Guide developed to help cardholders use cards effectively abroad

A new guide has been developed to help consumers learn more about using their credit cards abroad more effectively and sensibly. Read more

Tags: credit cards abroad, The new guide, year, new guide, credit card fraud, fraud, Credit Cards, apacs

Online Banking fraud levels on the up

These days more and more people are using online banking facilities in order to carry out their banking transactions, and with an increasing number of banks offering these facilities online banking has become very popular amongst those with busy lifestyles and lots of commitments. Read more

Tags: credit card fraud, APACS officials, keylogging, apacs, Credit card, fraudster, online

Cash from some Icelandic banks gone into the abyss

According to recent reports many of the UK savers that tried to transfer their money from the collapsed Icelandic banks, Icesave and Kaupthing Edge, have discovered that the money has not hit the accounts into which it was transferred. Many consumers who had put savings into the Icelandic banks due to the high rates of interest paid started to transfer their cash in the run up to the collapse following rumours that sparked fears over the collapse, but in some cases the money has been transferred out of the Icelandic account but not appeared in the recipient account. Read more

Tags: reappear, lawful bank instruction, Kaupthing Bank, apacs, fears, News, service

Younger people ‘nonchalant’ about their cards

Younger people seem to be less concerned about keeping their credit cards safe from fraudsters, a new report has suggested.

Two thirds of those aged under 50 said they had reported a credit card stolen compared to 78 per cent of people aged 50 years old or over, according to research by Saga.

Furthermore, a “massive” 88 per cent people aged between 18 and 34 years old said that they did not raise an eyebrow if someone took their credit card out of their sight when they were making a payment.

This is in contrast to 65 per cent of over 55 year olds saying they would not kick up a fuss in the same situation.

Andrew Goodsell, chief executive of Saga, commented: “Our study shows a worrying trend that men and younger people are generally less concerned about ID fraud than their older counterparts, and are not taking the steps to prevent fraudulent activity.”

This comes just after recent warnings from Apacs for people to make sure they keep their PINs safe.

Tags: fraud, economics, apacs, someone, Credit card, cent, pins

Credit card holders warned about buying abroad

People who intend on using their credit cards to make purchases abroad have been given advice by one expert to help them avoid losing money.

Mark Bowerman, a spokesperson for UK payments association Apacs, urged people to ensure that they know who they are “dealing with” and that it is a “reputable company”.

For transactions between £100 and £30,000, it is “beneficial” to use a credit card because it will offer greater “protection” than a debit card, Mr Bowerman explained.

For consumers who have made purchases that turn out to have been for counterfeit goods, the “normal route” to be reimbursed is to approach the retailer, as this is usually “easier” than going directly to the card issuer, he stated.

“If there is no one to approach, then you can approach your card issuer, explain the situation to them and then they are liable for that amount of expense so you are refunded by them,” Mr Bowerman remarked.

Apacs is the UK trade association for payments and organisations that [rvide payments services.

Tags: Credit card holders, spokesperson, card issuer, mr bowerman, UK trade association, apacs, Credit card, Mark Bowerman

Shop around for credit card bargains, customers urged

Credit card customers should be prepared to shop around for the best card deals this month, just as they would for anything else in the January sales.

According to Sainsbury’s Bank, credit card users need to take the new start offered by the New Year to review their finances and make sure they are getting the best deal.

“Look around and see whether there are better deals than what you’re currently getting from your provider and that may well offer you an opportunity to reassess your costs,” urged head of cards Donald MacLeod.

He urged customers to pay off more than the monthly minimum amount on their cards in order to avoid going further into debt.

Figures released by UK payments association Apacs last month suggested that 64.3 per cent of the £53 billion spent in the run up to Christmas would be put onto credit cards, with the amounts put onto plastic accelerating in the last few days.

Tags: Christmas and holiday season, January, card, deal, New Year

Lost data victims desperate to protect bank accounts

The millions of victims of the HM Revenue and Customs data loss blunder have been desperately taking measures to try and protect their bank accounts according to a recent report.

HM Revenue and Customs lost disks containing around 25 million bank account details recently, and although there is nothing to suggest that the information has fallen into the wrong hands the government has urged those affected by the situation to remain vigilant in order to reduce the chance of becoming a victims of fraud or theft.

Over the past few days thousands of potential victims have been flocking to change their bank account passwords and PIN numbers in a bid to try and protect their accounts. Because the data related to child benefit and contained names and dates of birth it is thought that parents using their children’s names and dates of birth as part of their banking security details may be at most risk in the event that the data does fall into the wrong hands.

Sandra Quinn from APACS stated: ‘Obviously with the scale of this there can be no guarantee that fraud won’t happen, but we are doing all we can to minimise that risk. Our best advice is that if you use your child’s name or date of birth as passwords then it would be a good idea to change them, but there is no need to panic.’
Banks are also taking precautions to try and protect customers’ accounts.

One Barclays official stated: ‘We have briefed staff to be extra vigilant, and will be asking customers for additional information as well. Obviously we won’t say what those extra measures are, but we are asking people to bear with us, as we take all steps to minimise the risk to customers.’

Tom Smith
3rd December 2007

Tags: hmrc, data, lost, accounts, bank, personal, stolen, apacs

Consumers can bank on changes to Banking Code

Changes are to be made to personal business and Banking Codes as the result of an independent review.

The review was followed up by a public consultation which drew out necessary reforms that will give consumers a fairer deal.

Among the reforms will be a step up in the amount of aid given to customers heading into financial trouble, greater clarity in cheque clearance and information on products and greater transparency of information for credit cards and credit card cheques.

Angela Knight, chief executive of the British Bankers’ Association, commented: “The Banking Code is the charter that sets out how customers are treated by their banks and building societies.

“These revisions to the code reflect the need to keep up with a changing world. It will continue to underpin the treatment and protection customers value and have every right to expect.”

Meanwhile, Paul Smee, chief executive of APACS, said that the improved transparent for cheque users is “great news” for all consumers but especially for those with basic bank accounts as well as small businesses.

Tags: Economy of the United Kingdom, public consultation, apacs, british bankers association, cheque, Banking Code, great news, basic bank accounts

Online banking ‘good for all ages’

Online banking is for savers of all ages, according to a finance expert.

Nick Staib, a spokesperson for HSBC, said that age was no barrier to internet banking and revealed that internet banking was outstripping bank account sales.

UK payments association Apacs recently published figures that showed the number of adults using online banking had increased by 174 per cent from 6.2 million in 2001 to 17 million last year.

This figure included 350 per cent increase in use amongst the over 55s.

Mr Staib said that there was a steady growth in customers going online and added that while internet banking was readily adopted by young people, the older generations saw it as “natural” to bank online.

“There is no reason why people of any age can’t use the online banking, as long as they can send an email to somebody,” he said.

“If we didn’t [have internet access for banking] I don’t think we would be able to sell hardly any bank accounts at all.”

Tags: payments association apacs, finance expert, bank account, access, young people

Holidaymakers pay extra in credit card fees

British holidaymakers will pay up to £258 million in fees over the summer as their credit card companies charge them for making transactions abroad, a new study has found.

According to the report from the Post Office, Britons will collectively spend around £9.4 billion, though many are unaware that they will incur extra costs for borrowing while overseas.

Of those people questioned, nearly half said that they had no idea that such extra charges would apply, while 37 per cent believed that their lender did not levy an additional fee, despite research showing that the vast majority of firms charge on average 2.75 per cent per transaction made.

In addition, 26 per cent of people admitted to failing to budget for their holidays before they went away, meaning that they left themselves vulnerable to having to borrow and get into debt.
“We are now four times more likely to spend on plastic abroad than 10 years ago,” said the PO’s Gary Fitton.
“It’s shocking not only to see how much people are being penalised to use their cards on holiday, but how few are aware of this.”
The findings come soon after the UK payments association Apacs revealed that fraud committed abroad on UK-issued cards totaled £118.2 million last year, an increase of £36 million.

Tags: finance, summer, fee, idea, apacs

Plastic card spending grows

The amount of money we spend on debit and credit cards has increased three-fold in the last ten years, reaching record levels.

Figures from the UK payments association Apacs show that we spent a combined total of £321 billion on plastic cards in 2006.

That compares to the £87 billion that was spent in the same way back in 1996 and debit cards have seen the biggest rise.

Debit cards accounted for 61 per cent of all plastic card spend, totalling £195 billion – five times the amount spent in this way in 1996.

Credit cards accounted for 39 per cent of plastic card spend, with £126 billion being spent in this way – twice the amount of 1996.

“The last ten years have seen a rapid rise in the popularity of plastic, with debit cards showing particularly strong growth,” said Sandra Quinn, Apacs’ director of communications.

“Consumers enjoy the ease and convenience plastic cards bring and today most retailers and supermarkets take plastic, as do an increasing number of professional service providers.

“Over the next ten years it is expected that spending on plastic cards will continue to dominate the payments arena, accounting for 89 per cent of growth in UK payment volumes by 2016,” she added.

Spending in the retail sector saw the gap between cash and card payments widen between 2005 and 2006.

Tags: debit and credit, apacs, card payments, UK payment volumes, card, professional service providers, Association, payment

The changes brought about by debit cards

The debit card turned 20 on June 3rd and the banking industry has been looking back at how our lives have changed as a result.

Apacs, the UK payments association, has released a report called 20 Years of the Debit Card and it highlights how the cards have allowed our lives to alter in the past two decades.

Barclays was the first UK bank to provide customers with a debit card back in 1987 and 20 years on, 84 per cent of the adult population now owns one.

A total of 41 million people hold a debit card, a massive increase on the 27.8 million who had one in 1996.

The popularity of debit cards continues to grow, with Brits spending £194.9 billion on their cards in 2006, five times what we spent on them in 1996.

“It’s hard now for most of us to remember what life was like before the debit card, as it’s become one of those things we’re unlikely to leave home without,” said Jemma Smith from Apacs.

“Before 1987, most of us were totally reliant on cash or cheques, and although credit cards were used in supermarkets at that time, they only made up six per cent of transactions.

“Today, cards account for 66 per cent of supermarket spending, and most of this is on debit cards. In fact, over a third of all debit card transactions are made at the checkout,” she added.

It seems that debit cards will continue to be popular among consumers in the years to come, with spending on them expected to reach £400 billion by 2016.

Tags: apacs, Jemma Smith, Electronic commerce, life, cash, payment, MasterCard, massive increase

Credit card customers urged to check statements

UK payments association Apacs has urged credit card customers to check their statements carefully, as many people are currently guilty of not doing so.

According to research by the group, nearly half of all credit card users do not check their product statements thoroughly.

A surprising four per cent of respondents to the survey said that they never look at their credit card statements.

To help people make sense of communications from their provider, Apacs has created an advice guide explaining everything about the features and terms included in statements and giving hints on how to understand various details and terminology.

Sandra Quinn, director of communications at Apacs, said: “Although people are getting better at checking their statements, our research suggests that there is still a lot of work to be done.

“Armed with this advice guide we believe consumers will be better equipped to get the most from their credit card statement.”

The association’s study reveals that Yorkshire and Humberside is the worst region for ignoring credit card updates, with nine per cent of people admitting to never checking their statements.

Tags: credit card statement, economics, worst region, Banking, apacs, Association, credit

Apacs introduces new payment system

Making payments over the phone and online will soon become a quicker process, thanks to the implementation of a new payment system.

The UK payments association Apacs has revealed that the new system is on track and it believes that those doing their banking online and over the telephone will enjoy using the new system.

Apacs says that the UK will now be brought up to speed alongside the frontrunners around the world when it comes to making payments.

Bankers can expect to see payments made almost in real-time, removing the hassle, and sometimes confusion, of waiting for money to enter or exit your account.

“This service will be great for any customer wanting to move money quickly – perhaps to pay a bill or move money between accounts,” said Paul Smee, chief executive of Apacs.

“Like the internet, it will be available all day, and will move a payment within a few hours and on any day of the week.”

As well as online and telephone banking, the new system will speed up the movement of standing orders.

Apacs claims that standing orders will be processed within the same day, a vast improvement on the three days it currently takes.

So far, a host of major banks are onboard with the scheme, with HSBC, Lloyds TSB and Barclays among the 13 to get involved from the very beginning.

Tags: apacs, service, customer, chief executive of Apacs., lloyds tsb, Economy of the United Kingdom

Credit card holders becoming more savvy

It is something that many of us have done in the past, but the UK payments association Apacs says that fewer of us are making purchases with our balance transfer credit cards.

The organisation warns that people can get stung by spending on the cards, which are originally taken out in order to avoid paying interest.

In the past, many people found themselves transferring their balance to a new card, only to purchase more products.

This can put the cardholder in a dangerous situation as some credit card providers will revert you back to a normal interest rate if a payment is missed.

However, as a generation of cardholders grows up, Apacs believes that this practice is becoming less common.

“The point is that if you are taking out a balance transfer card you should only use it for balance transfers,” said Sandra Quinn from Apacs.

“Don’t do other things with it. I think increasingly people are starting to realise that.”

People who continually transfer their credit card balance between providers in order to benefit from zero per cent balance transfer rates are popularly known as rate tarts.

If you want to join the rate tarts and benefit from good introductory offers, make sure that you will be able to keep up the repayments and avoid making purchases on your new card.

Tags: new card, Don, apacs, credit card providers, credit card balance, transfer, payment