focus in it's early days was becoming a digital-based, mobile-only bank born out of demand from customers. Founder and chief executive of Flagstone, Simon Merchant, said: 'What we think of as the modern fintech movement is over 12 years old already.' Over a decade later, Merchant is confident that fintechs offer better products for customers. 'Fintech-driven alternatives continue to think harder about what consumers and businesses want; and move faster to provide better products and services, versus what new customers can get from more 'traditional' financial services. The laser-focus and constant innovation of fintech has extended to the needs of businesses. Revolut launched its business arm in 2020 with a versatile offering geared towards cross-border businesses, freelancers and tech-savvy companies. And now young fintechs are entering a scene with a focus on catering to businesses. Alloy's head of growth for the UK, James Baston-Pitt, said: 'In the recent past, a UK's fintech's priorities were clear: win customers, grow at all costs and invest hugely in delightful customer experiences.' But as the times changed, so did the industry. He said: 'We're seeing a lot of product diversification among fintechs, all in the direction of higher value products.' Baston-Pitt added: 'Where they previously catered to customers, they now launch a B2B offering, where they only served current accounts, they now expand into lending or buy now pay later.' In 2024, while fintech investment fell, the UK maintained its spot as a leader in Europe. Total investment in the UK's fintech communities topped France, Germany, China, India, Brazil and Canada combined, according to KPMG data. Merchant said: 'UK fintech has a great culture of mutual support and it's not uncommon to see fintech founders and alumni offering not only financial investment, but knowledge transfer, angel investment and 'sweat equity' to new fintech entrants in the market.' He added: 'This culture of fostering and bolstering is a huge part of what makes UK fintech so strong and confident on the world stage.' Meanwhile, London is almost neck and neck with New York to become the world's leading fintech hub — and the current economic climate could tip the scales. Andy Jalil The writer is our foreign correspondent based in the UK
Finextra
13-05-2025
- Business
- Finextra
IFGS Reflections: How The UK Has World-Beating Potential
Following on from a busy UK Fintech Week, Janine Hirt, CEO, Innovate Finance sat down with FinextraTV to give her reflections. Discussing Hirt's highlights, she explained how the UK is in a place of great technological potential with the opportunity to not just a be a world leader, but the leader of the world. With visions of a future UK Tech Stack and stablecoin insights, Hirt speaks with optimism and passion during an uncertain time.
