SUITS ME UPDATE:

Launch: Mobile app for android and iOS | Launch: Contactless debit card

INDUSTRY NEWS ARTICLES: Suits Me: Providing full banking services to the “underbanked”

Credit Card Deals Disappear Due to Debt Warnings

High Street Banks Suffering IT Failures “Daily”

Accidental money laundering: how fraudsters use social media to prey on the young.

Brexit: A Suits Me consumer poll

EMPLOYER HUB: PSD2: Tightening Security For Payments

SUITS ME SPRING NEWS:

Keith Poole - BBC World News Interview | Daily ATM withdrawal amount increased

Quarterly NewsletterSPRING 2019

The alternative banking solutionfor contingent workers.

The two launches we now bring to our account holders make Suits Me more convenient to use.

We have been working to further improve banking service for all of our customers.

SUITS ME UPDATE

SUITS ME UPDATE

Suits Me mobile banking app released for Android & iPhone.

Launched in March, our handy mobile banking app will help your employees keep track of their money on the go. Packed with all the features you would expect, our customers can send and receive payments, manage savings envelopes and control direct debits.

In addition customers have the ability to see a breakdown of their spending, helping workers accurately identify where they can save and how much they need to budget each month.

New contactless Visa debit card now available.

Keeping up with the convenience of the new and quick way to pay, from March 2019 all new customers will benefit form a contactless Suits Me debit card.

With the dependability of traditional chip and PIN endorsed by Visa, accepted in over 24 million places world wide, the new card has the additional functionality of up to three £30 contactless transactions per day.

For the account holder’s security, all subsequent payments, or payments exceeding the contactless limit will require the card holder to enter their PIN in the traditional fashion.

In the near future we will migrate all existing customers to the new scheme free of charge.

Suits Me Shortlisted for Recruitment International award.Last year Suits Me were proud recipients of the Recruitment International Award for ‘The Best for Banking and Financial Services’ 2018. We are very pleased to announce that we have been shortlisted for the 2019 award.

As many as 1.2 million people in the UK belong to the class known as the “underbanked” - the group of people who can’t access banking facilities.

INDUSTRY NEWS

The price of being unbankedAccording to The Guardian, those without access to a bank account could have to pay up to £485 more every year for a range of basic services and bills. This is because not having a bank account means discounts and the best deals aren’t available.

A number of different groups still struggle to access banking facilities including those with a poor credit rating, those without proof of a current UK address and migrants. Together the number comes to around 1.2 million which the government acknowledged last month was “still 1.23 million too many”.

The cost of £485 was reported by The Guardian and takes into account the fact that paying by direct debit is often linked to better rates or a discount, and the lack of options for credit.

Those with access to a bank account paid on average £1118 per annum for gas, electricity, mobile phones, broadband and interest payments on a £300 loan spread over 52 weeks. By contrast, the unbanked would have to pay £1603 to access the same services.

A financial inclusion report from the government studied who was most affected by lack of access to banking and concluded that 18-24 year olds were the most likely age bracket, plus the unemployed.

An easy solution with Suits MeWith the underbanked still presenting a very real problem for 1.2 million people in the UK, Suits Me offers a practical solution. The majority of our customers choose to use their Suits Me account as their primary bank account with all the facilities required for shopping, saving and budgeting.

Suits Me is more than an easy alternative to traditional banking as we offer direct debit facilities with each account. With no credit check required, this means that banking services and direct debits are available to those who would otherwise be part of the unbanked.

Putting a little bit of cash away for a rainy day is always a good idea and we can help with that too. Our Savings envelopes are a digital way of putting a little aside as and when you can afford it.

Using Suits Me means that you can access your cash instantly but you’ll only be able to spend what you have. A convenient and stress-free way to manage your finances, Suits Me is the solution for those who have been shut out of traditional banking and are paying the price as a result.

Suits Me. Providing full banking services to the “underbanked”

Two decades ago the number was much higher but despite the roll-out of a number of different basic bank accounts, there remains a large number of individuals without a bank account. Having no bank account leads to what is described as “banking poverty premium” blocking access to the best deals for a range of products and services including mobile phones, personal loans, utility bills and broadband.

INDUSTRY NEWScredit cards

Credit Card Deals Disappear Due to Debt Warnings

If you’ve been looking around for a good deal on a credit card but not been able to find what you need, you’re not alone. Experts have warned that the very best credit card deals on the market are being withdrawn due to the levels of debt in the UK.

Credit Card Deals Disappear Due to Debt Warnings

The FCA EffectThere’s no doubt that the report from the FCA has been one of the major influencing factors in the movement of the credit card market. The concerns that consumers were relying too heavily on credit rather than their own finances has led to a flurry of activity - and it’s not good news if you’re looking for cheap borrowing.

The FCA strongly suggested that lenders make sure any debt is repaid as quickly as possible, reducing the dependence on cheap credit to pay for everyday essentials.

The net effect of this warning is that lenders have whipped away their best deals, leaving customers without the low-interest rates or no-interest credit cards that made borrowing much more affordable.

Despite there being many factors causing instability in the economy at the moment, experts have pointed to the FCA report as being the primary cause of the disappearance of credit card deals.

Affordable borrowing?Although the FCA’s primary concern was reducing the debt of the nation, the impact of their report has the potential to cause borrowers to end up spending more.

There are still zero-interest and low-interest credit cards on the market, but they’re far less easier to find than before and the terms are much stricter. For example, the longest interest-free period has shriveled from 37 months to 32 months, according to Moneyfacts, one of the leading data providers.

Many deals have much shorter periods than 32 months, forcing customers to keep changing to a new account to prevent paying interest. Every time they switch, a fee will be payable, which can be up to 3% of the balance. With multiple switches, these fees can start to mount up meaning that borrowers will be paying substantial sums.

This means that overall, customers will actually be clearing their debts more slowly than before - the opposite of what the FCS recommended.

It is still possible to find cards which don’t charge a fee to transfer the balance, but these don’t offer the best terms for those seeking out zero interest.

Manage your debtsThere’s no guarantee how long the current deals will be available for, particularly with the Brexit effect weighing heavily on the market as well. If you can afford to pay more than the minimum to clear the debt more quickly experts are recommending you do so to avoid having to rely on offers and deals.

This latest crunch follows hot on the heels of the report from the Financial Conduct Authority (FCA) last year which looked into the credit card industry. Following warnings from the FCA and amid calls for debts to be repaid quickly, many low-interest deals have evaporated.

INDUSTRY NEWShigh street banks

High Street Banks Suffering IT Failures “Daily”Watchdog organisation Which? has warned of the impact of switching to digital payments, with a startling number of failures being reported on an ongoing basis. Although major outages have hit the news headlines, the body is cautioning consumers to the fact that it’s a problem that’s occurring regularly.

Daily technology failuresThe headlines have reported occasional big-scale problems, such as the failure of the new system implemented by TSB, but there’s been no coverage of the smaller incidence which are cropping up on an alarming basis.

The Financial Conduct Authority (FCA) now require financial institutions to let them know about any incidences when customers have been unable to use payment services. The numbers are worryingly high.

Out of the 30 banks listed by Which? the number of breaches classified as “significant” averaged at least once a month each. Some had reported more; Barclays topped the list of shame with 41 followed by Lloyds with 37, Halifax/Bank of Scotland with 31 and NatWest with 26. RBS, Ulster Bank and TSB were near the bottom with 21, 18 and 16 significant breaches reported on average.

Many of these outages represented more than just a minor blip in online access being blocked or accounts not being available. Which? has highlighted its concerns about what it describes as “serious” crashes occurring much more often than previously believed.

Exacerbating the problemThe use of cash has continued to tumble with some companies now refusing to accept it as a means of payment. For example, Transport for London only take electronic payments on board trams and buses through either the Oyster card, mobile phone payments or bank cards.

At the same time, many high street banks are continuing with their schedule of closing branches and cutting back on the number of ATMs which are available. In excess of 3300 bank branches have shut since 2015 with around 500 ATMs closing every month.

With cheques no longer accepted in many major outlets such as supermarkets, cash is now feeling the squeeze with consumers being moved onto digital payments before high street banks are ready.

Building resilienceHigh street banks have responded to the damning report by insisting that they take IT security seriously, with Barclays saying they “welcome transparency” of the figures.

UK Finance, one of the trade bodies for the industry, said that when outages do occur banks work hard to return services as quickly as possible.

For many, that’s not enough - particularly when there are regular breakdowns in service. For many high street banks who have been built on a long history of dealing with cash, it seems that they’re simply not ready for the new way of paying for goods digitally - and that’s something that should be a real concern for consumers.

With some firms now refusing to accept cash, Which? has raised concerns about the reliance of digital payments, with the fear that consumers could get temporarily locked out of their accounts.

High Street Banks Suffering IT Failures “Daily”

Comparison sites: the pros and cons

INDUSTRY NEWS customer insight

The UK has become a nation which is dependent on the data provided by comparison sites but is this such a good thing?Gone are the days of sitting with a phone book, ringing round all the insurance companies yourself. The introduction of the internet made it easier to collect quotes online but it still meant a lot of work to go around all the different providers. Enter the comparison sites: a one-stop shop which allows consumers to search for multiple quotes on a single website.

It may sound like a perfect solution but are comparison sites all they’re cracked up to be? Here’s a closer look at the pros and cons.

PRO: Helps you save moneyIn a modern world where every penny counts, getting the best deal is a priority for most. The best deals typically aren’t offered to loyal customers so it pays to shop around and see what deals can be done. Having hundreds of providers all in one place, and the option to filter results according to cost can save a huge amount of time - and also give you access to the cheapest quotes. Comparison sites often include quotes from companies you may not have considered before, so you could discover a smaller provider that delivers excellent value for money.

PRO: EfficientA comparison site doesn’t typically do anything that you can’t do yourself - but it takes a fraction of the time. Even if you could think of all the different providers to try, filling in each individual quote request would take you many hours. Using a comparison site allows you to compare a huge number of quotes instantly, a far more efficient way to get the job done.

CON: Focuses on costs onlyThere’s no question that price is important but it’s essential not to forget about quality too. When you’re taking out insurance, the overall cost will be irrelevant if it doesn’t provide you with the cover you were expecting. Comparison sites are set up to focus on cost and aside from the main features, it’s not always easy to see why one provider costs more than another. Before you click to proceed with a quote, make sure you’ve check out the terms and conditions so you’re sure about what you’re getting.

CON: Not all providers are listedYou’ll find lots of different providers on comparison sites, and it’s sometimes hard to imagine there may be others. However, the truth is that not all providers choose to be listed on comparison sites. This means you aren’t truly picking from the best of the market, simply the ones that have opted in to the site you’re using.

CON: lack of contactWhen you buy a product from a comparison site, you could be surprised at just how easy it is. A few clicks and you’re all signed up, without needing to give the matter anymore thought. However, there’s no opportunity to ask any questions or clarify the cover in any way. When you speak to a provider directly, it’s much easier to get any additional information you need.

Comparison sites: the pros and cons

Accidental money laundering: how fraudsters use social media to prey on the young.

A vulnerable environmentSnapchat, Instagram and other social media platforms make it easy for people to connect. This is both its greatest strength and greatest weakness. Users can chat with others from all over the world, rather than just their real-life friendship circle, but it also means that fraudsters have a steady supply of victims to zone in on.

Fraudsters work by seeming to be trustworthy and friendly, offering others the chance to make money with zero risk. There are groups on Instagram with thousands of followers, with everyone hoping to find a way to make money without too much effort.

The truth is that there’s no magic solution to earning hundreds of pounds instantly. However, the criminals running these scams are very experienced in appearing to be believable - and it’s enough to fool thousands of people every year.

A world without social media is almost unthinkable now, and for the younger generation in particular it’s a deeply-ingrained way of life. However, in amongst the photos, posts and live streams, there are more sinister uses, with fraudsters increasingly turning to platforms such as Instagram.

Under-25s are being deliberately targeted with a number of scams which promise to be money-spinners but instead make users accessories to a crime. Here’s a closer look at how criminals are using social media and how users are inadvertently becoming “money mules”.

INDUSTRY NEWS customer insight

How it worksThe scam could be presented in a variety of different forms but the underlying principle is the same every time: the user needs to provide a valid bank account. This is the commodity that criminals are trying to access as it allows them to launder millions of pounds every year.

Messages typically ask users to provide their card and bank details, promising not to take any money. In many cases they honour this, only using the account to pass their own money through. The cash transitions through the account rapidly, being moved there before then being transferred. Each transaction is too fast for the user to be able to get their hands on any of the cash passing through the account - and they won’t receive the promised fee either.

Many scammers promise hundreds of pounds in return for using an account, and for many people, this may seem like a reasonable request. However, the fee for providing an account is typically never paid, and instead the individual risks being prosecuted for laundering money.

A very real riskAccording to the police, under-25s are six times as likely as the older generation to be fooled by this scam. Some sources suggest that as many as 10,000 under-21s were duped in this way in the last year.

Although social media providers don’t allow criminal activity, many don’t seem to be very interested in taking action to close down those attempting to recruit “money mules”.

However, this isn’t the case for police and banks who have been working together to stamp out money laundering. Individuals who allow others to move money through their account risk having their account closed, and in the worst case scenario could be jailed for up to one year.

If you’re approached with this kind of offer, don’t be tempted to accept as you won’t receive a penny and could end up with a criminal record. Report the profile to the social media provider and block them from making further contact; it’s simply not worth the risk.

Accidental money laundering: how fraudsters use social media to prey on the young.

INDUSTRY NEWS customer insight

On the lead up to the March deadline, as Brexit gripped even the most ambivalent of political followers, Suits Me asked our community of account holding customers to answer a quick six question survey. The results below make interesting, if not surprising reading.

BREXIT: A Suits Me Consumer Poll

Q1Do you feel confused over your settlement rights after Brexit?

DON’T KNOW15.38%

YES61.54%

Number of responses: 104

NO23.08%

Q2We are currently in the lead up to Brexit. How does this make you feel?(Tick all that apply)

CONFUSED 50

NERVOUS 20

SCARED 8

POSITIVE 20

I DON’T KNOW / NO DIFFERENT 15Number of responses: 105

Do you feel your job prospects have been affected by the referendum in the past 2 years?

THEY HAVE IMPROVED: 15.24%

THEY HAVE STAYED THE SAME 38.10%

THEY HAVE GOT WORSE 14.29%

DON’T KNOW 32.28%Number of responses: 105

Do you feel positive about your life in the UK after Brexit?

DON’T KNOW25.71%

YES40.95%

NO33.33%

Number of responses: 105

DON’T KNOW8.49%

YES62.26%

NO29.25%

Are you worried about your future job prospects in the UK after Brexit?

Number of responses: 106

Q3 Q4

Are you more likely to consider employment in other European countries (e.g Germany) following the UK’s withdrawal of the EU (Brexit)?

Number of responses: 105

DON’T KNOW25.71%

YES36.19% NO

38.10%

Q6

Brexit: a suits me consumer poll

These results confirm that speculation and uncer-tainty is abound on both sides of the temporary labour market. Interesting times are sure to prevail in the remaining months of the extension, when we all hope for some clarity in the path ahead for the UK contingent working community.

Q5

The Second Payment Services Directive, PSD2, may not be something that consumers are aware of but for businesses, it’s meant big changes. Here’s an overview of PSD2 and what it means for you and the Suits Me customer.

What is PSD2 all about?

PSD2 follows on from the original Payment Services Directive which was issued in 2007. Taking the same principles, the legislation goes even further to provide safe and secure ways to make online and cross-border payments.

Part of this included removing the bank’s monopoly on holding information, allowing merchants to obtain authorisation to complete transactions themselves. This cuts down on the potential for third party surcharges and costs.

Included in this new release of information is the ability for consumer services that hold all the financial information in one place. This allows customers to view all of their finances from different sources together, such as within a comparison portal.

However, it’s not just about providing better access and reducing costs. A large part of the legislation focuses on transparency and improved security for making payments online. A special emphasis is given to those which cross international borders, moving from one EU country to another.

Although not every aspect of PSD2 has yet been finalised, it passed into effective law in January 2018. Therefore, Brexit won’t prevent this law from being enforced in the UK.

PSD2: Tightening Security For PaymentsThe subject of online security for payments has never been out of the spotlight but in the last year there’s been an even greater focus. This is because PSD2 came into force across the European Union.

EMPLOYER HUBindustry reference

Understanding customer authenticationAlthough the idea behind PSD2 is to make the process of online payments much smoother and easier, security is at the heart of the legislation too. Payments which cross national borders should be just as simple and safe as domestic transactions; this legislation seeks to harmonise the process.

Part of PSD2 calls for “strong customer authentication” (SCA) which means that the process of providing authority for every transaction must be robust. There are a variety of ways in which this can be achieved but examples of the standards expected have been laid out.

The variations on each of the options are extensive but essentially, a number of different components must be utilised every time authorisation is required. Having a simple password and login is no longer sufficient.

Instead, the preferred route – and one which Visa has chosen – is a one-time password. This means that every time a transaction is completed a new password will be generated which must be entered and verified. This extra layer of security provides safeguards over the transactions and can be achieved in a number of different ways, such as SMS or email.

Choosing the safest options

Lots of work has been done behind the scenes to comply with the requirements set out in PSD2, and provide customers with the ease of access that the legislation demands. We’ve chosen to follow the same path as Visa and use one-time passwords for all transactions too. We believe this offers the best combination of convenience and security, providing the maximum protection without disrupting the ability to easily make online payments. Undoubtedly this area is one which will continue to evolve and develop, and we will continue to stay ahead of the pack in offering our customers the safest and most secure payment facilities that they can really trust.

PSD2: Tightening Security For Payments

Suits Me MD Keith Poole interviewed on BBC World News. Keith was in the spotlight on BBC World News in April when he was interviewed on the Business Live programme.

In the interview, Keith explained the background of Suits Me, our customer base and a little about the behind the scenes mechanics of High Street banks.

The presenters understood the niche Suits Me caters for and the banking product was well received.

You can see the interview on the Suits Me You Tube channel (4 minutes)

SUITS ME SPRING NEWS

SUITS ME SPRING NEWS

ATM withdrawal limit increased from £250 to £500 per day.

The increased daily limit puts our cardholders in a position where they can receive their income safely and securely into their account, and then manage their money as cash, should they prefer.

We found that some of our cardholders like to withdraw cash before they go back home after their seasonal work as they receive more money from exchanging the cash into their own currency, rather than transferring it, or exchanging it from their debit card.

The Old Shippon, Moseley Hall Farm, Chelford Road, Knutsford, Cheshire WA16 8RB.

tech@suitsmecard.com

Suits Me is registered in England and Wales, with registration number: 07349753

Suits Me is registered with the Information Commissioner’s Office (ICO) under registration reference: ZA237140

The alternative banking solution for contingent workers.

www.suitsmecard.com

0844 322 1111tech@suitsmecard.com

THE UK’S FASTEST GROWING JOB BOARD THAT COVERS ALL INDUSTRIES.Temporary, contract, or permanent positions.

UNIQUE AI TO QUICKLY MATCH JOB VACANCIES WITH SUITABLE CANDIDATES. Intelligent job matching, saving you time.

INTEGRATED WITH ALL MAJOR RECRUITMENT SOFTWARE PLATFORMS ATS’s, Job Multi-Posters and many more.

FREE UNLIMITED JOB ADVERTISING UNTIL 2020No contracts. No hidden fees.

EITHER CALL 08081 561 178 OR REGISTER AT HIRER.ZOEK.UK TO GET SET UP.

Whether you’re an SME or a blue chip company, or an agency - register and start posting on Zoek to receive relevant candidates for your roles.