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, lost, apacs, personal, accounts, data, bank, stolen

Forgotten savings claimed by thousands

Following the government’s call to urge consumers to reclaim forgotten savings earlier this year, a recent report has shown that over ten thousand people reclaimed their lost savings over the summer months, and it is thought that many more will continue to do so over the coming weeks.

Consumers have used the British Banking Association’s reclaim facility in order to claim back money that has been left in dormant accounts and forgotten about.

Earlier in the year the government stated that any money that had been left in dormant accounts for fifteen years or more would be used to improve youth and community facilities if it was not claimed. As a result of this thousands of people put in their claims over the space of three months in order to get back their money, although the government did also state that the money could be reclaimed at any time and there was no deadline by which the money had to be reclaimed.

The British Banker’s Association stated that there would most likely be another flood of claims after legislation relating to claims, known as the Unclaimed Assets Bill, was mentioned in the Queen’s speech next month. Over two hundred thousand people have tried to claim money from their dormant accounts over the past year according to figures. Consumers have been able to do this through the BBA as well as directly through the bank or building society in question.

Paul Chisnall, executive director of the BBA stated: ‘We had stories of Gordon Brown stealing money in the press and on TV, which led to a huge increase in volume. That could well repeat. There may be a collective targeting mentality as a result of the legislation and we’re in a state of readiness. As banks are more active on this, that will also generate more interest. What we’re trying to tell people is – it’s your money; there has never been a better time to claim it.’

Tom Smith
10th November 2007

Tags: lost, forgotton, bank, individuals, accounts

Data loss puts thousands at risk

Thousands of Standard Life customers could be at risk of identity theft after their personal details were lost.

The details of around fifteen thousand Standard Life customers were being sent on CD from HM Revenue and Customs to the Standard Life headquarters in Edinburgh. This is a routine process carried out by HMRC. However, the courier lost the CD on this occasion, and it never arrived at the company’s headquarters.

Officials from Standard Life and HMRC are now warning customers to be vigilant. The data related to pensions customers, and amongst the information about each consumers was their National Insurance number, their names, their dates of birth, and their pension plan numbers. The CD was sent and lost around a month ago state officials. Reports also claim that a second CD with consumer information has gone missing, but it is not yet known which company this second CD was meant to go to.

The customers at risk have now been sent letters from Standard Life and HMRC. However, this is almost five weeks following the loss of the data, which has resulted in criticism.

One customer expressed her concern over the delay in notifying customers of the breach of security, stating: “This happened at the end of September and it is a month before notification. They are saying that addresses were not on there, but if someone has your surname and date of birth it is not that difficult to track you down.”

An official from Standard Life stated: “We have no evidence that the disc has fallen into third party hands and we have also been closely monitoring all the accounts and have seen no indications of any suspicious activity.”

Mark Wright
8th November 2007

Tags: standard, life, personal, information, lost, disc

Make sure your kids’ belongings are insured

Parents in the UK are being urged to ensure that their children’s belongings are insured after research showed that kids today carry around an array of expensive gadgets and items when going to school or college.

This includes mobile phones, MP3 players, iPods, handheld games consoles, digital cameras, and even expensive jewellery in some cases. Industry experts state that the cost of replacing the items should they be lost, stolen, or damaged could be very high, and therefore parents should make sure that there is adequate insurance in place.

In addition to a range of expensive gadgets and jewellery, many kids also carry costly sports equipment or musical instruments to school or college, and again the cost of replacement in the event of loss, damage, or theft can be very high.

Parents are urged to ensure that the insurance cover in place covers all of these items, so that there is no financial loss in the event of a loss, theft, or damage to the items.

According to a recent survey around three in five school and college kids carry a mobile phone, and around one in five carry a handheld games console. As an increasing number of mobile gadgets comes on to the market, kids today are going to school laden with an array of expensive items making them targets for thieves. The average student now carries around £250 worth of items according to reports.

Insurance experts advise parents to contact their insurance companies and ensure that the goods carried around by their children are covered under personal possessions.

Parents may want to shop around to compare the cost of this cover, as it can vary from one provider to another. Parents should also make sure that they disclose all expensive items that their child carries to ensure that the cover provided is adequate.

Tom Smith
3rd November 2007

Tags: Insurance, lost, cover, electrical, stolen, expesive, mp3, broken, children

Parents urged to insure kids’ belongings

Parents in the UK are being urged to insure the belongings of their children, as they head off to school and college armed with everything from their text books and pencils to their mobile phones and games consoles.

Children these days, particularly secondary school and college students, carry a range of valuable items with them, and the cost of replacement if the items get accidentally damaged, or are lost or stolen, can be extortionate.

According to recent research the value of items that the average secondary school student now carried around is about £250. Parents of secondary school and college kids are therefore being advised to make sure that their children’s more expensive belongings, such as hand held consoles and mobile phones, are insured to avoid the financial implications of loss, damage, or theft.

Research shows that around 20% of secondary school students carry a hand held games console, and around three in five have a mobile phone that they carry with them. Additional cover may be needed for items such as ipods, MP2 players, and even musical instruments, which can prove to be very costly to replace if they are accidentally damaged or stolen. Sports equipment also needs to be covered wherever possible, as this can also prove costly to replace. Parents are urged to contact their insurance companies and ask for the items to be covered under personal possessions.

There are a number of insurance companies that can offer this type of cover, and parents are advised to shop around to make sure that they get affordable cover that offers competitive prices without compromising on the level of cover provided.

Tom Smith
17th October 2007

Tags: belongings, kids, Insurance, companies, lost, cover

High number of claims over lost luggage

Insurance companies in the UK have reported that the level of claims coming in over lost luggage has soared over the first half of this year, increasing by a huge amount compared to the same period last year.

One leading travel insurer reported that between January and June there were nearly three thousand claims made over lost luggage to the company, which reflected an increase of 85% on the same period in 2006. The average claim was for over £200 according to the insurance company.

The travel insurance company also reported that there was a 22% rise in the number of bags lost across Europe in the same period, despite the level of passengers travelling only rising by 1.4%. The figures have been compiled by the Association of European Airlines. However, some budget airlines such as EasyJet were not included when these figures were put together, and therefore the actually number and level of lost luggage could be even higher.

A spokesman for the insurance company stated: “We have seen an enormous rise in claims for lost luggage. With the summer holiday season now in full swing, we can unfortunately expect more families’ holidays to be ruined by lost baggage.”

Another leading insurance company, Norwich Union, reported a rise of 40% in claims over lost luggage in the first half of this year. The figures from the Association of European Airlines also showed that in 2006 British Airways lost more luggage than any other European airline following a variety of problems that resulted in luggage problems. The reports also highlight the importance of having adequate travel insurance in place when going on holiday or even travelling on business, as loss of all of your luggage can prove very costly.

Tom Smith
28th September 2007

Tags: luggage, airline, company, lost, Insurance, policy

Banks have paid out £200 million this year

According to the latest statistics banks in the UK have already paid out over £200 million this year in the form of repaid bank charges to customers that have made claims for any charged imposed over the past six years.

The study shows that over £200 million has been paid out in just the past seven months alone reflecting the financial problems that have resulted for banks as a result of these bank charges.

The report was put together by Credit Suisse, and suggests that around 1% of the profits of the major groups will be lost as a result of repaying these bank charges, which have been dominating the financial headlines in the UK over recent months. In addition to having to repay these charges, which have amounted to thousands of pounds for some customers, banks have also had to take on extra staff to deal with the flood of claims, which has cost even more.

Although banks have been doing their best to get out of having to pay these charges back to customers, they have also been unable to justify the charges to courts and regulatory authorities. Banks have traditionally charged up to around £35 for exceeding an overdraft limit and for returned cheques and direct debits. However, the cost actually incurred by the bank is though to be around £2-£5, which means that the banks have been making hefty profits from the charges.

A decision with regards to bank charges, and what can be classed as a fair fee, is expected at the end of the year. It was expected earlier but was postponed so that further reviews could be carried out following concerns that free banking in the UK could come to an end as a result of these bank charge claims.

Tom Smith
13th September 2007

Tags: high, bank, lost, reclaim, fee, court, charges, claims