Santander admits to glitch over statements

Banking giant Santander has recently admitted that it has made a grave error that resulted in tens of thousands of its customer receiving the details of other customers on their bank statements. This is another of a string of security breaches made by banks and building societies over the past couple of years that has put consumer at increased risk of identity theft.

For many, ID theft is a very serious and frightening prospect and with fraudsters becoming more and more prevalent in the current climate many people have become increasingly nervous about falling victim to their crimes. However, security breaches such as the one by Santander can put people at increased risk of falling victim to this sort of crime.

According to officials from Santander it was a printing error that caused the problem on this occasion, as it resulted in pages from other people’s statements getting mixed in with accountholder statements that were being run to send out. This meant that whilst accountholder received details of their own transactions they also receive details of other accountholders transactions too.

Whilst the bank has apologised for the breach it has also said that customers accounts cannot be accessed using the details from the statements. An official from the bank said that although customers could see other customers’ details they could not be used to get into the account. Some customers are still worried though.

One customer said: “Initially I thought the statement was mine because my name, address and account number were correct, but when I turned the page over, I could see that transactions were someone else’s. I could also see the other person’s name, account number and sort code,” said Anne Robb, from Edinburgh. I called the bank to complain. The staff were very professional and helpful, but I am still concerned that someone has details of what money comes into and goes out of my account.”

Tags: banks, breach, name, theft, identity, run, problem, robb

Consumers need to be careful with bank statements and literature

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, identity, fraud, theft, name, Crimes, Bank statement, waste paper

Exercising safety when shopping online

Most of us these days have done some form of shopping online, whether it is shopping for groceries and household goods or whether it is buying gifts, entertainment, clothes, and even holidays. Shopping online has become more and more popular over recent years, with an increasing number of people choosing to enjoy the convenience, ease, and speed of shopping via the Internet. When you shop online you get to make your purchases from the comfort and privacy of your own home with no queues to worry about. You also get to enjoy incredible choice with products available from all around the world. Read more

Tags: identity, bank, risks, online shopping, privacy, duty charges

Don’t let ‘money fear’ take grip

Sainsbury’s Bank is encouraging Britons not to put their heads in a financial sandpit and to face the reality of their banking problems.

Research carried out by the group suggests that some 2.8 million consumers, or six per cent of the adult population, purposefully ignore the state of their financial situation.

According to Kevin Barrett, head of channels at Sainsbury’s Bank, almost two million Britons refrain from divulging their financial positions with partners because they are worried about the potential reaction.

Over one in ten people also claim to have left credit card and bank account statements unopened as a means of procrastinating over financial matters.

Mr Barrett said: “Our advice to people suffering from this condition is not to put your financial management off, problems can arise if you don’t keep an eye on things.”

He added: “For example, without regularly monitoring your statements you won’t be able to identify issues such as identity theft. Take control of your finances now, look at your expenditure, plan your budget and by all means, seek advice or counselling if you need to.”

To avoid getting into the situation of ‘money fear’, Sainsbury’s Bank calls for consumers to face up to their financial situation, to prioritise debts and to plan a budget and stick to it, among others.

Tags: head of channels, consumers, identity, potential reaction.Over, state, money, account, situation

Financial fraud on the rise

Financial fraud in the UK is growing with new statistics showing that the problem is far from going away.

CIFAS, the UK’s Fraud Prevention Service, has found that almost all types of financial fraud have increased in the country between 2006 and 2007.

Research by the organisation focuses on results from the first quarter of 2006 and the same period this year and it does not make for good reading.

According to CIFAS, application fraud, which sees people lying in order to obtain credit cards, loans, bank accounts or insurance, has increased by 21 per cent in the last 12 months.

Identity fraud is also on the rise, with cases increasing by 12 per cent and current address and previous address fraud are also growing.

“These quarterly figures show a worrying escalation in many types of financial fraud,” commented Peter Hurst, chief executive of CIFAS.

“The scale of fraudulent activity is alarming. It emphasises the need for businesses constantly to be alert when dealing with applications.”

Despite large growth in many areas, CIFAS says that it has been experiencing positive results in its bid to prevent fraud.

According to figures released by the organisation, fraud prevention activity saved organisations £94,000 per hour, compared to £74,000 per hour for the same period in 2006.

Tags: application fraud, Deception, identity, current address, need, reading, previous address fraud, fraud prevention

MP claims that banks are too laid back about ID theft

A Tory Party MP has claimed that banks in the UK are far too laid back when it comes to the problems of identity theft – a problem that is growing in the UK and has become a major concern in many areas. Read more

Tags: identity theft, id theft, british bankers association, Tory Party MP, identity, access, identity fraud, Crimes

ID theft avoidance guide

Millions of Britons are leaving themselves open to identity theft because they are failing to face up to the reality of the problem.

That is according to the Information Commissioner’s Office (ICO), which says that all of us need to change our behaviour if we want to protect our finances from con artists.

The ICO has published a guide to help us avoid becoming a victim and it comes on the back of the release of some alarming data.

CIFAS, the UK fraud protection unit, has revealed that the number of ID theft cases rose by 19.91 per cent between 2005 and 2006, while one-in-five Brits think they may have already been targeted.

It is possible for thieves to pretend to be another person by stealing items such as bank documents and credit card statements. This information can then be used to open bank accounts and take out loans in their victim’s name.

“We are living in an age where protecting your personal information has never been so important,” said David Smith, from the ICO.

“Almost every day we give out our personal details which can leave us open to identity theft, unwanted marketing and a loss of privacy.”

The ICO guide tells us to keep all personal documents safe and ensure that mail is redirected when moving home. It also says to make sure your home computer is secure before going online and to never give out secret passwords or pin numbers.

We should also check our credit card and bank statements regularly to see if any unfamiliar transactions have taken place and the most important piece of advice is to shred all unwanted personal documents.

Tags: ID theft cases, place, name, fraud protection unit, identity, United Kingdom

8000% Rise In Internet Banking Fraud

Many banks have started to offer online banking facilities in the UK, and some banks even operate exclusively online.  Although consumers seem to be growing increasingly confidence with regards to conducting their banking online, the alarming figures indicate that perhaps further information needs to be made available to consumers with regards to Internet banking fraud and how it works.

It seems that the main culprit in the rise of Internet banking fraud is a process known as phishing, and this is where fraudster set up fake website or send out fake emails in a bid to obtain the account details of consumers. Many consumers that are used to banking online don’t think twice about providing their details, but banks have already stated that they do not send out emails to account holders asking them to enter their account details.

Colin Whittaker, Head of Security for APACS, stated: “The rate of growth in phishing is down to a number of factors not least that they have been able to industrialize the process by which they are launching attacks. It seems people are falling victim to phishing attacks less often, which is one of the reasons there has been an increase in the volume of phishing emails.”

According to officials and watchdogs in the UK, millions of pounds have been swindled from unsuspecting consumers, who assume that any emails that they receive with the name of their bank on it must in fact be from the bank. However, consumers that receive such emails should never provide their account details, and should instead report the incident to their bank. 

Tags: theft, abuse, online, fraud, increase, internet, rate, phishing, Banking