FRAUDSTERS IN CONFIDENCE TRICK ?ARMS RACE?

The Financial Times (£, online only) reports on the increasing sophistication of the confidence tricks employed by fraudsters to convince customers to hand over sensitive personal data such as their bank details. The article highlights that 'social engineering? is as significant a concern as the technical aspects of cyber security, but that awareness of the former is much lower than awareness of the latter. A notable technique that has emerged from the confidence trick ?arms race? is 'spear phishing?, which involves the use of personalised, highly convincing explanations as to why targeted individuals should hand over the information sought by the criminals.

The Daily Express (p9) reports that the actress Dame Helen Mirren recently fell victim to a phone scam. BBC Radio 4's Woman's Hour features an interview with the actress in which she details the experience.

Listen to the advice of the Take Five campaign and take a moment to stop and think before parting with your money or information.

CONSUMER SPENDING RESILIENT DESPITE POLITICAL UNCERTAINTY

Monthly data for October from the British Retail Consortium shows that UK shoppers spent more last month than they did in the same month last year, despite ongoing political uncertainty and a global economic slowdown. This represents the fastest annual growth rate in consumer spending since April (Financial Times, £, online only). Separate consumer spending data from Barclaycard showed that ?non-essential? spending, including non-food retail and leisure, rose by two per cent in the year to October (CityAM, p4).

Meanwhile, a study from the Trades Union Congress found that average non-mortgage household debt - composed of credit cards borrowing, bank loans and payday lending - has risen by a third, to £14,200, in the past decade (The Guardian, online only).

NEWS IN BRIEF

The Yorkshire Post (p1) features an interview with UK Finance's Managing Director for Commercial Finance, Stephen Pegge, in which he describes the new Business Banking Resolution Scheme as placing the UK at the ?cutting edge? internationally in terms of customers? access to redress and dispute resolution.

Steven Maijoor, chair of ESMA, told the European Parliament's ECON committee that the regulator will next year scrutinise EU hubs established by UK-based financial services firms to ensure that they meet the required licensing terms and do not enjoy an unfair advantage (Reuters, online only).

The United States has begun the process of withdrawing from the Paris Climate Agreement, notifying the UN of its intention to leave (BBC News, online only).

Reuters (online only) reports that EU finance ministers will meet this week to discuss implementing new regulations that will require asset management companies, insurance firms and pension funds to inform investors about the environmental risks associated with certain investments.

WHAT THE COMMENTATORS SAY

Bloomberg's (online only) European economics commentator Ferdinando Giugliano argues that central banks risk politicising their role if they push the green finance agenda too strongly without a corresponding shift in focus by elected officials. He praises the work of central bank governors such as Mark Carney for emphasising the severity of the risks to financial stability posed by climate change, but insists that it is for elected policymakers - not central bankers - to design incentive systems that divert capital away from polluting assets and towards green assets.

LATEST BLOGS

Daisy Powell-Chandler, Director, Meyland Strategy, asks whether we should view climate change as a challenge or as an opportunity.

LATEST VIDEOS

Our CEO, Stephen Jones, discusses UK Finance's latest work, including our latest reports, commitments and our engagement with government, regulators and industry.