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.”

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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: theft, waste paper, identity, fraud, Crimes, name

Consumer to cut back further over this year

The sales that have been on both before and since the Christmas period have seen many people flock to the shops in the hope of picking up bargains for the home or as gifts. Read more

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High street to suffer as consumers try and save money

Although Christmas is just around the corner many High Street retailers are not getting too excited about the flurry of activity and more importantly the huge profits that will come rolling in, namely because this is something that is unlikely to happen this year. After a particularly gruelling year in terms of finances, with soaring living costs, rocketing bills, and sky high borrowing costs to deal with, many consumers are desperate to try and put some money aside, and to do this many will have to cut back on the cost of Christmas, and reduce the amount of money that they spend on presents, food, going out, clothes, and entertainment. Read more

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How To Reduce Your Family Car Insurance Premiums

If you are a family with children in their late teens (i.e. 17,18,19) or early twenties (20-25), then a dilemma you no doubt have already had to face if how to reduce your family car insurance premiums. The following are a few tips on how you may achieve this: Read more

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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: office, name, place, United Kingdom, david smith, ID theft cases, fraud protection unit, identity

Opening and Closing Bank Accounts

Come fly with me

Banks promise the world in their advertising, but sometimes opening an account can be a lot harder than it seems. Sometimes closing an account can be equally as difficult. Does it all just boil down to how much money you can give the bank? Read more

Tags: business proposition, professionalism, close bank accounts, proposition, name