Online Banking Fraud is on the Rise in the UK
The instances of fraudsters using software that enables them to access bank accounts has rose dramatically in 2008 when compared with such occurrences in previous years. According to bank authorities, online banking fraud doubled in this year alone. The device used by fraudsters to accomplish this task is called keylogging. Read more
Tags: internet banking, keylogging, bank accounts, online banking, bank fraud, online bank accounts, internet bank accounts
Expats urged to consider offshore savings benefits
January 4, 2008 by admin
Filed under News, News-Banking
While internet banking is 
popular with expatriates, they are not using it to take advantage of offshore savings accounts, it has been suggested.
A poll by Alliance & Leicester International (A&L International) revealed that 92 per cent of Brits living abroad used online banking to manage their finances.
However less than a third had an offshore savings account which, the bank suggested, meant they were losing out on a range of advantages including good rates of return and the potential to hold or send funds in currencies other than sterling.
A&L International managing director Simon Hull said: “With internet access now so readily available, offshore consumers should take advantage of internet banking and saving.”
More than half of homes in the EU have internet access at home, the research found.
In addition, expats wanted online banking options when setting up an offshore savings account.
Based on the Isle of Man, A&L International claims to be one of the largest offshore deposit takers and has share capital and reserves of more than £150 million.
‘Human nature’ for people to forget about money’
December 4, 2007 by admin
Filed under News, News-Banking
Many people routinely forget about old bank accounts or financial transactions, according to the Unclaimed Assets Register (UAR). 
There is approximately £15.3 billion in the UK in unclaimed assets, according to the organisation.
Forgetting about old bank accounts, especially in the world of online banking, is “human nature”, said Paul Brine, a spokesperson for the UAR.
Ms Brine said: “There’s times in our lives when we’re more interested in our investments where they’re long term. If I leant you a fiver, I’d be interested in getting that back tomorrow.
“If I invested £200 in some shareholdings, I might be interested in them in two or three years time, to see how they’ve done … Your degrees of interest change.”
Currently, the number of people who have visited the British Bankers’ Association’s dormant account search page is approaching a quarter of a million.
Home chip and pin can help tackle card fraud
August 21, 2007 by admin
Filed under News, News-Credit-Cards
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.
Internet banking is 10 years old
May 24, 2007 by admin
Filed under News, News-Banking
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.
Chip and PIN in the home
April 18, 2007 by admin
Filed under News, News-Banking
Online banking may be about to change forever after Barclays Bank revealed that it will be sending Chip and PIN card readers to people’s homes.
The initiative is designed to reduce the cases of online fraud and beef up security for those who choose to bank over the internet.
Customers who use their Barclays online account to make payments to a third party will receive their PINsentry device later this year.
It is hoped that by introducing the new devices, customers will no longer be required to remember a user name and password to make transactions and can instead simply punch in their PIN number.
“Barclays is constantly working to help protect customers and their money and that is why we have invested in this system,” said Barnaby Davis, director for electronic banking at Barclays.
“PINsentry is the next generation of fraud prevention technology and Barclays is proud to be the first organisation in the UK to roll it out to its customers.
“The popularity of Barclays online banking service comes down to convenience and security and the introduction of PINsentry will enhance both of these features,” he added.
Barclays plans to roll out the new service to half a million customers across the UK by 2008, with this number increasing in time.
Internet Bank Accounts – The Benefits and Drawbacks
It’s a Wonderful Life
Traditionally, the banking industry has been regarded as extremely conservative and accountants as rather boring. But these days the world of banking is far from either boring or conservative. In the past few years it’s seen the last barricades against progress crumble as it has succumbed to the hype of marketing. With all its associated talk of brand values, customer service has arrived in banking. Read more
Tags: online bank accounts, internet access, internet bank accounts, room remember, individual savings account, online banking, business, internet banking