LONDON TOPS IN CARD FRAUD
The latest report on card fraud in the UK lists London top for 'card not present fraud' over the last six
months.
In the top ten card fraud hot spots, Romford and Manchester are listed third and fifth respectively.
The latest data was compiled by Security analysts The 3rd Man. They say they looked at 30 million
online and mail order card transactions from high street retailers.
The 3rd Man report shows a drop in card fraud incidents in Liverpool and Kilmarnock. Andrew
Goodwill, director of the group attributes the fall to increased levels in policing on card fraud in these
areas.
EU COMMISSION CONSIDERS VAT BREAK FOR SMALL
BUSINESSES
The European Union(EU) Commission could soon agree a plan that will cut VAT rates for some small
companies.
Reports indicate that the Commission favours easing the rates in a bid to assist labour intensive and
service companies in the current economic climate.
Any changes are likely to benefit small computer outfits, cleaning and gardening services, domestic
care providers and restaurants
The decision is expected right after EU parliament summer break which runs until month end.
CARDS OUT AS CASH BOUNCES BACK
As the credit crunch takes hold, the British Retail Consortium (BRC), is reporting that more of us may
be ditching plastic in favour of cash.
According to the BRC, transactions in cash are up to 60 per cent from 54 percent last year. It says in
terms of value, this year, cash is being used for 34 per cent of retail purchases, up from 32 per cent on
last year.
BRC Director General Stephen Robertson said while total retail spending continues to grow, there is a
widening gap between the amount spent in cash and the amount spent using cards.
The BRC feels that the resurgence of cash will delight retailers, whom it says ‘ feel they are being
unfairly charged for processing card payments.’
LEWES SET TO LAUNCH OWN POUND
Residents of Lewes, East Sussex, have come up with a novel plan which they say is aimed at keeping
more of their cash in the town. They are launching their own currency and it will be legal tender in the
town.
The Lewes pound is said to be designed to support local shops instead of big supermarkets. One
report says it will be accepted in around 30 locally-owned shops and a first run will produce more than
10,000 notes is expected.
It will be the biggest launch of a district currency in the UK in over a hundred years. Lewes had its own
pound in 1895 and this time around the organisers have been boosted by the decision of the town's
branch of Barclays Bank to accept the 2008 Lewes Pound
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