Criminals using artificial intelligence tools to take over mobile, bank and online shopping accounts, says Cifas

Criminals are increasingly exploiting AI technology to take over people’s mobile, banking and online shopping accounts, the UK’s leading anti-fraud body has warned.

Last year, a record number of scams were reported to the national fraud database, fuelled by AI, which allows for large-scale deception on “industrialised” levels, according to Cifas, the fraud prevention organisation.

Bank criticised for tone of spending summaries, with one user complaining to ombudsman over ‘humiliating’ use of data

When does lighthearted banter become inappropriate and humiliating?

The digital bank Monzo has been accused of overstepping the mark by using the data it holds to tell one customer with a past eating disorder that she eats a lot of fast food, spends “more than most” on Just Eat takeaways, and had banished her life goals thanks to her spending choices.

It’s easy to let your credit card balance mount up – and hard to admit you have a problem. But help is at hand. We talk to four people who worked their way back into the black

Abbie Marton Bell, a National Debtline adviser, is often the first person her clients will speak to about their debt, after years of carrying the weight of their financial worries alone. Most of the time, they haven’t even told their partner or family, she says, and “you can literally hear the relief in their voice”.

Debt carries a lot of shame, but it’s more common than people might think. In the UK, 84% of adults had some form of credit or loan in the year leading up to May 2024. The average household holds about £2,700 in credit card debt, and it’s only getting worse. Borrowing has been rising at its fastest rate for almost two years, with those hit hardest by the cost of living crisis increasingly using credit to pay for essentials.

After a reckless shopping spree, I ditched contactless payments and bank cards to see how far £200 cash in hand would get me – and if I could improve my spending habits

If I’m lucky, I can just about squeeze a £20 note into the back of my phone case, which holds the device I reflexively tap to pay for almost everything. But this week was different. After a reckless coffee-and-clothing spending spree made a mighty dent in my bank account, I decided I needed to take action. Self-control was one option, but another more drastic route was blunt-force restriction. I would ditch contactless payments, along with debit and credit cards. Instead, I would spend a week relying solely on cash.

After subtracting the lavish lattes and Asos deliveries that had massively inflated my average weekly spend, I allowed myself £180 for the basics, including food and travel. For safety, I gave myself an extra £20. The first task was to take out £200 in cash from the ATM. But what the hell was my pin number? Thanks to contactless capabilities, I hadn’t used this all-important combination of digits in more than a year. Googling how to find it, I discovered I’d have to wait three to five working days to get a letter reminding me of it in the post. This wouldn’t do. I decided to head to my local bank to explain my predicament.

Donald Trump’s leverage over Visa and Mastercard highlights a blind spot in Europe’s ‘independence’ strategy. Emulating India’s response might help

When the centre-left French politician Aurore Lalucq posted a warning last Wednesday that Donald Trump could cut off Europe from international payment systems, the clip went viral. To many, her message made sense. After all, if Mr Trump was prepared to test allies’ boundaries over Greenland, it is not far-fetched to imagine Visa and Mastercard becoming used against a recalcitrant Europe.

The US can turn off payment systems it controls. Russia learned this first-hand after sanctions were rightly applied for its invasion of Ukraine. As up to 60% of Russian retail transactions depended on Visa and Mastercard for authorisation, the ban left many ordinary people stranded without access to funds and unable to buy goods. Under Mr Trump, America’s goal is to “help Europe correct its current trajectory”. Given such talk, Ms Lalucq, who chairs the European parliament’s economic and monetary affairs committee, is not wrong in calling for an “Airbus of European payments” to protect the EU.

Fraudsters use phishing to steal card details, which fund a spending spree using Apple Pay or Google Pay

You get a call from your bank and the informed voice asks to you to confirm the personal details they have on file, which you do. You are then asked whether you bought something at an electrical retailer recently for £120 and spent £235 in Birmingham, but neither transaction rings true.

The caller tells you they have blocked the payments but they must now secure your account, and say they will send you a notification to approve, or a code to pass on to them. You feel under pressure to protect your money, so you do what is asked.

It is time to roll out the red carpet in recognition of those that worked hard to keep customers at arm’s length

When the year began, I was a listening ear to Your Problems, my column for the Observer. Now I’m a Guardian consumer champion. Reinvention is always bracing. My old life was spent wrestling airlines, insurance firms and energy providers intent on plundering readers’ piggy banks. My new life? Wrestling airlines, insurance firms and energy providers intent on plundering readers’ piggy banks.

It is a comfort in this era of seismic shifts to know some things remain constant. You can bank on energy firms to chill your marrow with billing psychodramas and phantom accounts. Meanwhile, certainty is still the business model of insurers: many would say you can be certain that if you damage your car, or yourself, your provider will look for a reason to stall over your claim.

From retailers to banks, carmakers to councils, the bold pledges for carbon-neutral economies are being watered down or scrapped

Almost a year since Donald Trump returned to the White House with a rallying cry to the fossil fuel industry to “drill baby, drill”, a backlash against net zero appears to be gathering momentum.

More companies have retreated from, or watered down, their pledges to cut carbon emissions, instead prioritising shareholder returns over climate action.

The online banker sounds concerned, as if he’s trying to keep me on the line until the ambulance arrives

Certain contractual terms oblige my oldest sons to periodically appear at their places of employment. On rare occasions they both go in on the same day. On this particular day, my wife and the dog are also out. I’m alone in the house.

I’m lingering over lunch – because, why not? – when my phone pings in my pocket. It’s a text from my bank.

From joint bank accounts and pooled savings to mortgages and tax allowances, talk about money for a happy financial future together

There’s no one-size-fits-all answer for whether you should manage your finances jointly, separately or somewhere in the middle.