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In the loop: Twitter scammers posed as Elon Musk, employers suffer from workers’ side hustles and TfL unveils incubator

Written by Angus Shaw on Friday, 09 November 2018. Posted in Insight, Analysis

Avoid the cold and read about how Jaja raised $3m for a digital credit card, most UK employees‘ side gigs waste employer’s time and the latest Twitter cryptocurrency scam

In the loop: Twitter scammers posed as Elon Musk, employers suffer from workers’ side hustles and TfL unveils incubator

Twitter hackers disguised accounts as Elon Musk to steal cryptocurrency

The connection Twitter lets people have with their followers is amazing – just ask Donald Trump. So when that link is hijacked, serious damage can result.

Indeed, this week scammers hacked verified Twitter accounts and altered them to mimic Elon Musk’s profile. Once disguised, they tweeted links to cryptocurrency giveaways that prompted hopefuls to send their own cryptocurrencies to the scammer. Since the tweets seemed to be from the Tesla founder with a reassuring verified tick next to the name, hundreds of people were convinced of its authenticity and lost thousands as a result, Independent reports.  

As well as appearing in the timelines of the hacked account’s followers, scammers utilised Twitter’s ad service to promote the deceptive Tweets across wider audiences.

Musk’s probably relieved he’s not the one being criticised while in the middle of a controversy for once.

TfL unveils incubator to ease London’s congested roads

From Barclays’ Eagle Labs to John Lewis’ JLABs, incubators are getting popular with big organisations. Now, in light of London’s populous being expected to increase by 1.8 million over the next 25 years, Transport for London (TFL) is revving one up to fix the capital’s street disruptions.

In collaboration with Plexal, the innovation and co-working centre, TfL opened applications for London RoadLab, the transport network’s first innovation partnerships programme. 

It aims to support entrepreneurs crafting solutions to reduce the impact of roadworks in the Big Smoke’s busiest roads. Successful applicants can expect funds and expert advice across pilot sites during a ten-week programme. 

With entrepreneurs already creating self-driving cars and using big data to predict commuter needs, this initiative is set to bring on the transport revolution even sooner.

62% of Brits confess to carrying out a second job during their main gig

Considering 32% of Brits spend half their annual work hours in misery, it’s unsurprising to learn over half carry out a second gig while at their main job.

Surveying 1,400 full-time UK workers, CIPHR, the HR management software company, found 62% work a side hustle on their boss' time, with 60% spending up to two hours per day on it.

Given secondary jobs annually generate up to £6,000 for 65% of respondents and £12,000 for 24%, you can hardly blame them. However, knowing bosses waste 26% of wage payments on staff not actually working for them, it’s a harmful habit.

But there are motives employers can address. For instance, 31% admit to undertaking a side hustle due to lacklustre pay from their main employer.

So you want your workers to focus? Pay them accordingly.

Jaja flies past £3m crowdfunding goal for its alternative to credit cards

Many founders try their hands in buoyant sectors. And thanks to crowdfunding, many startups have a chance to try their luck who otherwise wouldn’t. 

Jaja, the London-based fintech startup, is the latest venture to prove this point by having raised well above its £3m funding goal on Seedrs, the crowdfunding platform, thanks to over 830 backers.

As per its crowdfunding pledge, the startup now hopes to launch Jaja Card, a digital credit card. The product’s solely accessible through Jaja’s mobile app in an effort to quash traditional credit card complexities. For instance, only a driving license and passport are needed to get hold of a Jaja Card.

Although an industry disruptor, Jaja’s supported by Visa. That relationship lets Jaja issue cards, process payments and directly acquire merchants.

Forget cashless society – we may one day see a cardless society.

Big trouble in little China?

China is raring to get British business sailing its way. However, from shaky copyright laws to bootleg ripoffs, are there problems with the country that should put entrepreneurs off?

For your company’s sake, stop stressing

It’s a given that launching a startup causes stress but that will syphon your productivity levels if you can’t cope. Fortunately, these businesses know how to deal with it.

This week’s The Apprentice was no laughing matter for Kurran

Although it should be obvious, the last thing you want to do as a candidate of The Apprentice is treat the show like a joke. And that’s exactly why Alan Sugar sent Kurran to the black cab this week, according to Alana Spencer, winner of the 2016 series.

Female founders are on top of their game in the sextech industry

Few things are more true than the expression sex sells. And these female entrepreneurs know it more than most as forefronters of the lucrative sextech industry. But they have to overcome VCs’ reluctance to invest in the promising sector.

What the hell is blockchain?

It’s every business person’s new best friend yet many can’t even get their heads around what it does. Well, now they can thanks to this helpful walkthrough.

Legal tech needs time to thrive

As an incredibly young sector, investments in legal tech are sparse. However, given the increasing consumer demand it’s receiving, investors need to catch up quick

About the Author

Angus Shaw

Angus Shaw

With a keen eye for politics as editorial assistant, Angus can often be found scanning the horizon for the next big waves crashing against business shores – which makes up the time when he's not setting sail at Radio Caroline, the former pirate station, on weekends. Follow him on Twitter @Angus_Shaw for his latest cognition

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