Rise in bank card fraud recorded

Britain’s fraud prevention agency, Cifas, has reported an increase in card fraud in the first three months of this year, with many cardholders finding themselves at the receiving end of identity theft. The agency claimed that it recorded around 27,000 victims of this type of fraud during the first quarter of the year, reflecting an increase of 6000 or 23 percent.

There has also been a 45 percent increase in the number of cases where the fraud has been highlighted when it too late and the fraudsters have already got away with the cash. Fraudsters are said to be using a range of tools and methods of getting hold of details of customers, including social networking sites such as Facebook in cases where consumers are careless with their personal information.

Consumer campaign group Which? said that many people were increasing the risk of becoming victims of card fraud by writing down their PIN because they cannot remember it. Some people have even given their PIN to other people that they feel they can trust, but this can also increase the risk of falling victim to this type of fraud.

In a poll nearly 10 percent of people that admitted to writing down their PIN said that they had a copy of it written down at their workplace. The campaign group said that if cardholders were found to have been careless with their PIN or personal details then there was no guarantee that they would be reimbursed if they fell victim to card fraud.

An official from Which? said: ‘The results show that too many consumers are putting their finances in jeopardy by not taking simple precautions. Writing down your Pin is like leaving your door open when you leave the house.’

Tags: fraud, Cifas, which, credit card fraud, identity theft

More people to get access to bank accounts

According to recent report many more people will be able to get access to bank account facilities, after plans were announced by the government to force banks to offer bank account facilities to all. Under the plans, which were revealed in the recent budget, banks may have to offer at least a basic bank account to everyone that is legally entitled to have banking facilities in the UK. With banks having been at the receiving end of much criticism over the past year this is just one of the measures that are being looked at to try and tighten the way in which the UK’s banks operate.

The government claims that there are around 1.75 million people in the UK that have not got access to banking facilities at present, and hopes that this move will help to ensure that a large proportion of these people are provided with access to bank accounts. Many may be able to get basic banking facilities under the new regulations, and these are accounts that allow the accountholder to carry out transactions such as transfers, payments, receiving money, and setting up direct debits, but do not come with a cheque book or overdraft facility.

The British Banker’s Association has argued that the move is not necessary because people that want to have a bank account can have one anyway. Many of those that can only get access to a basic bank account are people that are on low incomes and are limited in terms of how much they can put into the account, or those that have a poor credit rating.

A promise was also made to move more quickly when deciding whether to grant a new banking licence to companies, and this was welcomed by consumer campaign group Which?. Officials from the group said: “People have been telling us how fed up they are with the sales culture that appears to have replaced customer service in our banks. New entrants in the market offering genuinely competitive products will help bring about the culture change the industry so desperately needs.”

Tags: Ethical banking, bank, Banking, bank account facilities, british bankers association, bank account, which, basic bank account

Can comparison sites be trusted?

In the past anyone that wanted to look at finding cheaper prices on various products or services had to go to the hassle of ringing around or trawling the shops to try and get a better deal, which was quite frankly an inconvenience that put many people off trying to get a better deal. Read more

Tags: uswitch, which, Electronic commerce, Information technology management, online shopping

Customers not getting the full value of their jewellery from cash for gold companies

It has been claimed in a recent report that companies that offer cash for gold jewellery are not giving consumers the full value of their jewellery. In fact, the report claims that quite often consumers are only receiving a fraction of the worth of the jewellery from the firms. According to the consumer campaign group Which? consumers are getting ’shockingly bad value’ on their gold jewellery given how the value of gold has increased. Read more

Tags: Precious metals, Gold, gold advertisements, which, Valuation

Banks crack down on credit cards for Christmas

The amount of time allowed for one to pay off a credit card is to be cut substantially by some banks over the holiday season.

Both NatWest and the Royal Bank of Scotland have given their customers just ten days after January 2nd to pay off their balances before late payment and interest charges are levied.

The change in rules has caused an outcry from consumer groups who claim that it is a deliberate move to charge customers at the time of year when they use their credit cards the most.

A spokesman for the consumer group Which? said: “Many people will use their credit cards over the festive period and wait until they get paid in January before paying off this balance.

“But this shorter interest-free period may not give cardholders the same flexibility and many will incur charges.”

All the banks that have slashed the time given to pay off credit cards are owned by the Royal Bank of Scotland.

Tags: festive period, Royal Bank of Scotland, group, which, Many people, credit, time, bank of scotland

Hidden savings costs revealed

Easy access savings accounts can hold hidden charges for savers wishing to take out any of their money, it has emerged.

Consumers are urged to look at the small print of a savings deposit before entrusting their cash and laying themselves open to punitive measures, said Kevin Mountford, head of savings at moneysupermarket.com.

He commented: “It’s clear that some of these accounts deserve their place in the ‘easy access’ sector, but others should perhaps be categorised as ‘new notice accounts’.

“They do have a part to play in the market, but they are very much aimed at more disciplined savers. We know from experience that savers are different and save for different reasons.”

Mr Mountford added that savers should consider the details beyond the advertised rate and make sure they truly understand what they are signing up for.

Research from the website found that just four in ten of the highest interest-paying accounts give savers the chance to have unlimited access to their cash without losing any interest.

Tags: highest interest-paying accounts, different reasons, moneysupermarket, research, punitive measures, interest, which, access savings accounts

The Big Four not up to scratch state experts

Industry experts have stated in a recent report that the four biggest UK banks are not living up to required standards when it comes to offering value and service to customers, despite the fact that they are raking in huge profits each year. Read more

Tags: natwest, barclays, which, lloyds tsb, hsbc, bank accounts