Latest news with #Problem
Yahoo
7 days ago
- Entertainment
- Yahoo
Morgan Wallen's ‘I'm the Problem' Rules Billboard 200 for Fifth Straight Week
Morgan Wallen's I'm the Problem rules the Billboard 200 albums chart for a fifth consecutive, and total, week, as the set holds atop the chart dated June 28. The album earned 186,000 equivalent album units in the United States in the tracking week ending June 19 (down 11%), according to Luminate. The album debuted at No. 1 on the chart dated May 31. With 186,000 units earned, Problem lands the largest fifth week for an album since Taylor Swift's The Tortured Poets Department earned 378,000 in its fifth week (June 1, 2024-dated chart). More from Billboard Nicole Scherzinger Gives Surprise 'Buttons' Performance at Broadway Bares Live Aid to Be Re-Broadcast for 40th Anniversary on U.K. Radio Lana Del Rey Taps Addison Rae, BANKS and London Grammar for U.K. Stadium Tour Problem is also the first album to spend its first five weeks at No. 1 since Poets perched in the top slot for its first 12 weeks at No. 1 (in May-July of 2024), of its total 17 weeks at No. 1. Problem is the first album by a man to spend five weeks at No. 1 (in total, or, from its debut) since Wallen's last album, One Thing at a Time, spent its first 12 weeks at No. 1 (in March-June of 2023), of its total 19 weeks at No. 1. Also in the top 10 of the latest Billboard 200, ATEEZ notch their seventh top 10 with the No. 2 debut of GOLDEN HOUR : Part.3, Lil Tecca scores his highest charting album yet with the No. 3 launch of DOPAMINE, and Brandon Lake earns his first top 10 with the No. 7 bow of King of Hearts. The Billboard 200 chart ranks the most popular albums of the week in the U.S. based on multi-metric consumption as measured in equivalent album units, compiled by Luminate. Units comprise album sales, track equivalent albums (TEA) and streaming equivalent albums (SEA). Each unit equals one album sale, or 10 individual tracks sold from an album, or 3,750 ad-supported or 1,250 paid/subscription on-demand official audio and video streams generated by songs from an album. The new June 28, 2025-dated chart will be posted in full on Billboard's website on June 25. For all chart news, follow @billboard and @billboardcharts on both X, formerly known as Twitter, and Instagram. Of I'm the Problem's 186,000 equivalent album units earned in the week ending June 19, SEA units comprise 176,000 (down 11%, equaling 229.99 million on-demand official streams of the set's songs — it leads Top Streaming Albums for a fifth week), album sales comprise 9,000 (down 12% — it rises 9-7 on Top Album Sales) and TEA units comprise 1,000 (down 6%). ATEEZ achieve their seventh top 10 album on the Billboard 200, as GOLDEN HOUR : Part.3 debuts at No. 2 with 105,000 equivalent album units earned. Of that sum, album sales comprise 101,500 (it debuts at No. 1 on Top Album Sales), SEA units comprise 3,000 (equaling 4.07 million on-demand official streams of the set's five songs) and TEA units comprise 500 units. GOLDEN HOUR : Part.3 was available in its first week across 12 CD editions, all with the same audio but with packaging variations. Some editions were signed, and all contained collectible paper ephemera, some randomized. At No. 3 on the Billboard 200, Lil Tecca scores his highest-charting album ever, and fifth top 10, as DOPAMINE debuts with 48,000 equivalent album units earned. Of that sum, SEA units comprise 45,000 (equaling 65.31 million on-demand official streams of the set's songs — it debuts at No. 2 on Top Streaming Albums), album sales comprise 3,000 and TEA units comprise a negligible sum. Lil Tecca had previously gone as high as No. 4 with We Love You Tecca in 2019. DOPAMINE was issued as a standard 17-song album via streaming services, and was available to buy as a download, CD and in five deluxe CD boxed sets (each containing a branded T-shirt and a copy of the album on CD). All of the CD iterations were exclusively sold via the artist's official webstore. In the midst of its first week, the album was reissued with four bonus tracks, and that iteration was exclusively sold as a download in his webstore. DOPAMINE was preceded by two Billboard Hot 100-charting songs: 'Dark Thoughts' (which hit No. 28 in April) and 'Owa Owa' (No. 50 earlier this month). The former marked the second top 40-charting song for the rapper, and first since 'Ran$om' hit No. 4 in 2019. A trio of former No. 1s is next on the Billboard 200, as SZA's SOS rises 5-4 (nearly 48,000 equivalent album units; up 9%), Wallen's One Thing at a Time climbs 8-5 (40,000; up 3%), and Sabrina Carpenter's Short n' Sweet steps 7-6 (39,000; down 3%). Brandon Lake notches his first top 10 album on the Billboard 200 — and first top 40-charting set — as his new project, King of Hearts, bows at No. 7 with 37,500 equivalent album units earned. He charted just one album previously, with the No. 135-peaking Coat of Many Colors in 2023. The new album boasts his first Hot 100 hit, 'Hard Fought Hallelujah,' which reached No. 40 on the May 3, 2025, chart. The track has also logged 22 weeks atop the Hot Christian Songs chart, through the most recently published chart, dated June 21. Lake has placed a total of 43 entries on that chart since his debut on the list in 2019, including six No. 1s. King of Hearts earned 37,500 units in its first week (Lake's best week by units earned). Of that sum, album sales comprise 20,000 (his best sales week ever — it debuts at No. 3 on Top Album Sales), SEA units comprise 16,500 (equaling 22.06 million on-demand official streams of the set's songs — it debuts at No. 30 on Top Streaming Albums) and TEA units comprise 1,000. King of Hearts additionally logs the largest week, by units, for a Christian music-genre album in three-and-a-half years, since Ye's Donda earned 38,000 units on the Oct. 16, 2021-dated chart. King of Hearts is the highest-charting Christian music album — and first top 10 — since for KING + COUNTRY's What Are We Waiting For? debuted and peaked at No. 7 on the March 26, 2022-dated chart. (Christian music albums are defined as those that are eligible for, or have charted on, Billboard's Top Christian Albums chart.) King of Hearts was issued as a standard 16-song album (via streamers, as a widely available digital download album and on CD and vinyl). He also sold a signed CD via his webstore and Walmart carried a version of the album on CD with a bonus track. During the album's first week, it was issued in a deluxe edition, widely via streamers and digital download services, which added eight bonus tracks. Closing out the top 10 of the latest Billboard 200 are Kendrick Lamar's chart-topping GNX (rising 10-8 with 34,000 equivalent album units earned; down 6%), Wallen's former leader Dangerous: The Double Album (bumping 13-9 with 32,000; up 6%) and PARTYNEXTDOOR and Drake's $ome $exy $ongs 4 U (11-10 with 30,500; down 7%). Luminate, the independent data provider to the Billboard charts, completes a thorough review of all data submissions used in compiling the weekly chart rankings. Luminate reviews and authenticates data. In partnership with Billboard, data deemed suspicious or unverifiable is removed, using established criteria, before final chart calculations are made and published. Best of Billboard Chart Rewind: In 1989, New Kids on the Block Were 'Hangin' Tough' at No. 1 Four Decades of 'Madonna': A Look Back at the Queen of Pop's Debut Album on the Charts Chart Rewind: In 1990, Madonna Was in 'Vogue' Atop the Hot 100
Yahoo
16-06-2025
- Entertainment
- Yahoo
Morgan Wallen's ‘I'm the Problem' Spends First Month at No. 1 on Billboard 200
Morgan Wallen's I'm the Problem spends a month at No. 1 on the Billboard 200 albums chart (dated June 21), as the set earned 209,000 equivalent album units in the United States in the tracking week, ending June 12 (down 15%), according to Luminate. The album debuted at No. 1 on the chart dated May 31. With 209,000 units earned, Problem lands the largest fourth week for an album since Taylor Swift's The Tortured Poets Department earned 260,000 in its fourth week (May 25, 2024-dated chart). More from Billboard Billy Ray Cyrus Shares Throwback Family Photos for Father's Day Fans Choose j-hope & GloRilla's 'Killin It Girl' as This Week's Favorite New Music Shakira Says Immigrants in the U.S. Live in 'Constant Fear' Under Donald Trump's Policies Problem is also the first album to spend its first four weeks at No. 1 since Poets perched in the top slot for its first 12 weeks, of its total 17 weeks at No. 1. Also in the top 10 of the latest Billboard 200, Lil Wayne scores his 13 th top 10-charting set with the No. 2 debut of Tha Carter VI, while ENHYPEN logs its fifth top 10 with DESIRE: UNLEASH at No. 3. Addison Rae's debut full-length album, Addison, arrives at No. 4, while My Chemical Romance's Three Cheers for Sweet Revenge, released in 2004, hits the top 10 for the first time (reentering at No. 6) after a deluxe reissue. And, rock band Turnstile notches its first top 10 with its fourth full-length studio set, NEVER ENOUGH, debuting at No. 9. The Billboard 200 chart ranks the most popular albums of the week in the U.S. based on multi-metric consumption as measured in equivalent album units, compiled by Luminate. Units comprise album sales, track equivalent albums (TEA) and streaming equivalent albums (SEA). Each unit equals one album sale, or 10 individual tracks sold from an album, or 3,750 ad-supported or 1,250 paid/subscription on-demand official audio and video streams generated by songs from an album. The new June 21, 2025-dated chart will be posted in full on Billboard's website on June 17. For all chart news, follow @billboard and @billboardcharts on both X, formerly known as Twitter, and Instagram. Of I'm the Problem's 209,000 equivalent album units earned in the week ending June 12, SEA units comprise 197,000 (down 14%, equaling 257.9 million on-demand official streams of the set's songs — it leads Top Streaming Albums for a fourth week), album sales comprise 10,500 (down 34% — it falls 3-9 on Top Album Sales) and TEA units comprise 1,500 (down 15%). Lil Wayne notches his 13th top 10-charting effort on the Billboard 200 as Tha Carter VI debuts at No. 2 with 108,000 equivalent album units earned. Of that sum, SEA units comprise 73,000 (equaling 97.06 million on-demand official streams of the set's songs — it debuts at No. 2 on Top Streaming Albums), album sales comprise 34,000 (it debuts at No. 3 on Top Album Sales) and TEA units comprise 1,000. Lil Wayne's long-running Tha Carter series began in 2004 with the release of Tha Carter, which debuted and peaked at No. 5 on the July 17, 2004-dated Billboard 200. He followed it with Tha Carter II (No. 2, 2005), Tha Carter III (No. 1 for three weeks, 2008), Tha Carter IV (No. 1 for two weeks, 2011), Tha Carter V (No. 1 for one week, 2018) and now Tha Carter VI. Tha Carter VI was issued in a variety of configurations, including a standard digital download edition, a physical set with bonus tracks (on two CD variants [one signed] and three vinyl variants [one signed], and a deluxe CD boxed set with a T-shirt), an expanded digital download album and a streaming edition. During the set's first week of release, two further iterations of the album were issued as download and streaming editions — one with a remix of 'Banned from NO,' with Nicki Minaj, and another with that Minaj remix along with 'Momma Don't Worry,' with Future and Lil Baby. ENHYPEN collects its fifth consecutive, and total, top 10-charting set on the Billboard 200 as DESIRE: UNLEASH arrives at No. 3 with 100,000 equivalent album units earned. Of that sum, album sales comprise 95,000 (it debuts at No. 1 on Top Album Sales), SEA units comprise 5,000 (equaling 7.29 million on-demand official streams of the set's songs) and TEA units comprise a negligible sum. DESIRE: UNLEASH was available in its first week across 19 CD editions, all with the same audio but with packaging variations. Some editions were signed, and all contained collectible paper ephemera, some randomized. Addison Rae sees her debut full-length album, Addison, launch at No. 4 on the Billboard 200 with 48,500 equivalent album units earned. Of that sum, SEA units comprise 25,500 (equaling 32.84 million on-demand official streams of its songs, it debuts at No. 13 on Top Streaming Albums), album sales comprise 23,000 (it debuts at No. 5 on Top Album Sales) and TEA units comprise a negligible sum. The 24-year-old singer-actor got her start on TikTok in 2019 and made her Billboard Hot 100 chart debut with 'Diet Pepsi' in September 2024; the song buzzed to No. 9 on the Pop Airplay chart in February. She also got a high-profile collab in 2024 thanks to her guest turn on the remix of Charli xcx's Brat track 'Von Dutch.' The Addison album was available across four vinyl variants, a standard and signed CD, and a deluxe CD boxed set with a T-shirt, and a standard download and streaming edition — all containing the same tracklist. Addison includes Rae's three previous Hot 100-charting songs: 'Diet Pepsi,' 'Headphones On' and 'Fame Is a Gun.' SZA's former No. 1 SOS falls 3-5 on the Billboard 200 with 44,000 equivalent album units earned (down 5%). My Chemical Romance's Three Cheers for Sweet Revenge, released in 2004, reaches the top 10 of the Billboard 200 for the first time, as the set reenters at No. 6 following a deluxe reissue. It previously peaked at No. 28 in 2005. In total, Three Cheers marks the fourth top 10-charting effort for the band, and its second-highest-charting set — second only to the No. 2-peaking The Black Parade in 2006. Three Cheers also marks the band's first top 10 since April 2014, when the compilation May Death Never Stop You: The Greatest Hits 2001-2013 reached No. 9. In the tracking week ending June 12, Three Cheers earned nearly 44,000 equivalent album units (up 809%), with album sales comprising 37,000 (up 2,987% — it reenters at a new peak of No. 2 on Top Album Sales; it's the group's best sales week since Danger Days: The True Lives of the Fabulous Killjoys debuted with 112,000 in 2010), SEA units comprise 7,000 (equaling 8.88 million on-demand official streams of the set's songs) and TEA units comprise a negligible sum. The album's 44,000 units earned mark the band's best week by that metric since the Billboard 200 began ranking titles by units in December 2014. For its new deluxe edition, Three Cheers for Sweet Revenge was issued across nine vinyl variants, and a CD, digital download and streaming edition — all with refreshed audio and bonus tracks. All versions of the album, old and new, are combined for tracking and charting purposes. A sweet album of a different kind, Sabrina Carpenter's chart-topping Short n' Sweet, rises one spot to No. 7 on the latest Billboard 200. It earned 41,000 equivalent album units in the latest tracking week (up 11%). Morgan Wallen's former leader One Thing at a Time dips 6-8 with 39,000 (down 4%). Rock band Turnstile nets its second chart entry, and first top 10, with the No. 9 debut of NEVER ENOUGH. It earned 38,000 equivalent album units — of which album sales comprise 27,500 (it debuts at No. 4 on Top Album Sales), SEA units comprise a little more than 10,000 (equaling 12.8 million on-demand streams of the set's songs) and TEA units comprise less than 500. The set's first-week units and album sales mark career-high frames for the group. NEVER ENOUGH — Turnstile's fourth full-length studio album — was preceded by its title track, which reached No. 11 on the Alternative Airplay chart in June. The group made its Billboard chart debut 10 years ago, when the album Nonstop Feeling reached No. 22 on the now-discontinued Heatseekers Albums chart in January 2015. NEVER ENOUGH was issued across more than a dozen vinyl variants and as a standard CD, cassette, digital download and streaming album, all containing the same tracklist. Rounding out the top 10 on the latest Billboard 200 is Kendrick Lamar's chart-topping GNX, which falls 7-10 with 36,000 equivalent album units earned (down 7%). Luminate, the independent data provider to the Billboard charts, completes a thorough review of all data submissions used in compiling the weekly chart rankings. Luminate reviews and authenticates data. In partnership with Billboard, data deemed suspicious or unverifiable is removed, using established criteria, before final chart calculations are made and published. Best of Billboard Chart Rewind: In 1989, New Kids on the Block Were 'Hangin' Tough' at No. 1 Four Decades of 'Madonna': A Look Back at the Queen of Pop's Debut Album on the Charts Chart Rewind: In 1990, Madonna Was in 'Vogue' Atop the Hot 100
Metro
02-06-2025
- Business
- Metro
My parents took out loans in my name and ruined my credit
Welcome to the latest instalment of Metro's Money Problem, from award-winning personal finance journalist and consumer champion, Sarah Davidson. Every Monday, she investigates a reader's money dilemma, offering a no-nonsense perspective on what's gone wrong along with guidance and advocacy to help make things right. This week, we hear from 25-year-old Lily, who's torn between family and her financial future. After her parents borrowed money under her name and then defaulted on the loans, Lily's credit rating has plummeted. And even though this could stop her getting a mortgage, she just can't bring herself to report them for fraud. Have you been ripped off by a romance scammer? Fighting with family or friends over who should pay for what? Struggling to get by despite a decent income? Or simply want to vent about how you've been treated by a major company? If you've got a money problem you'd like Sarah to look into, fill in this form or email providing as much detail about your situation as possible. No issue is too big or small, and all submissions will be treated with the strictest confidence. Before I start, I know people will judge my mum and dad for what I'm about to tell you – or call me stupid for letting it happen – but we all feel terrible already and really just need advice. About two years ago, my parents' rent went up at the same time as their car broke down, and they needed some money but had been refused credit. I was at uni and only working part-time, which barely covered my own rent and living expenses. I did have a good credit score though, and when I asked how I could help out, my mum suggested I could take out a payday loan of a few hundred pounds. I'm of the opinion that you do what you can for your family, so I agreed – and as promised, they paid it back on time. The issue is that they then kept borrowing small amounts each month (which the company seemed to allow without any additional checks). The high interest rate got them further and further into debt and it snowballed into the thousands, which they couldn't afford so ended up defaulting on. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video I didn't find out until I checked my credit report recently, as I've now graduated and started saving to buy a house. Even though I'm angry at them (mostly for not telling me) I could see how ashamed my mum and dad were about what they did. Is there any way I can fix this without getting them into trouble? Oh Lily. The road to hell is paved with good intentions. I don't think you're stupid for 'letting' this happen. It's a bitter pill to swallow, but in the eyes of the law, your parents stole from you. That's a criminal offence and you're a victim. If you're not okay with that, you need to report it to the police. If you are okay with that, then covering the cost of that theft is on you. It's also up to you to work out how to deal with what your mum and dad did. If you had lost money as a result of another person taking a loan out in your name without your knowledge, you would normally take the following steps: Report it to Action Fraud, the police department that deals with financial crimes. You can do this online, by calling 101, or by calling their fraud or cybercrime specialists on 0300 123 2040. When you submit a report you will receive a police crime reference number. Report the incident to the payday lender, including the amounts and dates of the additional advances taken without your knowledge and your crime reference number. The company will either agree to reimburse you for the money taken, agree to a part payment or refuse to cover your losses. If you're unhappy with this outcome, you can make a complaint to the company. If you're still unhappy, you can wait eight weeks (usually) and then make a further complaint to the Financial Ombudsman Service. However, your question is whether there is any way you can 'fix this without getting them into trouble', which I'm guessing means getting your money back and/or getting this black mark struck from your credit record. Sorry, Lily. No can do. The bottom line is that unless you report the crime to the police, you are accepting that 'you' took the loans and failed to repay them. That gives you no recourse to get your money back and no grounds to challenge the damage it's done to your credit score. If you don't want to dob your mum and dad in, then you need to forgive the past and focus on mending the future. To have any hope of that happening, you need to be comfortable accepting that – in the eyes of the law and of the lender – this is your problem to fix. You haven't said whether you've had any letters or contact about the default, other than that you saw it on your credit file. You need to talk to your parents to find out why not – have they changed the contact details on your account with the payday lender? Have they had emails, calls or letters? Once you've got all the facts and paperwork from your parents, here's what I'd suggest: Contact the payday lender to find out how much debt you owe and ask them if it's possible to agree a repayment plan with smaller monthly amounts that you can afford. Just be aware, they don't have to agree to this. Also make sure they have your correct contact details. If you have savings (you mention you're saving for a house), you could use them to clear the debt and then start rebuilding your credit score. Be realistic: the first will be a labour of love and the second will take time. Don't be tempted to use a credit card or another expensive loan to pay off this debt. However, if you can afford to take a fixed term loan and pay it off monthly at a lower interest rate, this could keep interest costs down. There are lenders that offer responsible loans for this type of situation – try searching credit unions and community finance in your area. Campaign group Fair4all Finance invests money into responsible lenders across the UK – you can find a list on their website. Your payday lender may already have referred you to a debt collection agency. If this is the case, the lender can give you their details – or your parents might have these already. Contact the debt collector to ask for your repayment options. Some will allow you to make smaller payments you can afford over a longer time. Others won't. Whatever you do, do not ignore letters. You could end up facing court action, which will make everything much worse. ignore letters. You could end up facing court action, which will make everything much worse. If you can't afford to repay the debt, contact one of the organisations listed on the Government's website for free and confidential help. They will be able to guide you on your best options and are not financially incentivised to advise you take out expensive debt relief orders or declare bankruptcy. Try to avoid those routes if you can. Finally, you and your parents need to make this right between you or it will fester. Where there is money involved, feelings can become bitter over time. I'd suggest you sit down with them over a cup of tea at a pre-agreed time to discuss it. Have all the paperwork in front of you and let them know beforehand that you'd like to consider how they could help you with the repayments so they aren't blindsided. You might decide to write off some of what they borrowed in your name – it sounds like you're sympathetic to their financial situation and want to help if you can. I wouldn't recommend letting them off scot-free though. That's not fair on you and, frankly, if there are no consequences for them, what's to stop it happening again? After all, they seem to have been using your credit pretty freely to pay for more than just their rent and fixing the car. More Trending Use the meeting to work out what you and your parents can realistically afford each month. Add up all their income and subtract all their bills, allowing for some extra cash each month to cover unforeseen expenses. You should do the same. Anything left should go towards repaying the debt. Ask your parents to set up a standing order with their bank to transfer their share to you on a fixed date every month. Once that's done, contact the lender or debt collection agency and – perhaps with the help of one of the charities above – agree a repayment plan that you can afford to maintain until the loan is paid off. It might be worth agreeing an amount you can afford even if your parents stop contributing. I'm sure you don't need telling twice that, even with the best of intentions, things can go awry. Sarah Davidson is an award-winning financial editor and head of research at WPB View More » Got a money worry or dilemma? Email MORE: I said goodbye to my stillborn baby on Christmas day MORE: My dying mother revealed a life-changing secret — I wish she'd kept it to herself MORE: The Doctor Who finale will 'shock and terrify' — here's what parents need to know
Metro
19-05-2025
- Business
- Metro
Phone thieves stole £10,000 from my savings but the bank says it's my fault
James's banking app was open when his phone was snatched (Picture: Getty/Metro) Listen to article Listen to article Your browser does not support the audio element. Welcome to the latest instalment of Metro's Money Problem, from award-winning personal finance journalist and consumer champion, Sarah Davidson. Every Monday, she investigates a reader's money dilemma, offering a no-nonsense perspective on what's gone wrong along with guidance and advocacy to help make things right. This week, we hear from James, a 35-year-old Londoner who recently had his phone snatched – only the thieves took things one step further, draining his online accounts shortly after. When he tried to claim the stolen cash back, James's bank refused, leaving him £10,000 down and extremely frustrated. Submit your Metro Money Problem Have you been ripped off by a romance scammer? Fighting with family or friends over who should pay for what? Struggling to get by despite a decent income? Or simply want to vent about how you've been treated by a major company? If you've got a money problem you'd like Sarah to look into, fill in this form or email providing as much detail about your situation as possible. No issue is too big or small, and all submissions will be treated with the strictest confidence. The problem… On a night out a few months back, I was checking my banking app when two guys on a moped grabbed my phone and drove away. It all happened in a matter of seconds, and by the time I rushed home to report it, they'd stolen £10,000 out of my wedding fund with a cash transfer service. I did all the things you're supposed to: cancelling my cards, changing my passwords and contacting the bank with my crime number. The police were sympathetic but said there wasn't much they could do, so I was relying on the unauthorised payment claim to get the money back. However, I've just been told my refund has been refused because of 'gross negligence' on my part. I feel like I'm being blamed when I was the victim of a crime – do I have grounds to appeal the decision? The advice… First of all, I am so sorry this happened to you. Being robbed, assaulted or made the victim of any crime is abhorrent, and leaves lasting emotional damage that can still affect people years later. In your case you lost not just your phone – which likely cost upwards of £700 – you also saw £10,000 of savings drained from your bank account. That's a huge chunk of money, and made worse by the fact it was destined to pay for your wedding. Sadly, you are far from alone. In September last year the Home Office published figures showing that 78,000 people had their phones or bags snatched out of their hands in the previous 12 months – equivalent to more than 200 snatch thefts every day across England and Wales. Far, far too often victims are blamed for their 'stupidity' in falling for online or telephone scams that result in them authorising a payment from their bank account to a fraudster. To hear that this is happening when a person is physically subjected to a robbery and then loses money as the result of an unauthorised payment is, frankly, sickening. This said, there are a few things to say here – and some we can learn. The bank claim he was 'grossly negligent' (Picture: Getty Images) First, you did all the right things as you say. Cancelling cards, changing passwords and reporting the theft to the police and your bank as soon as you were able was a sterling effort. Well done. Check your home insurance policy and whether your bank account has mobile phone insurance covered. With the crime number, you should be able to claim back the value of the stolen phone after paying an excess. The second thing to say is going to sound less palatable. Unfortunately, your £10,000 is barely a drop in the ocean of money stolen by criminals each year. The latest fraud report from UK Finance showed an eye-watering £1.17 billion was stolen by fraudsters in 2023. Within that total, £709million was unauthorised payment fraud affecting almost three million victims. You're one of them. And that's what you're up against in your fight to gain recompense from your bank. If they have reasonable grounds to refuse to reimburse you, they'll do it. They have a duty to their shareholders after all. The third is to understand what your rights and protections are. Your phone was stolen from you while your banking app was open. As such, you did not authorise the transfer of £10,000 from your account but the payment itself was authorised from within your banking app. Your case falls under rules that state your bank can refuse to reimburse you if you fail to 'take all reasonable steps to keep safe personalised security credentials relating to a payment instrument or an account information service'. In order for them to refuse to cover your loss, the bank must prove that you 'acted intentionally or with gross negligence, by not keeping the payment instrument safe, adhering to the terms governing its use, or failing to report its loss theft or misappropriation'. Here's where the thump in the chest comes I'm afraid: that payment instrument is your mobile phone. Now, it's completely unreasonable to expect anyone to prevent themselves from being targeted by thieves as you were. But, even though it leaves a sour taste in the mouth, it is reasonable to expect you to ensure you're in a safe environment when you're logging into your banking app. You say two guys on a moped grabbed your phone and drove away. That suggests you're standing outside on a pavement, near the kerb or in the road. You won't be the only one who's done it but, in hindsight, I'm sure you can see that was probably not a decision you'd make again. Though you did not want to disclose the name of your bank, meaning I cannot check this with them, I would strongly suspect this is where your claim has fallen over. Tips to stay safe Most banking apps should have additional security layers to prevent unauthorised transfers, even in the case that your phone, laptop or tablet is stolen while the app is open. Check what two-factor authentication steps are available and enable them. Set up remote locking and wiping facilities on your phone. It will mean getting to another phone or laptop, but it is nonetheless worth doing. Enable your phone's theft protections – some phones can detect if they've been snatched and will lock automatically. Ensure all your phone's security features are enabled, such as biometrics and screen lock after a very short inactivity period. Thieves try to steal phones while they're unlocked as that gives them full access. Typically, they'll switch it to airplane mode so you can't use the remote locking feature. To jump this, use your phone's shortcuts app to create an automation that locks your screen automatically when your phone is turned onto airplane mode. Only ever open banking apps in a safe and secure environment, never in the open, by a road or in a public or crowded space. If you are a victim of robbery, report it to the police or contact Crimestoppers. The following organisations may also be able to help. Action Fraud Victim Support Citizen's Advice To go back to your question: you feel like you're being blamed when you were the victim of a crime, and want know if you have grounds to appeal the decision? To answer the first part: yes. You are being blamed when you were the victim of a crime. It is indisputably not fair. To answer the second part: no. You are governed by the law that underpins your contract with your bank and you did something innocent but silly. You do have the right to complain though, and the steps to do so are below. I'd also take from this absolutely gutting, galling situation a cautionary lesson. Next time, do everything you can to keep your money safe before something goes wrong. Final thing for me to say. I'm sorry. Genuinely. It makes me feel ill to think you've lost your wedding savings in such an unfair and despicable situation. But, as my mum has always said, life isn't fair my girl. Get used to it. How to complain if you're unhappy with your bank If you feel like you've been treated unfairly by a financial business, or if you're unhappy with a financial service, you have the right to complain. Follow these steps from the Financial Conduct Authority. Contact the firm The firms we authorise must have a process in place for resolving complaints. So if you're unhappy with a financial product or service, get in touch with the firm. Tell them what happened and when, and ask them to put things right. Make a record of how and when you got in touch. You normally need to complain within six years of the problem happening or, if later, within three years of you becoming aware that you had cause to complain. You can check the Financial Services Register to make sure a firm is authorised. You get a response Unless they resolve your complaint within three business days, all firms must reply in writing to let you know they've received your complaint. In general, firms must get back to you in writing to let you know the outcome of your complaint within eight weeks. They must tell you whether your complaint has been successful or not, or why they need more time to investigate. Payment service providers and e-money issuers must normally respond to certain complaints within 15 business days. If they can't provide a final response, they must explain the reasons for the delay. You must then get a final response within 35 business days from the day when you first made the complaint. Contact the Financial Ombudsman Service If you're unhappy with the firm's decision, or you don't hear from them in the right timeframe, the Financial Ombudsman Service may be able to help. Find out if they can, by using their online complaint checker. The Financial Ombudsman is a free, independent service for settling disputes between financial services firms and their customers. It can deal with complaints about a wide range of issues, from pet insurance to stocks and shares. Once you've contacted them, the team at the Financial Ombudsman will talk to the firm and then decide whether to uphold your complaint. If they decide in your favour, and you agree to the terms, the firm must comply with the decision. If the firm does not comply with the decision, you should contact the Financial Ombudsman. It's important you contact the Financial Ombudsman within six months of receiving a final response from the firm, or they may not be able to help. Sarah Davidson is an award-winning financial editor and head of research at WPB Got a money worry or dilemma? Email Arrow MORE: The £1 pension trick that could save you losing thousands Arrow MORE: Pensions: How much you should save a month and when to start Arrow MORE: Can't get through to your bank? 4 ways to demand the service you deserve
Axios
09-05-2025
- Business
- Axios
The dollar's reserve status at risk
The United States is ripping up longstanding trade arrangements, developing more hostile relationships with allies, and undermining independent institutions, all while rapidly running up more debt. The big picture: That's a recipe for the role of the U.S. dollar as global reserve currency — unquestioned since the end of World War II and at a high-water mark just a decade ago — to fade. So argues Ken Rogoff, the Harvard economist and former chief economist at the International Monetary Fund, in a conversation with Axios and in his new book "Our Dollar, Your Problem." President Trump's policies have accelerated that process, Rogoff argues, but it was already set in motion. State of play: When a company in Indonesia does business with one in South Korea, it probably transacts in dollars. When a country in the Middle East runs up huge surpluses from selling oil, it probably parks the money in dollar-denominated investments. And when a bank in Europe does business with a country that is on the outs with the U.S. government, it can face massive fines and risk losing access to the global dollar payments system. Alternatives to the dollar — the euro, the Chinese renminbi — have to this point not been true rivals, as neither offers the kind of deep and open debt markets and institutional frameworks that make them particularly attractive outside their home countries. Zoom out: There have always been aspects of this system that other countries don't like very much — hence the title of Rogoff's book. The U.S. sets fiscal and monetary policies based on its own interest, so countries tethered to the dollar are along for the ride, losing some control over their domestic economies. And the U.S. has used economic sanctions in recent years for an increasingly wide array of goals — in the view of rivals and even allies, acting as a geopolitical bully. That was already setting the stage for other countries to try to bolster their capacity to use other currencies for global commerce. The sense that the U.S. is an unreliable partner is turbocharging that process. What they're saying: "What's happening under Trump is an acceleration of where we were going," Rogoff tells Axios. "He's a catalyst and an accelerant. But I do think if [former Vice President Kamala] Harris had won, the risk would have been pretty big over a longer arc of time, say, five to seven years, than Trump has managed." "This isn't something that just turns overnight, but the rest of the world was already seeking more freedom from the dollar, and this lit a fire under it." "In order for the euro to become more important outside Europe, they need to expand their financial system, the banking networks, in a way that accommodates that, and ditto the Chinese. The Chinese are working very hard at that." The U.S. response to Russia's 2022 invasion of Ukraine lit a fire under the Chinese, Rogoff adds. "They saw what we did with sanctions and that we froze central bank assets." "They have open doors, not just from Russia and North Korea, but large parts of Africa, Asia and Latin America. They don't trust the Chinese, but they don't trust the Americans anymore, either." Several officials in Trump's orbit argue that the U.S.'s reserve currency status — the "exorbitant privilege," as it has been called — comes with a heavy burden and that it is high time for the rest of the world to pay for that. Top White House economist Steve Miran said recently that "our financial dominance comes at a cost." "While it is true that demand for dollars has kept our borrowing rates low, it has also kept currency markets distorted," Miran said. "This process has placed undue burdens on our firms and workers, making their products and labor uncompetitive on the global stage." Yes, but: Rogoff argues that the costs of dollar dominance are more subtle than that, and that the benefits the United States receives are considerable. "If you have a mortgage, you have something to lose, because the exorbitant privilege brings down all interest rates in the United States. Auto loans, student loans, it's a very direct effect," he says. "More subtle but important is when the next crisis hits, if we've lost our exorbitant privilege, we will not be able to borrow as much to fight it. The rest of the world looks in awe at how much the United States is able to borrow" in episodes like the COVID-19 pandemic and the 2008 financial crisis. "There's a national security element. A huge percentage of the global financial network essentially goes through U.S. regulators. The fact that we get all this information makes the U.S. able to ward off terrorist threats, allocate our intelligence services, and use sanctions in place of military interventions."
