Updated summary boxes could help credit card customers

For many people finding the right credit card can be difficult enough at the best of times, but when credit card providers use technical financial jargon on their marketing materials and application forms this can make the matter even more complicated. Read more

Tags: order, box, addition, credit card providers, credit card summary box, summary box, application

Consumers need to be encouraged to use Isas say financial experts

More needs to be done to encourage savers to put their money into individual savings accounts (Isas) by showing them the benefits of the products, one financial expert has claimed.

Findings from research from Nationwide revealed that one in ten savers topped up their Isa by more than £3,000 while only 8 per cent of Isa holders increased their limit by over £3,000.

Up to half of those questioned in a recent survey said they would like to save more money in Isas but do not have the funds to do so.

Matthew Carter, director for savings at Nationwide, said that with just over a week to go before the new Isa limits come into force, more needs to be done to encourage people to take advantage of their Isa allowance.

“With one in ten ISA holders opting to save in a regular savings account instead of their ISA, it’s essential that consumers are educated about the benefits of tax-efficient savings and how most Isas allow instant withdrawals,” he added.

The deadline for submitting an application for an Isa is April 5th.

Tags: individual savings account, research, allowance, application, matthew carter, Rob Fisher, Banking, regular savings account

Fraud reduction through biometric recognition

Credit card fraud will be reduced with the implementation of biometric recognition technology say APACS.

According the UK trade association for payments, chip and pin has made a positive contribution to reducing credit card fraud. However, the future of further tackling the problem rests with biometric recognition.

These technologies use iris and finger print scans to make the misuse of credit cards more difficult.

A spokesperson for the association said: “In ten years time we probably won’t be using a pin anymore, we’ll be using biometric forms of identification.

“At the moment that technology is not robust enough for the banking industry to use but in ten years time we will probably be using one of those methods.”

He added that “fraud losses” rose annually from the middle of the 1990s right up until 2004 but have fallen of late thanks to the application of chip and pin identification.

APACS carried out research published this month that revealed a reduction in credit card losses. It showed that losses in 2004 were £218.8 million, dropping to just £72.1 million in 2006.

This represents a 67 per cent decrease since the introduction of pin identification during transactions.

Tags: application, positive contribution, biometric recognition technology, identification, fraud reduction, biometric recognition, decrease, Surveillance