Exercising safety when shopping online

As many people will already know the Internet is home to a myriad of bargain covering a vast range of products and services. Whilst many consumers make the majority of their purchases via the Internet there are others that refuse to shop online because they are fearful about things such as security breaches and card fraud. Read more

Tags: Internet offers, Paypal, internet, secure site, Website, Password, Internet shopping sites, Technology, clone site, online shopping

Consumers becoming more comfortable with shopping online

A recent report has suggested that a rising number of consumers in the UK are becoming more comfortable with shopping online, and this is set to result in a huge boost in the number of businesses running their operations online. Read more

Tags: home, shopping, online shopping, surprise, internet, huge boost

BT opens outlets to demonstrate broadband

Broadband and communications giant BT has recently opened a couple of outlets where the focus will be on demonstrating its latest broadband internet technologies to consumers. Read more

Tags: BT Total Broadband, internet, bt, broadband, Communication, broadband products, Technology Internet, Internet service provider

Many travel companies adding unnecessary travel insurance cover

According to some industry experts many consumers who are heading off on their travels are being ripped off by travel companies that are adding insurance cover that is not actually required. Read more

Tags: travel insurance, Types of insurance, travel companies, internet, cancellation, low cost provider, insurance cover, effective suitable cover

Card fraud rife despite Chip and Pin

A few years ago the nation was introduced to Chip and Pin technology which was a new type of technology that had been designed to increase security for plastic card users and to cut down on the rising level of card fraud that was being seen across the country. Read more

Tags: fraud, chip and pin, United Kingdom, something, internet, place, credit card fraud, country uses chip

Fraudulent Attempts to Access Bank Accounts Have Increased

If you have been one of the millions of people who have received an email from your bank asking you to update your information, then it is quite likely that you have been targeted in one of the many bank phishing scams that have been plaguing the Internet and banks. Con artists who try to scam people into revealing their personal banking information has increased about 180% in 2008 over the same numbers for 2007. Read more

Tags: bank accounts, security, Cybercrime, fraud, internet

“Shop around online” for discounts, advises expert

A personal finance writer has advised consumers to avoid spontaneous shopping trips and impulse buys, instead saying people should “try and shop around online” to find the best discounts on a range of products.

With more people finding themselves in financial difficulty as a result of the global credit crunch, Cliff D’Arcy says they should use the internet to find bargains and “get more bang for [their] bucks”.

The comments follow research from Monolink, which found that British consumers aged between 16 to 34 years old are struggling to pay off their credit card debts as they try to keep up with their friends and lead a fashionable lifestyle.

According to the survey, 14 per cent of respondents have bought clothes on a credit card which they are still trying to clear and 13 per cent have bought a car when they still have debt on their credit card.

Shopping online can result in discounts of between 30 and 50 per cent, says Mr D’Arcy.

Tags: credit, credit card debt, comments follow research, internet, crunch

Applications for credit reports rise as customers are refused loans

Twice as many customers are applying for credit reports as six months ago in an effort to understand why they are being refused credit on loans, credit cards and mortgages, according to Experian, the UK’s biggest credit scoring company.

Consumers are becoming increasingly “proactive” in their approach to their finances as they try to maintain a good credit history.

James Taylor from Experian told Fairinvestment.co.uk that “up to 20 per cent of people now check their credit report before applying for credit”, with the majority making use of the internet to do so.

UK consumers’ personal debt now stands at £1.4 trillion, yet many people are ignoring the credit crisis and continuing to acquire more debt as they spend more than they can afford, according to research by CreditExpert.co.uk.

With lenders restricting their criteria, consumers are advised to regularly check their credit reports to help them stay on top of their finances.

Tags: Business Finance, experian, Credit score, uk, company, Loans, internet, credit crisis

Up to 70% of credit card holders did not shop around, says report

A new report has revealed that up to 70 per cent of credit card holders did not shop around before selecting their current card.

The findings from the Office of Fair Trading (OFT) indicate that this could put these spenders at a financial disadvantage.

Research for the report looked at issues surrounding the comparative costs of using various cards for purchases, cash advances, introductory offers and payment allocation.

John Fingleton, OFT chief executive, said: “No-one wants to throw money away, but consumers who don’t shop around for credit cards are doing just that.”

He added that it is essential that consumers are now given the right tools to make comparisons between credit cards more easily.

The report recommended that an independent comparison tool for credit cards needs to be introduced by the Financial Services Authority as well as improvements in how card providers show how information to consumers.

Meanwhile, Reuters has reported that the OFT is considering launching an enquiry into internet bank, Egg.

The news comes following the company writing to 161,000 customers to cancel their credit cards.

Tags: finance, John Fingleton, internet, information, Fair Trading, cash, fair

Rise in online banking reflects ‘pace of life’

The increasing use of online banking services by consumers reflects the “pace of life”, according to a leading financial association

The British Banking Association (BBA) agreed with the findings of a recent survey by Lloyds TSB, which revealed that over 50 per cent of the British public had not seen their bank manager for more than ten years.

However, the BBA believed that this was a matter of “simple convenience” rather than consumers avoiding their financial responsibilities.

Lesley Mcleod, spokesperson for the BBA, said: “We think that this is more to do with the way people live their lives these days, the pace of life is such that people are increasingly using the internet or a hole in the wall facility to do their banking.”

She added that bank managers and advisers are still available if required by savers.

“Banks are there to offer a service and they are happy to do so, but they are not a nanny facility for people,” she added.

The survey from Lloyds TSB revealed that just over a third of respondents had visited their bank manager in the last two years.

Tags: internet, respondents, nanny, Banking, british, banking association, Economy of the United Kingdom

Would you notice if money went missing from your account?

Although most people live within a certain budget each month a new report has suggested that an alarming number of consumers in the UK would fail to notice right away if up to £1000 went missing from their accounts, and this indicates that many consumers are extremely lax when it comes to managing their bank accounts, putting them at increased risk of falling victim to fraudulent activity.

According to recent research an alarming nine out of ten people would fail to notice straight away if up to £1000 was missing from their accounts, which is very worrying particularly in light of the mass data loss resulting from the missing disc from HM Revenues and Customs, which contained the banking details of around 25 million people. It is thought that one of the causes of this problem is a phobia of finances, where consumers are too worries to check their accounts in case the balance is lower than they expected. In this situation consumers tend to prefer to bury their heads in the sand until they are forced to look at their finances, which puts them at risk of not even noticing if money is taken from their bank account.

One industry official stated: ‘These findings suggest consumers need all the help they can get to keep tabs on their money. Poor money management and existence of “finance-phobia” in Britain is worrying considering the rising levels of debt problems Britons face.’ In addition to failing to notice missing money, those that fail to monitor their bank accounts are also at risk of being hit with a myriad of bank charges, which will keep taking them further into the red.

It is estimated that over £43 billion worth of unwatched money is sitting in accounts across the UK. Around half of the British public do check their account balances on a weekly basis, although this would still not immediately flag up any money being taken from the account unless it was taken on the day that the consumer checks the account. However, a further 25% only check their accounts on a monthly basis, and this puts them at an even higher risk of failing to notice missing money.

Experts have been warning consumers to keep a close eye on their bank accounts for a number of reasons. Banking fraud and identity theft are rife in the UK, and failure to monitor your finances could mean that you miss the chance to spot suspicious transactions that could later land you in hot water. For millions of people it has become even more important to check bank account details and balances recently, and this is because of the loss of bank details on the disc that was lost by HM Revenues and Customs.

Checking accounts and bank details should not prove too much of a problem for those with Internet access, as most banks now offer online banking facilities that allow accounts balances and statements to be checked at the click of a button, and this can really reduce the chances of falling victim to this sort of fraud for many. Those affected by the HMRC data loss are also advised to sign up to a credit reference agency and check their credit file on a regular basis so that any suspicious transactions can be quickly identified and dealt with.

Related articles:

• How Do Bank Accounts Work?
• Can I Have More Than One Bank Account?
• Opening and Closing Bank Accounts
• Internet Bank Accounts – The Benefits and Drawbacks
• How Safe Is Your Internet Bank Account?

Tags: internet, bank, accounts, missing, online, transactions, funds

Using the Internet to find affordable finance

There are many different types of finance available these days for those with good credit and those that own their own homes. Read more

Tags: online, repayments, good, credit, borrow, cards, Loans

Britain gets saving

According to recent report there are now more people in Britain saving up their hard earned cash than there were at the same time last year.

The research was carried out by Birmingham Midshires, which showed that the number of people putting their money into savings had risen compare to a year ago. However, the research also showed that the amount of money that was being put aside in savings was actually down by a third compared to the same time last year.

Although the rise in the number of people putting money into savings is encouraging, showing that more people are realizing the importance of putting money aside, the level by which the amount of money being saved has fallen does not make for very encouraging reading. Around 67% of consumers are now putting money aside into savings accounts compared with 62% this time last year.

Some officials think that the rise in interest rates has shocked many people into putting aside money for emergencies rather than spending it frivolously, but for the same reason Brits are not able to put aside as much as they were last year because rates have risen five times since then and therefore mortgage repayments are way higher than they were in August of last year.

One official from Birmingham Midshires stated that putting money aside is a good idea. He stated: “It’s easier said than done but it’s recommended that people have three months’ salary put aside in case of financial emergencies – this equates to £5,899 for those on an average income.” However, with another interest rate rise on the cards many people cannot afford to put as much away as they might have done a year ago, with many struggling to keep up with their repayments.

Tom Smith
21st September 2007

Tags: bank, account, interest, compound, grow, savings, Banking, internet

Popularity of Internet banking results in bank closures

The UK has seen a massive rise in the popularity of Internet banking over recent years. Although there have been concerns about security and the risk of banking fraud, the rise in the number of people using Internet banking these days has reflected consumer confidence in this type of service.

Consumers are able to conduct transactions from the comfort of their own home at any time of the day or night, and can do anything from transfer money or make a one off payment to set up direct debits or simply view statements.

However, although Internet banking is both convenient and simple, it is not all good news. It seems that the huge popularity of Internet banking is now taking its toll on high street banking, and as a result of this some high street branches are going to have to close due to lack of business. The C&G has recently announced that as a result of so many people using Internet banking it will have to close a number of its branches across the UK.

C&G officials have announced that thirty one branches across the UK will be closing, which will mean job losses in excess of 315. There are 195 C&G branches in the UK in total, and the company is a part of the Lloyds TSB group. One spokesman stated that there were fewer people using the branches that were to be closed, and much of this had been put down to the popularity of Internet banking.

He stated: “Closing branches is never a decision that we take lightly. But with more customers taking advantage of technology, the number of customers coming through the doors in these particular branches has fallen. By closing these branches where customer use has dropped, we can invest in the branches that customers do use.”

Tom Smith
21st September 2007

Tags: high st, branches, bank, grow, internet, close

Home chip and pin can help tackle card fraud

Home chip and pin readers are a useful tool in tackling the widespread problem of credit card fraud, industry body Apacs said today.

Online transactions are to be made safer by the handheld devices – over half a million of which are to be sent out by the end of the year.

The chip and pin machines are aimed at reducing the card-not-present fraud concerning online transactions, which increased by 16 per cent from 2005 to 2006 – results out of line with the overall three per cent drop in fraud for the period.

Mark Bowerman, a spokesperson for Apacs, said: “What the device has the potential to be used for in the future is also internet shopping transactions and telephone shopping transactions.

“They’re very easy to use,” he added. “They’re just like a small handheld calculator. You just put your chip and pin card in it and tap your four-digit pin in and then a number comes up on the display screen.”

British bank Barclays has already announced that it is to send out the handheld readers to online banking customers later in the year, with other high street banks also launching similar schemes.

Tags: spokesperson, internet shopping transactions, handheld readers, industry body apacs, internet, street

SainsburyÂ’s reports increasing online insurance

More and more Britons are purchasing insurance online, according to Sainsbury’s Bank.

The high-street insurer says that customers are increasingly turning to the internet for taking out their car, pet and even life insurance cover.

According to communications manager Natasha Virtue, “it is a growing trend. We’re seeing a steady increase.”

This increase has also led to an increasingly competitive market: “We’re actually encouraging people to seek four quotes if possible, because the more you can shop around, the better deal you’re likely to get”, she added.

However, Sainsbury’s still encounter customers who prefer to stick with more traditional telephone purchases: “You do get people who really just want to speak to somebody and got through all the details on the phone”, Ms Virtue said.

“It’s really just up to the individual… maybe [some people are] just doing [their] research at home online, and then you’ll get people that maybe want to pick up the phone after that. So it just provides both avenues for them, really.”

Tags: sainsburys, Justin King, SainsburyÂ, Natasha Virtue, telephone, Sainsbury

FSA forces change on online PPI sales

The Financial Services Authority (FSA) has announced that customers are to receive protection over how they are sold payment protection insurance (PPI) over the internet.

Some online insurance providers were adjudged to have been railroading customers into taking out PPI along with their loan purchase, using techniques such as a pre-ticked box committing them to the cover at point of purchase.

While PPI might prove a safety net against consumer debt, the FSA’s concern was with customers’ being offered an optional service, which costs extra money, as the ‘default’ choice.

Vernon Everitt, a director at the FSA, said: “Naturally, many customers are focussed on getting the loan itself, but it is just as important that they also think about whether or not they want to protect their loan repayments by taking out PPI cover.

“This change means that it will be up to the customer to actively choose to buy PPI rather than it being sold automatically.”

PPI provides insurance for customers taking out credit cards, loans and mortgages, which covers monthly payments should the customer be unable to work at one point of the repayment schedule.

Tags: Loans, choice, director, finance, repayment schedule, internet, payment, hsbc

Good news for savers with Sainsbury’s

Those with Internet savings accounts with Sainsbury’s are in for some good news, as the supermarket giant and bank has now raised the interest rate on its Internet savings account to 6%, a rise of 0.25% from its previous interest rate of 5.75%.

According to This is Money this makes the Internet savings account from Sainsbury’s one of the best savings accounts to have. Prior to the interest rate rise the top savings account according to This is Money was with Icesave, which offered a rate of almost 6 percent.

Last week the Bank of England opted to leave the interest rates stable at 5.5 percent. Interest rate rises have taken place four times within the last year, rising each time by 0.25 percent.

However, in many cases savings accounts operators have been very slow to apply any interest rate rise to savings accounts, and in some cases have failed to pass on all or any of the rises to savers.

One the other hand they have been quick to apply to interest rate rise on borrowing, which means that those that have borrowed money have to repay more and those that are saving money get lower returns.

Sainsbury’s, on the other hand, has decided to raise the interest rate on the Internet savings account by 0.25 percent, even though there was no interest rate applied by the Bank of England last week.

The account does no require any notice and does not have any penalties attached to making any withdrawals. There is also no minimum deposit with the Internet savings account.

One spokesperson from Sainsbury’s stated: ‘With so many accounts in the market, savers need to think about which savings account best suits their needs, whether that’s benefiting from a short term bonus or being able to access their funds without any penalties. Our Internet Saver is ideal for those savers who want to receive a great rate but also want to have regular access to their cash without any restrictions.’

Tom Smith
5th July 2007

Tags: savings, rise, interest, england, bank, saver

Internet banking needs innovation

Internet banking recently turned ten but one of its pioneers says the current crop of sites lack innovation and direction.

Jim Spowart, chairman of peopleschampion.com, who created the UK’s first bespoke internet banking site, has criticised the current market.

He says that banks appear to be unsure of where to go next with their online banking websites and wants to see them doing more to offer customers something different.

“The banks have been concentrating on profitability. All they have done is use the technology to update their traditional banking methods,” commented Mr Spowart.

“There’s been very little thinking about how they can offer the customer something brand new. Internet banking is just an add-on convenience for many – but it hasn’t changed banking. That’s why the banks are having to hit the customers with extra hidden charges.

“In every way, the internet has changed the way we all look for products and services. The poor old traditional bankers are still scratching their heads looking for ways of gaining customers, yet the whole game has changed,” he added.

Internet banking in the UK celebrated its tenth anniversary on May 27th 2007, a decade after Nationwide launched the first site.

Tags: site, internet, internet banking, way, Business and Economy

Internet banking is 10 years old

We are fast approaching the tenth anniversary of internet banking in the UK and our financial habits have changed significantly in that time.

On May 27th 1997, Nationwide launched the country’s first online banking service and now handling our money over the web has become commonplace.

In fact, Nationwide says that 37 per cent of UK adults now do their banking online, with the majority using it due to its convenience.

A total of 53 per cent cite convenience, while 50 per cent say that it is easy to use and 25 per cent say the speed of internet banking is their main drive for using it.

Of those who already do manage their finances online, 66 per cent check their accounts at least once a week, nine per cent of men check their every day and six per cent of women do the same.

“This research shows that internet banking has become increasingly popular. Customers have the convenience of banking from the comfort of their own home, or indeed wherever they are in the world, together with many additional benefits such as discounts and paperless statements,” said Mik Hodsdon, divisional director at nationwide.

“Internet banking has continued to be developed and enhanced over the last ten years and there is no doubt that it will attract more and more users.”

The safety of doing your banking online is one issue which affects those who do not use internet banking.

Only 31 per cent of non-users said they thought it was safe, while 86 per cent of those who already have an online account are confident that it is secure.

Tags: banking service, home, online banking, internet banking, finance, cent cite convenience, same."This research

Holidaymakers ‘losing out’ on travel insurance

Halifax Travel Insurance has reminded holidaymakers to think ahead when purchasing cover for their trips, as many people are leaving themselves out of pocket.

According to recent research, over 50 per cent of all travel policy sales are for single-trip insurance, meaning that these customers are paying extra if they take more than one holiday in a year.

Some 13 per cent of travellers are thought to go away without any insurance, with those aged between 16 and 24 the most likely to ignore a holiday policy.

Halifax states that annual travel insurance is becoming a more important provision for the many people taking advantage of low-cost air travel and internet holiday booking.

“The proliferation of low-cost, no-frills airlines has had a significant impact on our holiday-taking habits,” said Paul Birkhead, underwriting manager for Halifax Travel Insurance.

“More and more of us are taking short breaks to destinations in the UK, Europe and further afield, making annual travel insurance a more attractive proposition.”

According to the cover provider, there is “little difference” in price between annual and single-trip insurance, with some 12-month options actually cheaper than their short-term counterparts.

Tags: no-frills airlines, Recent research, Travellers, internet, cent, internet holiday booking, holiday-taking habits, low-cost air travel

Getting Cheap Car Insurance Online

According to a recent survey undertaken by the AA, 75 percent of us will head directly to the internet to check out online car insurance quotes before we decide whether or not to renew our existing policy. However, out of that 75 percent, 60 percent of us spend less than three minutes checking out competitive cheap car insurance quotes online and, unless we see an immediate reduction in our car insurance policy of at least 10 percent or more, we won’t bother looking any further! Read more

Tags: finance, internet, cheaper car insurance, car insurance, choosing car insurance, survey, Types of insurance, different car insurance

Comparing Motor Insurance Policies

Although it is a legal requirement in the UK that you maintain at least a minimum level of motor insurance if you want to drive on the roads, there is no such legal requirement that you have to chose a certain insurance provider. Read more

Tags: recovery, Insurance, motor insurance policy, motor insurance companies, phase, internet, motor insurance policies

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: rate, online, phishing, theft, increase, Banking, identity, fraud, abuse