Banks to charge shops to tackle fraud
Hey! Do you own a shop or a restaurant? You'll love this bit of news then. Basically, for the first time, you're going to have to pay fees to prove you hate fraud.
The fees will be around £65, which will prove that shops are following contract rules set by Visa and Mastercard designed to protect customer data.
If you think you're going to stick two fingers up at it, then get this - failure to do so could end in a charge of £600 a year by the banks, not to mention penalties of up to £100,000 by the card issuers.
The Telegraph report that retailers using payment services firm Streamline, which is owned by WorldPay, are receiving letters from chief-exec Ron Kalifa, ordering them to fork out for an assessment of their IT systems. Streamline said its "low cost" option of an initial £19.99 plus VAT - to use its preferred assessor - and £35,000 in insurance to cover potential fines was the most "competitive" deal available.
Retailers already have [UK] Data Protection legislation in place, leaving many businesses accusing the banks of cashing in at everyone's expense.
It appears that the banking world is doing its utmost to become officially the most hated group of people ever to walk the Earth.
Politicians must be thrilled.