Consumers need to be careful with bank statements and literature
October 22, 2010 by Reno
Filed under News, News-Banking
Industry officials have warned that given the increase in identity theft and fraud over the years consumers need to start being far more careful with their bank statements and other literature that may have personal details on such as credit card statements, bills, bank letters, and other sensitive documents.
Many people tend to treat their personal documents, financial letters, and statements like normal waste paper, and simply put them into the waste paper basket when they are done with them or sling them into black bags outside. However, this leaves them open to identity theft because once they are in the rubbish outside they are accessible by anyone.
Experts have said that in order to minimise on becoming victims of identity theft and fraud consumers should ensure that all paperwork such as this is shredded properly so that others cannot access details about the accountholder. The advise has come from the fraud prevention service CIFAS, which has outlined some of the dangers that can lead to consumers becoming victims of identity fraud.
CIFAS said that the effects of fraud can be far-ranging, stating this could be anything “from finding out that a fraudster has set up, or attempted to obtain, accounts, products and services in your name, through to discovering that an existing account has been emptied by criminals”.
The agency said that it was not only paper documentation and bank details that consumers had to be careful with, as many fraudsters and identity thieves were now operating online. Officials said that it had therefore become increasingly important for consumers to be more vigilant and careful when reviewing or using their financial accounts via the internet, as otherwise fraudsters could quickly and easily gain access to important account and personal details.
Tags: identity theft, fraud, name, Crimes, waste paper, theft
Abbey says 10% would fail personal finance exam
August 23, 2007 by admin
Filed under News, News-Banking
Research by Abbey Current Accounts released today reveals that 4.7 million British adults – around one-tenth of the total – would score less than 40 per cent in a simple financial exam.
On the day in which Britain’s 16-year-olds recorded record GCSE results, this group would achieve less than a grade C if the Abbey exam was graded according to GCSE standards.
It was not all bad news, however: 25 per cent of those who sat the exam scored the top “A-star” grade, with 30 per cent gaining an “A”. The remaining 60 per cent gained a “B”.
Commenting on the findings, head of banking at Abbey Steve Shore said: “While most people are in the realms of a GCSE pass, almost five million British adults would fail a simple personal finance exam. Quite worrying given we selected questions that we felt everyone with a bank account should know.
“Abbey certainly welcomes the government’s plans to introduce a much-needed personal finance element into the curriculum. We would also urge anyone who doesn’t understand something on their bank statement to contact their branch or a financial adviser.”
The survey polled 1031 British adults, who were each asked ten financial questions taken from past GCSE papers.
Questions included how long is given for users to pay back a credit card before interest is accrued, and what negative equity is.
