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[ad_1] UK, 25, November, 2022: Identity fraud has risen by more than a fifth in 2022, amid warnings that fraudulent activity is set to peak this Christmas shopping season. New analysis from Experian reveals that identity fraud rose by 21% in the last 12 months, with the trend predicted to be at its most severe over the festive period. Since 2018 identity fraud rates have been seen to rise by up to 15% year-on-year during November and December, as fraudsters attempt to take advantage of the increase in online transactions, reducing businesses resources to investigate potential fraud, and access credit with stolen personal details. Meanwhile, the extent of the issue can be seen in the potential financial cost fraud poses to businesses. Experian’s identity and fraud technology prevented more than £1.8bn of fraudulent transactions in 2021. Eduardo Castro, Managing Director, Identity and Fraud, Experian UK&I, said: “Fraud is a serious, ongoing problem for both consumers and businesses in the UK. Over 2022, there has been no let-up and it’s likely, as our figures show, the trend will only become more pronounced over the coming months.” “With an increase in the volume of online transactions, it’s vital businesses can confirm their customers’ information is legitimate and they are not being duped by a fraudster using stolen personal information.” To encourage people to look after their personal information and for businesses to think about their fraud risk, Experian has launched a new social media awareness campaign.  Featuring Father Christmas and an excited, but somewhat suspicious child, the festive-inspired video aims to make everyone aware about the dangers of identity fraud. Castro adds: “There are several simple things people can do to keep their information secure. Making sure they don’t overshare personal details on social media or enabling multi-factor authentication, such as biometrics, for their online accounts can go a long way to preventing ID fraud. “Always be suspicious of unsolicited calls, emails, and texts. If in doubt, contact the company directly – it only takes a minute to offer up the personal information which the fraudster can then use to access your accounts or apply for credit in your name.” Figures from UK Finance reveal losses related to card identity theft increased by 86% in the first six months of 2022, up from £11.5 million to £21.4 million, compared to the same period last year.* Authorised Push Payment (APP) fraud, where a victim is tricked – typically through a phone call, text message, or email – into transferring money to a fraudster, cost consumers £249.1 million. Romance scams, which sees the victim transfer money to an apparent love interest rose by almost a third (31%) to more than £16 million.   Overall, more than £609 million was stolen, but there are signs of encouragement, with advanced anti-fraud prevention systems deployed by banks preventing £584 million from being lost. “Many businesses are meeting the challenge of fraud head-on,” Castro adds. “New, cutting-edge technologies incorporating machine learning are bolstering efforts, while regulations like the Payments Service Directive 2 (PDS2) are also having a positive impact. “Despite the overall amount of fraud losses falling slightly, levels are still extremely high and costing victims significantly. The issue is that fraudsters are always looking to find a new way to exploit any opportunity. At this time of year, we expect there to be a surge in delivery scams for example – it’s an ongoing battle which both businesses and consumers need to be aware of.” Experian is a market leader in fraud prevention technology and has recently been named as the leading global provider of online payment fraud solutions by Juniper Research. Earlier this year, it launched Experian Fraud Score, the next generation in fraud prevention services allowing organisations of all sizes to have access to an advanced fraud prevention system ‘out-of-the-box.’ Developed using the latest Machine Learning capabilities, front-line data analytics, and proprietary bureau and fraud outcome data, it deploys a probability scoring system from 1 to 1,000 – with a low score signifying a lower risk – to help businesses better understand the fraud risk of each new and existing customer interactions.                                                                                                     ENDS To view our Christmas fraud film, ‘The World’s Most Impersonated Man’, visit https://www.experian.co.uk/business/regulation-and-fraud/fraud-at-christmas Analysis based on data from the National Hunter Fraud Prevention Service. *UK Finance Half Year Report 2022 How to protect yourself protect yourself from identity fraud Don’t share too much personal information on social media, such as mother’s maiden name, home address or when you’re away. It’s important make sure your privacy settings are up to date across all platforms. When you move address, always re-register on the electoral roll as soon as you can. This helps ensure your details are no longer registered at your previous address. It’s a good idea to set up mail redirection for a while and update key accounts too. Make sure you have an individual unique password for each online account you have and where possible use password managers to increase complexity of your passwords. This means fraudsters are less likely to gain access to multiple accounts. Ensure your home Wi-Fi has a strong password, never sign in into password protected accounts on unsecured public Wi-Fi and make sure you have up-to-date antivirus software. Set up two-factor authentication on existing accounts such as biometrics and SMS or email one-time passwords. If you receive emails or text messages, always be cautious about attachments, links, or telephone numbers. If in doubt, visit the company website and contact them directly. Check your credit report, for free, on at least an annual basis to look for anything suspicious. This will show any applications for credit or new accounts. You can also monitor your free Experian Credit

[ad_1] London, 28 November 2022, Experian has today announced the latest development in its partnership with Capitalise, as it launches a new business service to help thousands of UK SMEs take positive steps towards better financial health. Through Capitalise’s Credit Review Service, powered by Experian, small businesses1 now have the ability to quickly improve their business credit score using new, relevant information, including data from their management account and debtor book. Working with a team of expert analysts, customers will determine whether newly submitted information will result in a positive outcome2 within five working days..   The service also offers small businesses a far more comprehensive and detailed insight into their current financial position, allowing them to review their current score, and find areas where they may be able to improve it. It also provides easy access to valuable tools and resources to help them confidently manage their credit score going forward. Paul Surtees, Co-founder and CEO at Capitalise said: “When we launched Capitalise in 2016 our primary goal was to connect SMEs with the funding that was right for them. But we always had the ambition to do more, and the pandemic showed us clearly that small businesses needed help and support to build better financial health. “Small businesses have had a tough ride, with the forecast for more uncertainty on the horizon. By giving them the relevant tools and resources, through the Capitalise Credit Review Service, we aim to help provide some of the stability they need to ride out whatever lies ahead.” James McGarva, Managing Director of Business Information at Experian UK&I, said: “SMEs have been working hard to build a road to recovery in the wake of the pandemic. But doing this against a backdrop of economic uncertainty raises many challenges, including the ability to withstand future change. “By combining Capitalise’s reach and expertise with our unrivalled commercial data, we hope to help more SMEs take control of their finances and build much-needed financial resilience which will help their businesses prosper over the months and years ahead” A business credit score is the measure of a business’s creditworthiness. It is made up from a number of factors designed to give lenders an overview of the financial position of a business and its level of financial risk. Business credit scores range from 0 to 100, with 0 representing a high risk and 100 representing a low risk. They are one indicator lenders use to assess businesses seeking growth funding.   -ENDS-  Note to editor: [1] Small businesses can also grant their accountants access to Credit Review Service. [2] 96% of submitted applications result in a positive change to a business credit score. The amount of change is on a case-by-case basis and depends on the additional business information provided. No one will see their business credit score go down as a result of signing up to the service. Media contact:  Joe Green   Senior PR Manager, Corporate & Business, at Experian UK&I  Tel : 07812 737 768 / Email : joseph.green@experian.com   About Capitalise At Capitalise, our vision is to give small businesses and their advisers transparency and control over business finance, in one place. Every business deserves an equal chance of success. So we must make business finance clearer. To show how credit scores impact plans for growth and how to improve them. To find funding that’s a better fit. And to see risks to cash flow before they become a threat. About Experian Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime. We have 20,600 people operating across 43 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index. Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group. [ad_2]

[ad_1] Schaumburg, Ill., December 1, 2022 — Against the backdrop of the ongoing inventory shortage, the average used vehicle loan amount continues to grow, but at a notably slower rate. According to Experian’s State of the Automotive Finance Market Report: Q3 2022, the average used vehicle loan amount increased 8.59% year-over-year, reaching $28,506. This is significantly smaller than the increase seen this time last year, as in Q3 2021 there was a 21.37% year-over-year increase, reflecting how quickly used vehicle values rose as new vehicle inventory declined. The average loan amount for a new vehicle also saw an increase, growing from $37,753 in Q3 2021 to $41,665 in Q3 2022. “Since the start of the inventory shortage, used vehicle values rose at a staggering rate, and that appears to be slowing, which is a positive sign for consumers looking to purchase a vehicle,” said Melinda Zabritski, Experian’s senior director of automotive financial solutions. “While average loan amounts and monthly payments are continuing to grow, there are many contributing factors, such as the rise in interest rates. Leveraging data to better understand these factors will help lenders and dealers make informed decisions in the days to come.” In the third quarter of 2022, the average interest rate was 5.16% for new vehicle loans, and 9.34% for used, up from 4.09% and 8.12%, respectively, last year. The growth in average loan amounts and interest rates were also reflected in average monthly payments, which went from $618 in Q3 2021 to $700 in Q3 2022 for new vehicles, and from $472 to $525 for used vehicles, in the same time frame. The average vehicle loan term also increased, from 69.51 months for new vehicles in Q3 2021, to 69.73 months in Q3 2022. The increase was larger for used vehicles, jumping from 66.97 months in Q3 2021 to 68.08 in Q3 2022. Finance market share sees shiftsCredit unions held the largest market share of automotive finance in Q3 2022, surpassing banks, which had long been the largest lender in automotive finance. Credit unions held 28.44% of vehicle financing this quarter, a 40% year-over-year increase, as they held 20.21% in Q3 2021. Banks declined in market share, from 32.51% in Q3 2021 to 27.32% in Q3 2022, with similar trends seen for captive lenders, decreasing from 26.64% to 21.89%, year-over-year. Another shift seen in the finance market is the significant decline in leasing for new vehicles, which dropped from 27.28% in Q3 2021 to 18.01% in Q3 2022. The types of vehicles consumers are looking to lease continues to evolve, with the top 10 models leased comprised of exclusively larger vehicles, such as full-size trucks, and SUVs. Leases often have a lower monthly payment than loans, with the average difference between a loan and lease payment clocking in at $133 in Q3 2022. “Opting for a lease is one way that consumers look to manage their monthly payments, which is often how they shop for a vehicle,” Zabritski continued. “Affordability will continue to remain top of mind as a decline in leasing, coupled with the lack of new vehicle inventory, will impact availability of used vehicles in a few years.” Additional findings for Q3 2022: Outstanding automotive loan balances increase from $1.2 trillion in Q3 2021 to $1.3 trillion in Q3 2022. While most growth was in prime lending (reaching 46.67%), deep subprime financing did increase slightly, from 1.76% in Q3 2021 to 1.85% in Q3 2022. Pickup trucks saw an increase in financing, from 15.84% in Q3 2021 to 17.19% in Q3 2022. The average credit score for vehicle loans continued to increase, from 733 to 738 year-over-year for new vehicle loans, and from 675 to 678 year-over-year for use vehicle loans. Wyoming leads with the largest percentage of loans for used cars in Q3 2022 at 85.4%, while New York has the lowest at 65.5%. To learn more, watch the entire State of the Automotive Finance Market: Q3 2022 presentation on demand. About ExperianExperian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime. We have 20,600 people operating across 43 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index. Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group. Experian and the Experian marks used herein are trademarks or registered trademarks of Experian and its affiliates. Other product and company names mentioned herein are the property of their respective owners. # # # [ad_2]

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[ad_1] G7 coalition agrees $60 per barrel price cap for Russian oil [ad_2] Source link

[ad_1] The entire economic landscape, including mortgage rates, has changed this week, starting with the Fed’s talking points on Wednesday. The honey badger labor market is still going strong as we got another solid jobs report Friday, which pushed bond yields higher at first. However, the way the day ended showed that change is coming. We now have a better idea of what the Federal Reserve wants to do with their Fed rate hikes, and we have a lot of data that shows that the economy will look different 12 months from now. This will be important to think about going into 2023, especially if the labor market does what the Federal Reserve wants it to do, which is slow down enough to create a job loss recession. This week, Fed Chairman Powell talked about how the Fed doesn’t want to over-hike the economy, which would then force them to cut rates faster later. It affirms my belief that a lot of their aggressive talking points over the past year were aimed at keeping financial conditions as tight as possible until they got to their neutral fed funds rate. The Fed didn’t want mortgage rates to go lower or the stock market to rally. Now it appears that a 5% fed funds rate is where they want to go. Can they get there with a slower pace of hiking rates? We shall see. The labor market has been one of the two pillars they’re standing on for their aggressive rate hikes in 2022, so let’s look at the job data today. From BLS: Total nonfarm payroll employment increased by 263,000 in November, and the unemployment rate was unchanged at 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in leisure, hospitality, health care, and government. Employment declined in retail trade and transportation, and warehousing. Below is a breakdown of the unemployment rate tied to the education level for those 25 years and older. We saw a noticeable decline in the unemployment rate for those who never finished high school, while other educational attainment groups saw their unemployment rates rise slightly. Less than a high school diploma: 4.4%%. (previous 6.3%) High school graduate and no college: 3.9% Some college or associate degree: 3.2% Bachelor’s degree or higher: 2.0% Remember, those who get hit the hardest in every recession are those without a high school education. This is why we like the economy to have a tighter labor market, so people of all educational backgrounds can be employed. On April 7, 2020, I wrote the America is Back recovery model for HousingWire, which I then retired on Dec. 9, 2020, as the recovery was on solid footing based on my work. It took some time to recover all the jobs lost to COVID-19, but nothing like what we experienced after the great financial recession of 2008. Right on schedule, we got all the jobs back that we lost to COVID-19 by September 2022, and job openings were over 10 million. Now that those jobs have been recovered, we must be mindful that the job levels are still deficient because we would have more people working if COVID-19 never happened. So, think of it as playing catch up with these job gains. Over time, we will return to our slower and steady job gains if we can avoid a recession. Remember, we had the longest economic and job expansion in history before COVID-19 hit us with a super fast recovery right after. Some of the weakness in the jobs report is in areas where we have seen headlines of layoffs coming. As you can see below, layoffs in retail trade, transportation, and warehousing have been discussed in the media, and we are finally seeing those jobs being lost in those sectors. The unemployment rate is lower than the headline data shows; if you only count people ages 20 and up, the unemployment rate is 3.4% for men and 3.3% for women. We rarely discuss this data line, but if the Fed mentions needing a higher unemployment rate, they’re not considering teenagers first. We saw a fascinating bond market reaction today after the jobs report came out. Right after the report, bond yields shot up, which was bad for mortgage rates as rates did go slightly higher. As I write this article, however, bond yields have retraced the higher levels and have gone lower in yields for the day, which is a positive for mortgage rates.  When I talked about the Fed pivot in a recent HousingWire Daily podcast, I mentioned that the bond market would get ahead of the Federal Reserve pivot. As always, the Fed will be late to the game. The Federal Reserve constantly talks about raising rates based on the solid labor market. Once the labor market breaks, the Fed talking points about being aggressive to fight inflation won’t matter much as Americans will be losing jobs. I believe they know this as well and at that point the Federal Reserve will pivot its language, but the markets will be well ahead of them.  Since I have all six recession red flags up now, I am keeping an eye on jobless claims data first because once it breaks higher, the job-loss recession has begun. This is something we’ve seen in every economic expansion-to-recession cycle. I recently wrote about what I need to see to avoid the short-term job loss recession. On Thursday, jobless claims data fell again after rising in the prior week to 241,000 and are now down to 225,000. My crucial level here is 323,000 on the four-week moving average for the Fed pivoting, which means something different to everyone. Overall, this was a good jobs report. Wage growth is a bit hot here, but I believe we have some one-offs in the data that gave it a boost in this report. Some people look at the household survey data showing more weakness in the labor markets. For those people, at this

[ad_1] This week, Cut the Crap Investing founder, Dale Roberts, shares financial headlines and offers context for Canadian investors. What a week—the wrap  It’s rate-hike hiatus déjà-vu all over again. In a replay from my column last week, the U.S. Federal Reserve Chairperson Jerome Powell reinforced expectations. On Wednesday, Powell said:  “It makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down. The time for moderating the pace of rate increases may come as soon as the December meeting.” What happened next? The markets cheered! They do like certainty.  The NASDAQ Composite closed up +4.4%, the S&P 500 finished at +3.1%, and the Dow rose +2.2%.  Bonds also delivered some modest gains as yields declined. Canadian stocks (XIC/TSX) were up modestly on the day at +0.80%.  Canadian GDP growth more than expected The Canadian economy grew more than expected in the third quarter, although the weakening housing investment and consumer spending suggests that higher interest rates are beginning to bite. Gross domestic product (GDP) increased 2.9% on an annualized basis from July to September, Statistics Canada reported Tuesday.  Much of the growth came from higher energy and agriculture exports.  A strong economy might not be what the Bank of Canada (BoC) wants to see as they attempt to cool economic growth and inflation. The economy and Canadian consumers have been very resilient. That suggests that rates may need to go higher—and stay higher well into 2023 and perhaps beyond.  And employment is holding up better than central bankers would like, on both sides of the border. Good news can be bad news in the fight against inflation.  Canadian employment ekes out gains. Unemployment rate falls. Wage gains above 5% again, as well. https://t.co/iVVeD7OGVR — CutTheCrapInvesting (@67Dodge) December 2, 2022 The Bank of Canada loses money for the first time In the third quarter of this year, the BoC lost money for the first time ever. In fact, it racked up $522 million in losses. The BoC is a victim of its own rate hiking scenario. CTV News reported:  “‘Revenue from interest on its assets did not keep pace with interest charges on deposits at the bank, which have grown amid rapidly rising interest rates. The Bank of Canada’s aggressive interest rate hikes this year have raised the cost of interest charges it pays on settlement balances deposited in the accounts of big banks.’” With rates set to increase even more over the next few months, we might expect the losses to continue and even accelerate.  What is “funny” is that Bank of Canada Governor Tiff Macklin called the loss “largely an accounting issue.”  When you or I lose money, it’s called losing money.   Canadian banks report earnings  Canadian investors love their bank stocks. This week, all of the big six banks in Canada reported earnings. And the investors watched with elevated enthusiasm.  The banks benefited from a rising rate environment, as net interest income increased. The spread between the rate banks borrow at and the rate they lend at increased favourably and helped their bottom line. They faced pressure in wealth management and capital markets due to decreased investment returns and trading activity. Amid recession and real estate risks in Canada, the banks increased their provisions for loan losses.  Think of that as their “rainy day fund.” It eats into profits, and rain is in the forecast.  If you’re looking for a recession, you won’t find it in the banks’ earnings reports. It was a solid quarter with slower growth being the headline takeaway. All of the banks, save for one, increased dividends.  We’ll keep an eye on the recession risks and watch for ongoing stress in residential real estate. We will likely see one or two more rate increases over the next few months.  I hold TD Bank (TD/TSX), Royal Bank of Canada (RY/TSX) and Scotiabank (BNS/TSX) in the Canadian Wide Moat 7 Portfolio.  The following summaries are courtesy of Dan Kent of stocktrades.ca. (All numbers are in Canadian dollars.) Scotiabank To kick the earnings season off, the Bank of Nova Scotia reported earnings per share of $2.06 and revenue of $7.987 billion. This topped earnings expectations for the bank by $0.06, and revenue came in just a few million shy of expectations.  When we look at the year-over-year basis, the bank posted relatively flat revenue growth, mid-single digit earnings growth, and return on equity increased by 10 basis points.  What is interesting about Bank of Nova Scotia’s earnings report, is there was no raise to the dividend, despite every other bank doing so. Royal Bank Royal Bank (RY/TSX) topped estimates on all fronts, with revenue of $12.57 billion coming in $220 million higher than expectations, and earnings of $2.78 per share being $0.10 ahead of estimates.  On a YOY basis, the company posted a small 1.4% dip in revenue and earnings were down 2% when compared to 2021. Canada’s largest bank made a small 3% increase to the dividend. Also of note, RBC is set to buy HSBC’s Canadian assets. RBC also introduced a DRIP (Dividend Reinvestment Plan) that gives investors the opportunity to automatically reinvest their dividends at a 2% discount to the price of the shares. TD The best quarter of the year arguably goes to TD Bank (TD/TSX), which posted strong top and bottom line beats. Earnings of $2.18 per share topped expectations of $2.05, and revenue of $12.247 billion topped estimates just shy of a billion dollars. The company also posted exceptional YOY growth, considering the circumstances, with earnings increasing by 5.6% and revenue increasing by 8.1%. It also bumped dividends by 8%. CIBC  CIBC (CM/TSX) posted a weaker quarter than previously, with revenue coming inline with estimates but earnings per share of $1.39 missed estimates of $1.72 by a wide margin. On a YOY basis the company reported a 6% increase in overall revenue and a 17% dip in earnings per share. The company chipped in

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