Consumers advised to exercise caution purchasing tickets from unofficial sellers online

Online purchasers of concert, festival or sporting event tickets are advised to exercise caution at all times, but particularly if purchasing from other than a legitimate, official ticket seller.

A small number of cases have recently come to the attention of banks where individuals have sought to purchase Electric Picnic concert tickets through online fora, websites and social media sites only to find themselves with no tickets and at a loss of their money.  The victim purchases the ticket online, paying for it by means of an electronic account to account transfer.  The ticket is then supposed to be posted out and, when not received, the alleged seller is not contactable.

This is not a new type of fraud but can increase with any event where tickets are in high demand or sold out – and especially when tickets are selling for a high price.  In the past, there have been cases involving sporting events or simply involving the online purchase of high-value items such as smart phones.

Consumers need to exercise extreme vigilance if buying tickets or other items online when not purchasing from a recognised and reputable seller.  Consumers should take steps to independently verify that the seller is the legitimate holder of a genuine ticket and that he/she intends to exchange the ticket for the fee paid.  If in doubt, consumers should not proceed with the purchase.

Tips to limit your risk:

  • Purchase tickets and other items from well-known, reputable sellers
  • For unofficial sellers, check the seller’s history and online reviews when available
  • Never pay for tickets by transferring money directly into the seller’s bank account unless you can verify the seller’s legitimacy and reputation

Points of information:

IPSO

The Irish Payment Services Organisation Ltd. (IPSO) is the umbrella body for payment services for financial institutions in Ireland. The company provides strategic and technical support to the payments industry in Ireland, a forum for consultation among participants, and represents the payments industry at national and international levels.

Banking & Payments Federation Ireland National Conference

Banking & Payments Federation Ireland hosted its Annual National Conference, Innovation in Banking – Engaging the Customer, on Tuesday 11th November 2014 at the Radisson Blu Hotel in Dublin. This year’s flagship event brought together key senior bankers, payment service providers, policy makers and commentators to present their thoughts on the challenges and opportunities that innovation presents to service providers and their customers.

As financial and other service institutions continue to respond to the evolution in technology in the development of multi-channel banking services, innovation has become a strategic priority. It is now recognised as one of the most important drivers of success and customer engagement in the marketplace today. With a distinguished line-up of speakers from home and abroad, this year’s conference provided a unique insight into the future of innovation in banking and payments as well as examining the challenges and opportunities in implementing new solutions. The conference also examined how these solutions can optimise customer experience, acquisition and retention. Presenting the policy, customer, regulatory and service provider perspectives, the conference also provided a platform for delegates to explore and discuss innovative ideas and new practices as well as affording participants a valuable opportunity to network with peers form across the banking and payments industry.

FIBI Conference 2014

As the global and EU regulatory reform agenda moves from policy formation to implementation, this year’s conference considered the likely impact of Europe’s new single supervisory structure on Dublin’s IFSC and Ireland as a financial services hub. The conference also addressed how financial institutions are successfully adapting their business models against the backdrop of this rapidly changing regulatory framework and examined the challenges and opportunities faced in making this transformation.

New Mortgage Lending in Q2 2014

  • 4,803 mortgages  drawn down to the value of €820 million
  • Loan volumes up 48.7% year-on-year, 40.2% quarter -on-quarter
  • 92% of new mortgage credit goes to home purchasers

The IBF/PwC Mortgage Market Profile, published today, provides an account of mortgage lending activity during the second quarter (Q2) of 2014.

The following are the key elements:

  • A total of 4,803 mortgage loans were drawn down in Q2 2014.  At 50.8% First Time Buyers remained the largest segment followed by Mover-Purchasers at 35.6%.
  • The number of mortgages drawn in Q2 2014 rose by 48.7% compared to the same quarter in 2013 (year-on-year) and by 40.2% compared to Q1 2014 (quarter-on-quarter).
  • The value of mortgages drawn down in Q2 2014 was €820 million.  First Time Buyers accounted for 48.3% and Mover Purchasers for 43.7% of this total, meaning that 92% of mortgage credit was taken out by house purchasers.
  • The value of mortgages drawn in Q2 2014 rose by 58.4% compared to the same quarter in 2013 (year-on-year) and by 44.3% compared to Q1 2014 (quarter-on-quarter).

This graph presents the trend in the volume of mortgage approvals and mortgage drawdowns:

QoQ Mortgage Approvals and Drawdowns Q2 2014

View the IBF/PwC Mortgage Market Profile.

Notes

The Irish Banking Federation (IBF) is the principal voice of the banking and financial services sector in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Contact: Jillian Heffernan, Marketing Communications Manager, IBF, ph: 01 474 8835 / 087 9016880

Mortgage Approvals – June 2014

The Irish Banking Federation has published the latest figures from the IBF Mortgage Approvals Report for the three months ending June 2014*.

The following are the key elements:

  • A total of 2,268 mortgages were approved per month, on average, in the three months ending June 2014, of which 2,102 (93%) were for house purchase.
  • The number of mortgages approved rose by 41.5% year-on-year and by  11.2% month-on-month.
  • The value of mortgages approved per month, on average, in the three months ending June 2014 was €406 million, of which €390 million (96%) was for house purchase.
  • The value of mortgage approvals increased by 49.3% year-on-year and by 13.4% month-on-month.

Data collection for the IBF Mortgage Approvals Report began in August 2012 covering the period from January 2011 onwards in respect of the market’s main mortgage lenders. The report is available for download on the IBF website. View the IBF Mortgage Approvals Report.

*All figures are based on the three-month moving average.  Year-on-year compares the average for the three months ending June 2014 with the three months ending June 2013.  Month-on-month compares the average for the three months ending June 2014 with the three months ending May 2014.

Ends/

Note: The Irish Banking Federation (IBF) is the principal voice of the banking and financial services sector in Ireland, representing over 70 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Contact: Jillian Heffernan Marketing Communications Manager, IBF, Ph: 01 4748835 / 087 9016880