A third of cardholders hit by fraudsters

According to recent figures one third of cardholders have been hit by card fraud in the past five years. The figures show that around fifteen million Brits have fallen victim to card fraud over the past five years, which reflects a sharp increase on the figure eighteen months ago, where the number of cardholders hit by card fraud stood at 27 percent.

According to ACI Worldwide a greater number of Brits have been defrauded on their cards than in any other major country apart from China. However, despite this there was a greater level of consumer satisfaction amongst British consumers with regards to how banks dealt with their claims than there was in other countries.

Around 80 percent of customers said that they were satisfied with how their fraud case had been dealt with by their bank, and this compared to 75 percent in 2009. Around 40 percent of these said that the main reason for this high level of satisfaction was the speed at which they received their money back after falling victim to card fraud.

It is estimated that card fraud in the UK costs the economy around £30 billion a year, and with fraudsters using a range of sophisticated methods and hunting grounds to commit their crimes this is a figure that could easily increase.

David Divitt, from ACI Worldwide, said: ‘Fraud is constantly changing and, looking forward, the industry will need to increase focus on identifying identity theft and assisting victims to maintain this improvement in customer experience.’

However, the UK Cards Association has stated: ‘The most recent card fraud figures for the UK, which are based on actual losses and not on research, show that card fraud is falling – a 28% fall in 2009 and a further 20% fall in the first half of last year.’

Tags: GBP, show, satisfaction, greater number, focus, money, aci worldwide

Regional gas pricing warning from Which?

The need for gas customers to look out for and switch to the best deals is becoming ever sharper, with suppliers indicating their willingness to adopt regional pricing policies.

In January, npower began charging different tariffs in different parts of the country, reportedly to reflect the varying costs of transporting gas.

ScottishPower and Scottish and Southern Energy already have similar schemes, and British Gas has refused to rule the idea out.

Siobhan Parker of Switch with Which? warned: “The adoption of regional gas prices by some suppliers further emphasises price variations around the country. npower has announced an average gas increase of 12.8 per cent, but customers living in regions such as London and the East Midlands are being hit with a much bigger price rise of 23.8 per cent.

“People must vote with their feet and seek out the best deal to combat the effects of what is ultimately a postcode lottery.”

This is not to say that some parts of the country are simply more expensive than others – yet.

Figures from Which? show that Yorkshire is the most expensive region, on average, for npower customers, while Wales is the priciest place to live for ScottishPower customers.

Tags: different parts, southern energy, best deal, show, adoption, Siobhan Parker

Average family pays £42 per day in bills

The average family in the UK is spending up to £42 per day on bills, a figure which is expected to rise further according to new figures.

Findings from Data show that the cost of primary bills has risen to £3,426 a year for the typical UK household, which is expected to increase more when the council tax and water bill increases arrive.

Added to the average mortgage costs, which equate to £12,000 per year, the average household bill works out at over £15,000 per year – or £42 per day.

Moira Haynes, a spokeswoman for Citizens Advice, said: “Our debt inquiry figures suggest that growing numbers of people are not only finding themselves over-committed on credit cards, loans and overdrafts, but are also struggling to meet day-to-day living expenses.”

Despite being the lowest increases for 14 years, a survey from the Times showed that the average council tax rise will be 3.9 per cent, which equates to an additional £52 per month on a band d property.

Tags: show, month, cost, Labour Party, day-to-day living, Economic history, bill increases, living

Tracker mortgages ‘best bet’

Tracker mortgages are the “best bet” for those consumers who want to benefit from falling interest rates this year, according to finance experts.

Moneysupermarket.com said that while rates have been going down, increasing numbers of consumers have been reverting to tracker mortgages.

Louise Cuming, head of mortgages at moneysupermarket.com, said: “At the moment, the percentage of customers that are on trackers… although it’s only 24 per cent, that’s the highest it’s been since back in 2005.”

She added that trend for rates is going to be down, so these products are useful for those spenders where affordability is no issue.

However, moneysupermarket.com warned that tracker mortgages should only be used by those consumers who can afford to risk higher repayments in the future.

The most recent figures from the Council of Mortgage Lenders, for December 2007, show that 29,600 tracker loans were taken out by homebuyers – making up 24 per cent of all home loans.

A survey by Fairinvestment.co.uk last week revealed that 23 per cent of Britons polled would favour a tracker mortgage.

Tags: home loans, show, favour, tracker, interest, december, Mortgages, Business Finance

Over half of Christmas consumers spend too much

More than half of consumers in the UK spend more than they can afford during Christmas, according to experts.

The figures from the Department of Work and Pensions show that 55 per cent of spenders over stretch themselves financially over the festive period.

Susan Clark, personal adviser at Jobcentre Plus, said that consumers should view their personal finances in the long term.

“Struggling to pay the bills after Christmas is a situation that many people find themselves in and it can be very stressful. Short-term fixes provide temporary relief but getting a job is the best way to improve your financial situation in the long-term,” she said.

People in London and the East Midlands are the best at planning their finances for Christmas whilst those in the North East are most likely to over spend.

Meanwhile, the Consumer Credit Counselling service has advised that those struggling with debt should avoid the January sales and concentrate on paying off them off.

Tags: jobcentre, Jobcentre Plus, term, relief, employment, show, adviser

CML chief: Housing market to come off boil

The director general of the Council of Mortgage Lenders (CML), Michael Coogan, has claimed that house price inflation will cool off dramatically next year.

Speaking to Reuters, he said that prices seem likely to record their smallest increase in a decade, at maybe just two to three per cent, partially due to rises in interest rates.

The Bank of England set the new base rate at 5.75 per cent two weeks ago – the fifth rise in a year – and many analysts predict further increases in coming months.

Mr Coogan counselled against fears of a slump in prices: “I don’t believe there will be a crash. But clearly a slowdown is more likely”, he said, pointing to the still robust economy as a bulwark against forced house sales.

He added that “we’ve already seen on the consumer credit side that loans have been reduced and people are looking to repay their credit card and other debts… That trend is likely to continue.”

The prospect of a dramatic slowdown seems distant, however: Figures released by the Department of Communities and Local Government today show still-strong inflation, with annual house price rises remaining in the double percentage figures: inflation in prices stood at 10.9 per cent in May, against 11.3 per cent the previous month.

The figures also showed regional variations – with inflation particularly strong in London, Scotland and Northern Ireland.

http://uk.reuters.com/article/personalFinanceNews/idUKNOA64267220070716?rpc=401&
http://business.timesonline.co.uk/tol/business/economics/article2083427.ece

Tags: consumer, I don't believe, show, crash, price inflation, ece, price, cml

Wimbledon is smashing time

Tennis is soon set to dominate our lives again as the Wimbledon Championship approaches.

However, as the UK gears up for the country’s premier tennis tournament, Halifax Home Insurance is warning that it is likely to see an increase in claims.

The firm says that claims for smashed windows and other broken glass peak in July as thousands of people try to emulate their sporting heroes.

Figures from 2006 show that broken glass claims increased by 76 per cent in July, compared to January, and it is a trend that Halifax sees every year.

“Last summer we saw a particularly high rise in claims for smashed windows and other domestic breakages as Wimbledon and the World Cup coincided,” explained Vicky Emmott from Halifax Home Insurance.

“We’d advise any budding [Andy] Murrays and [Maria] Sharapovas to take care when playing racquet sports close to home and check they are insured for accidental damage should a mishap occur.”

Wimbledon runs between June 25th and July 8th and Halifax says that it expects to see most claims coming from Southend, Romford and Illford and Ipswich as these areas made the most claims last year.

Tags: cent, Romford, world cup, show, Human Interest, home, Maria Sharapova

Blame it on Morse

The price of a home in Oxford has shot up since the first series of TV show Inspector Morse was broadcast 20 years ago.

That is according to research by Halifax, which says that the region has consistently outperformed regional and national averages.

A house in Oxford will now cost an average £304,467, an increase of 388 per cent since 1986, the year before Morse was first aired.

House prices in Oxford now stand at 70 per cent higher than the national average, an increase on the 56 per cent difference which existed 20 years ago.

Figures show that Oxford is now the third most expensive area in the UK, behind London and St Albans.

This is another signal of the region’s growth, as it was ranked 59th back in 1986.

“The premium between house prices in Oxford and the UK average has increased over the 20 years since Inspector Morse first appeared on our TV screens. The average price in Oxford is now 70 per cent above the national average,” said Martin Ellis, chief economist at Halifax.

Inspector Morse first came to our screens with an episode called The Dead of Jericho, taking its name from the historic part of Oxford.

House prices in Jericho are now the most expensive in the city.

Tags: cent difference, national averages, show, national average, part, average price, Inspector, Mass media