Latest news with #WillieWalsh
Irish Times
21 hours ago
- Business
- Irish Times
Sharp increase in reports of phone call and text message fraud this year, AIB says
There was a 'sharp increase' in reports of phone call or vishing fraud, including via text message, between January and May compared to the same period last year, AIB has said. It said attempted and successful fraudulent activity was up 297 per cent compared to the same period last year, although the figure is based on the value of payments reported as fraudulent. AIB's data also show a 6 per cent increase in customers falling victim to smishing or vishing scams. These are typically phone calls that often follow after a customer responds to a fraudulent text message based on the requirement to have new login details issued. READ MORE Meanwhile, losses associated with customers compromising their login details were up 67 per cent. The bank also outlined the five most common scams fraudsters carried out to fool people into handing over access to their money from April to June. [ More than 70 fake eFlow websites detected as 'smishing' attacks on consumers surge Opens in new window ] It said text message fraud 'continues to be a major threat' and is the crime that's most commonly perpetrated by fraudsters. 'Scammers send convincing messages that appear to be from reputable sources, such as banks, delivery companies or Government agencies, tricking recipients into providing personal information or clicking on malicious links,' AIB said. IATA Director General Willie Walsh on airline profits, air fares and why the Dublin Airport passenger cap makes Ireland a laughing stock Listen | 35:56 'Our advice is to never click a link in an unexpected text message or call the number provided. If in doubt contact the sender on a known and trusted number to verify its legitimacy. 'You should never provide log in details, security details such as one time passcodes, card reader codes or selfies.' Secondly, it warned of 'safe account scams', which involve fraudsters posing as bank officials who call and inform victims that their accounts have been compromised. They then persuade victims to transfer their funds to a 'safe' account for protection, which is often their own account, and often in other financial institutions. The funds can then be moved on to a mule account. Thirdly, AIB said investment scams 'have surged' this year, with perpetrators offering lucrative returns on fake investment opportunities. 'These scams often target individuals seeking to grow their savings quickly, using convincing pitches and professional-looking websites,' the bank said. 'Victims invest substantial amounts of money, only to realise later that the promised returns are non-existent and their funds have been stolen. Always ask yourself, is this too good to be true?' The fourth most prevalent scam is holiday fraud. Scammers create fake travel websites and offers, luring victims with attractive deals on flights and accommodation. 'Once payments are made, victims discover that their bookings are fraudulent and their dream holidays are ruined,' AIB said. 'Always book your holidays through reputable providers, research accommodation to ensure it actually exists and don't part with your money unless you are fully satisfied. These scams aren't just advertising foreign holidays, but Irish ones too.' Finally, the bank warned of 'purchase scams', which involve fraudulent websites or sellers who may take your money without delivering promised goods. 'Another threat is the potential for receiving counterfeit or substandard products, which can be disappointing and harmful,' the bank said. AIB head of financial crime Mary McHale said the banks 'deals sympathetically' with customers who fall victim to fraud 'on a case-by-case basis'.
Telegraph
a day ago
- Business
- Telegraph
How the war in the Middle East could see airfares soar
Never one to mince his words, the US president had a withering response to Monday night's Iranian missile assault on Qatar – 'a very weak response, which we expected, and have very effectively countered.' But while Tehran may have failed to land a punch this time around, could their actions end up having negative consequences for your next holiday? If you were planning on a summer break in lovely Tel Aviv, you probably already know the answer to that. But the bigger question for the aviation sector is likely to be what the conflict means for fuel prices – and by extension the price of our plane tickets. According to former British Airways boss Willie Walsh – now head of the global airline industry body, IATA – there is a 'direct correlation' between the price of oil and the cost of our flight tickets. Indeed, Mr Walsh told journalists earlier this month that falling oil costs (at least at the time) could soon see airlines reducing their prices in order to stimulate demand this summer. Of course, that was before the events in the Middle East, when an unexpected Israeli attack on Iranian military targets saw the oil price jump some 8 per cent. Since then, markets have been rushing to process the rapidly developing situation, as the Trump administration has gone from launching its own attack on Tehran to later declaring an official ceasefire between the warring parties. What happens next is anyone's guess. Though City forecasts have been clear that escalation will be bad news for those betting on oil prices. Analysts at Goldman Sachs say that any Iranian action to blockade the Straits of Hormuz – the narrow strip of water through which 20 per cent of oil supply flows – could send prices spiking to the levels not seen since the immediate wake of Russia's invasion of Ukraine. 'A 10 or 20 per cent rise in the jet fuel price is going to have a big impact on airlines,' says John Gradek, an aviation management expert at Montreal's McGill University. Indeed, the IATA estimates that the global aviation sector spends around one third of its entire revenues on jet fuel, making it the single biggest variable for the industry. Bad news, then, that the jet fuel spot price is currently trading 10 per cent higher than before those first Israeli missiles ten days ago. At the same time, though, short-term energy price spikes aren't exactly unprecedented these days and most airlines will have planned for these kinds of scenarios. Hedging your bets One of the most common ways that airlines can prepare for price volatility is to 'hedge' their exposure to the markets by locking in a price well in advance. Given that markets can be volatile, the tactic isn't entirely risk-free – and it also requires airlines to have enough cash to spend it up front – but it can help airlines avoid paying over the odds in times of strife. 'Hedging is there to provide budget certainty for airlines,' says Chris Tarry, founder of aviation consultancy CTAIRA. He points to the example of Ryanair, which recently reported that it had taken advantage of the dip in oil prices in the spring in order to lock in much of its fuel needs for the next three years – a move that now looks very shrewd in the circumstances. This kind of financial planning is one of the reasons why previous fuel price spikes (like the one after Russia's invasion of Ukraine) haven't resulted in the kind of system shock that we saw back in the 1970s. Back then, airlines had no way of avoiding the 400 per cent jump in oil prices, resulting in carriers having to ground their planes or absorb heavy losses. Of course, the longer the higher prices endure, the more problems it will cause for airlines. Right now, markets seem satisfied by the Trump administration's conciliatory tone around a ceasefire – though history shows that things can change quickly. As for whether sustained price pressures would necessarily mean more expensive flights, the jury is still out. On one hand, we know that plenty of airlines have taken that step in the past. Back in 2022, full-service carriers like Emirates, AirAsia and Japan Airlines responded to higher fuel prices post-Ukraine invasion by adding a temporary surcharge (around 10 per cent) on all passenger bookings. Then again, the aviation market remains highly price-sensitive and analysts say that airlines have other ways of mitigating the hit that don't risk losing customers. 'There are lots of things airlines can do in that situation,' says John Gradek. 'Rather than increasing ticket prices, you might see airlines delaying the launch of new routes or reducing services.' Airspace headaches Then there's the other big question posed by the conflict: what happens when it is no longer too safe to fly over parts of the Middle East? Right now, we've seen flights being directed away from Iran and over Saudi Arabia – something that Lufthansa says has added one hour to its Europe-to-Asia flights – but that isn't without consequences for the industry. 'Even a slight rerouting can be an issue for the bottom line,' says Chris Tarry. The longer that planes have to spend in the sky, the more fuel they are using, without any additional revenue to make up the difference. What's more, delayed arrival times also cause issues with turnaround, the all-important process of getting planes ready to depart again. All things considered, then, airline bosses will have even more reason to keep their eyes on how events develop in the coming weeks and whether that much-vaunted ceasefire can hold. And at least they can rest assured that they have a powerful ally on that particular front. 'Everyone, keep oil prices down. I'm watching!' posted Donald Trump on his social media platform on Monday. If you're planning on taking a long-haul flight this autumn, you might want to hope that he gets his way.
Irish Times
2 days ago
- Business
- Irish Times
Past time to lift Dublin passenger cap say American carriers
It is 'past time' for the Government to axe the controversial cap limiting Dublin Airport to 32 million passengers a-year, North American airlines warned on Wednesday. Airlines for America (A4A), whose members include US and Canadian carriers that fly to Dublin, said in a statement that it was bewildered at the cap remains despite Government pledges to lift it and widespread business condemnation of the planning condition. 'It is past time for the Irish Government to show leadership on this matter and take steps to remove the cap which hinders commerce, disrupts the seamless facilitation of passengers and threatens economic growth, jobs and tourism on both sides of the Atlantic,' said the group. 'It is critical that this matter be resolved swiftly to avoid long-term damage to the US-Ireland relationship, the aviation market and the broader transatlantic economy.' READ MORE A4A's comments follow a warning from Willie Walsh , the International Air Transport Association's Irish director general, that the cap was angering US airlines. Michael O'Leary , Ryanair chief executive, this week also renewed calls on the Government to lift the cap, a measure included in the Programme for Government.
Irish Times
3 days ago
- Business
- Irish Times
Dublin Airport passenger cap causing ‘quite a bit of anger' among US airlines
Ireland's image as a location for investment by international airlines has been 'tarnished' as a result of the battles over the passenger cap at Dublin Airport , according to Willie Walsh , the Irishman who is director general of IATA , the Geneva-based airline representative body. Speaking to Inside Business, a podcast from The Irish Times, Mr Walsh said the cap was 'viewed with ridicule when I talk to some CEOs as to how it can be that Ireland invests in terminal infrastructure, invests in [new] runways, and then has a cap on how many passengers can use the airport. 'In effect, you're looking at a situation where Dublin has lower capacity with two runways than it had with a single runway,' he said. At present, Dublin is subject to a cap limiting the number of passengers at Dublin Airport to 32 million a year. This flows from a planning restriction dating back to 2007. The cap has effectively been paused following various legal challenges and is awaiting a ruling from European courts. READ MORE IATA Director General Willie Walsh on airline profits, air fares and why the Dublin Airport passenger cap makes Ireland a laughing stock Listen | 35:56 This week host Ciarán Hancock is joined by Willie Walsh, the director general of IATA, the Geneva-based representative group for the airline will be known to you as the Irish man who was a high-profile chief executive of both Aer Lingus and British then became head of IAG, which is the parent group to both of those airlines plus some Spanish carriers, including now in charge of IATA, with his contract set to run until hear Willie talk about airline profits and whether air fares are likely to go up or down in the near spoke about aviation's role in reducing harmful carbon emissions and the chances of a climate-friendly biofuel being developed for commercial gives his view on why emerging markets such as India and burgeoning economies in Africa are entitled to grow their airline industries and passenger traffic as they become also expresses his frustrations with the inefficient way air traffic control is managed in Willie explains why, in his view, Ireland has become something of a laughing stock on the international stage over the legal battles being fought around the Dublin Airport passenger cap. In his view, this is hindering growth here and jeopardising foreign direct investment. And the 63-year-old talks about his plans for retirement, which could include Italian wine. Produced by John Casey with JJ Vernon on sound. DAA expects 36 million passengers to use Dublin Airport this year. Mr Walsh, a former CEO of both Aer Lingus and British Airways, is aware of airlines who had Ireland 'on their agenda in terms of expansion who are now questioning whether they should go forward with that because of these issues'. 'It is having an impact on how people are considering expanding into Ireland. What a lot of airlines want, particularly long haul international airlines, is certainty about being able to have access next year and the year after and the year after. 'What we call grandfather rights with slots that will enable them to publish a schedule that they know will be consistent for years ahead. With the uncertainty around the cap, it's going to be quite damaging when airlines are looking at expanding their long haul networks.' He said the cap had caused 'quite a bit of anger' among US carriers, who view Ireland as an opportunity for expansion. Mr Walsh said using Cork or Shannon airports would not appeal to airlines as an alternative to Dublin. 'Airlines look at the airport they want to serve, they look at the city they want to serve and if Dublin Airport is not available, they're not going to say 'there's this great airport in the west of Ireland called Shannon which is under utilised, plenty of capacity, why don't you fly there'. 'It just won't register on their map. If they were attracted to Shannon ... they would have been there already but that's not the case.'
CNN
20-06-2025
- Business
- CNN
How tariffs could impact airlines, according to an industry leader
IATA Director General Willie Walsh speaks with CNN's Richard Quest about the potential impact of tariffs on the aviation industry.
