Personal Finance Stuff » Consumer Products

Fraud is spiraling in the UK

Alan — Fri, 27 Jan 2012 03:15:28 +0000

New figures released this week show that the level of fraud in the UK increased by nine percent over the course of 2011, with identity fraud showing the highest increase. Throughout the year a total of 236,500 cases were reported, which is the highest number yet according to the UK Fraud Prevention Service, CIFAS.

Almost half of the cases concerned identity fraud, which is a ten percent increase when compared to the amount of identity fraud instances reported in 2010. Over the last five years facility takeover fraud, which concerns a fraudster accessing a credit card or bank account from a victim, has increased by more than 300%.

According to CIFAS this means that data fraud makes up about 58% of all cases reported, and even more concerning, the amount of victims that have suffered both types of fraud have increased by 10% when compared to 2010 figures.

CIFAS communication manager Richard Hurley stated that all organisations need to be aware of the threat and review how they will prevent themselves from becoming a victim of fraud in the future. He added that organisations can protect themselves either by increasing the id requirements they put in place when dealing with PINS or applications or by taking a closer look at their security procedures.

Also on the rise in 2011 were accounts of misuse facility fraud, which occurs when an account number is obtained legally but then later used for fraudulent purposes. On the up side, the amount of false insurance claims filed in 2011 dropped by almost 23%, down to just 396 cases compared to the previous 537 cases.

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Free debt advice becoming more essential

Alan — Sat, 14 Jan 2012 11:41:37 +0000

More people in the UK are seeking help from organisations which provide free debt advice, according to a new survey carried out by the Money Advice Trust.

Unsurprisingly, given the current financial situation, the number of people contacting debt helplines or seeking assistance online has increased from 1.4 million in 2010 to over 1.5 million in the last 12 months. Figures from Nottingham University researchers, who conducted the investigation on behalf of the Money Advice Trust, suggest that more than 10 million Brits are now in debt and struggling to deal with their finances.

Experts are predicting that the situation is only likely to deteriorate over 2012 and debt advice companies can expect a dramatic increase in the number of people seeking advice over the next few weeks as families come to terms with the cost of the festive period.

The chief executive of the Money Advice Trust, Joanna Elson, is concerned that rising prices in shops, coupled with falling wages and more job losses, will mean that UK residents are going to find it harder and harder to pay for their essentials without resorting to credit cards and pay-day loans. Elson added that many of the participants in the research had resorted to selling family treasures to deal with their debt problems, when in fact practical advice and support is only a phone call away.

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Interest-free loans from council

Alan — Wed, 21 Dec 2011 04:24:42 +0000

The District Council in Eden is offering interest-free loans to people with an empty flat or house so that they can be rented out or sold. The loans can have a value of up to £15,000 and will have to be paid back over the next three years. The idea behind the loan scheme is that people will be able to refurbish the homes so that they can rent them out or sell them.

There are currently similar grants available for people who want to refurbish their homes but these come with the condition that they must be sold, or let, to a certain sector. These loans come with no such obligation and so will be appealing to some homeowners.

Lesley Grisedale, a councillor in the area has said, “Eden is very much in need of new houses and particularly those that are affordable. An empty house is a waste of valuable resources and we are hoping that the new scheme will help solve this problem. There are many homes that are empty in the area and with a little help these can be reoccupied.”

Over the past seven years the number of empty homes in the area has increased significantly and many of them have not been redeveloped because doing this is too expensive or there are various legal complications with the renovation. For other people there is the simple the problem that people are not so interested in bringing their homes back into use, despite seeing the asset decline in value and despite having to pay council tax every year.

Recent figures show that if a three-bedroom house were rented in the area it would bring in around £7000 for the landlord every year. The council are also concerned that empty homes are an eye sore on the area.

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Online shopping is huge across the globe especially the UK

Alan — Sun, 11 Dec 2011 06:39:14 +0000

A recent report surveyed over 10,000 adults from more than 30 countries and found that all around the world new technologies are being adopted at a very fast pace. This suggests that there is a change in the commercial landscape and the lifestyles of consumers all around the world.

One of the most interesting figures was that the majority of people prefer to buy things online and that in the UK nearly 75% of people prefer to buy holidays and flights over the Internet. Nearly 80% of respondents said that they preferred to buy media items, such as video games and DVDs online.

One of the companies that is benefitting from this the most is PayPal. The survey showed that people were preferring to pay with online payment portals, rather than with their bank card. PayPal was the preferred method of payment online in countries across the Middle East and Europe.

The survey has also highlighted how smart phones are changing people’s shopping experience and how when people are buying things on the high street they are using smart phones to enhance the experience.

One in every four people in the UK said that they would use their smart phone to locate the store they are looking for. Currently, sales through mobile phones account for about 3% of all online sales and many shops with an online presence are beginning to roll out mobile shopping applications.

Despite the privacy concerns, over 60% of consumers said that they would be happy for advertisers to have access to their personal profile if it meant they would be able to get access to lower prices or free content. Privacy concerns remain important for people who use online banking and less than three in every ten people have used a mobile application for banking in the last half year.

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Online tax payment may become a reality

Alan — Fri, 18 Nov 2011 08:05:58 +0000

Tax payers may soon be able to take care of their taxes online if proposals to modernise tax systems are given the go ahead. A consultation paper by HM Revenue and Customs (HMRC) has been drafted which looks at revamping the system and allowing PAYE tax payers the opportunity to do all their tax business on the internet.

The proposals are aimed at simplifying the system and it is hoped that it will afford PAYE tax payers greater understanding of how taxation works and create a fairer and more transparent tax system.

The consultation paper asks interested parties to comment on the provision of PAYE online accounts, the pros and cons of self-assessment and pre-filled tax returns, and the use of pre-filled tax statements non self-assessors.

David Gauke, Exchequer Secretary, said: “The plan is to deliver a simplified taxation system that people can understand. People should be aware of what they are personally paying in tax and why they are paying at that rate. Additionally, we are looking ways in which we can integrate the handling of income tax and National Insurance Contributions which benefits both employees and employers.”

Interested parties can comment on the proposals until the consultation closes on 24 February 2012.

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New eBond issues from Northern Rock

Alan — Tue, 11 Oct 2011 04:52:22 +0000

Two fixed rate e-bond accounts have been launched by the bank Northern Rock. These have highly competitive rates of interest and offer savers who want to keep their accounts online great value. The issues are numbered 18 and 19 and are available from the bank now.

It is very easy for customers to benefit from this competitive rate until late October next year, as the minimum deposit will remain at just one pound. The interest rate is 3% gross. There is also the option of issue 19, this pays .25% more than issue 18, and it is available until October 2014.

The accounts must be opened online and for transfers to them to benefit from the new rates they must have been made electronically. Those who hold this account will be able to choose whether they wish their interest to be calculated monthly or annually. The interest for both of these types will be calculated on a daily basis.

Additional deposits to the bonds can be made during the offer period up to a maximum of £500,000 per customer. The fixed rate bonds (Issues 18 and 19) are non-redeemable and none of the issues allow any withdrawals or closure during their respective fixed rate periods. The bonds are offered on a strictly limited issue basis and will be withdrawn without notice once fully subscribed. Once withdrawn, no further deposits will be accepted.

Full product details are available at Northern Rock’s website at www.northernrock.co.uk/savings.

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Why Smart Investment and High Net Worth Insurance Can Help Homeowners Beat Recession

admin — Thu, 06 Oct 2011 12:50:48 +0000

An Advertorial Feature

A recent study by Zurich has revealed that over half of all respondents had witnessed a rise in gross written profit (GWP) over the past year, with a solid 23% confirming double digit growth. The study also detailed the safer ways to invest money and how quality high net worth (HNW) insurance now has a big part to play.

The number of people classed as high net worth individuals seriously dipped in 2008, according to the Zurich study but incremented steadily up to 448,000 by 2009. The research suggested that the main reason for this incline was the clever way in which wealthy people started investing their money and protecting themselves with high net worth insurance.

Gold prices soared in 2008 from £200,000 to £800,000 – indirectly encouraging the wealthy to invest in gold antiques and jewellery, as an alternative to risking their cash in recession hit banks. As a result, HNW insurance brokers received an increase in client numbers as these antiques were so valuable that it became absolutely necessary for owners to acquire adequate protection.

- Equally, the study outlined how stamps, wine and vintage cars also increased in value and explained how some individuals may already own items that have suddenly become high in value – these people can also benefit from HNW insurance.

Zurich’s research showed that HNW insurers witnessed the 23% rise in GWP but also mentioned how just 3% of respondents reported losses – all of which in single digits. There is no doubt that this investment activity from the rich has had a healthy effect on insurance brokers but only those who offer extensive HNW insurance in the first place.

HNW homeowners can cover their expensive contents with high value home insurance. Operating through a qualified insurance broker to acquire such insurance is the best way to guarantee adequate cover as they have the resources to tailor policies specifically to individuals.

Likewise, these homeowners can cover their actual buildings (even if listed) through the same insurance. Zurich discovered that the majority of high-value properties sustained or improved their value, with sales of homes in wealthier areas of London increasing by 57.5% from 2008 to 2010 – homes priced at £2m or more.

It all concludes that high net worth insurance is a growing market regardless of the economic crisis the world is experiencing. Plus, savvy high net worth individuals who invest in and regularly revalue certain assets, can relax in the knowledge their money is secured in the form of a valuable tangible item and protected further by quality HNW insurance.

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Tesco Compare and Tesco Bank work closer together to offer more choice for customers

Alan — Tue, 27 Sep 2011 01:27:59 +0000

Tesco Compare and Tesco Bank work closer together to offer more choice for customers

Tesco Bank has recently announced that it will be working with Tesco compare to offer its customers more transparency when they are choosing their car insurance or their home insurance quotes. The new service will mean that people who have come to Tesco Bank to investigate the option of insuring with them, will be able to easily see what all other competitors are offering them. It will also be able to direct customers who the bank cannot cover to insurers who might be able to meet their needs – these will generally be people who are in a high risk group.

The system works by asking people who are applying for quotes on Tesco’s website to compare the price they are getting with Tesco, with other insurers. Importantly, unlike with other comparison portals, you don’t have to enter all of the details again as the website will remember all of your insurance details.

The Commercial Director of Tesco Compare is Vikki Macleod and she has said, “We are very pleased to be able to work with Tesco Bank so that we can offer the best value to our customers. We want to offer a transparent service so that the people who shop with us can really get the best deal available.”

Launched in 2007, Tesco Compare can find deals for customers from leading car and home insurance providers; it can also introduce people to many comparison services for products, including insurance, money, utilities and telecoms.

Search for summer autumn

Tesco Compare intends this autumn to continue to help people search for deals so they could save money. In addition to comparing by price, customers can compare by features and benefits through the quick and simple comparison service.

Summing up, Vikki Macleod, said: “We are sure the new arrangement will embody the Tesco Bank spirit of treating customers fairly. During these tough financial times we appreciate that Every Little Helps can make a difference when finding deals on insurance and other financial products.”

Why not search to see if you could save money this autumn? Visit the Tesco Compare website

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Broadband switching checklist

admin — Mon, 26 Sep 2011 13:36:04 +0000

A surprisingly high percentage of broadband users are paying much more than they need to be, simply because they cannot be bothered switching from the same internet service provider they have been using for years. The broadband market is a very competitive one, with constant price wars, and often you can save a lot of money just by switching to another provider. Switching broadband provider is actually very easy, but up until fairly recently this was not necessarily the case, as many companies made it purposely difficult to switch away from them. This has all changed in the wake of a crackdown on anti-competitive practices by the UK telecommunications regulator, Ofcom. If you are looking to switch provider, there are some great broadband deals available at the Sky online shop. Here are some tips to help you make the switch to a better-value provider.

Check your contract

The majority of broadband provider’s contracts last between a year and 18 months, and if you leave before the end of this term, you could be penalised financially. Even if they do not penalise you for leaving early, you may have to pay for the equipment that they gave you, or send it back to them in the original boxes.

Check to see if there is a migration fee

While the vast majority of providers will allow you to transfer your broadband service to them free of charge, as they are keen to get your business, some will still charge a migration fee, which is typically around the £10-£15 mark. You should be sure to find out about this before you switch, as it can often be something of a last minute surprise, especially if you did not read the small print.

Find out your MAC

In order to switch providers, you need to be able to give a MAC (Migration Authorisation Code) to your new supplier. In order to obtain this, you must get in touch with your existing supplier. However, this should not be a problem, as it is a standard procedure that the customer service team will be used to handling. You may find that when you ask for your MAC that your existing provider will offer you a more competitive deal in order to persuade you to stay with the firm, so if you are happy enough with your current broadband service, aside from any concerns about price, then it may be worth letting them know that you are thinking of leaving in order to find out what they are prepared to offer you.

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North Wales telephone scam warning

Alan — Fri, 12 Aug 2011 08:17:10 +0000

Residents of Anglesey have become the victims of a telephone based scam and have lost over £2,000. Local police have issued warnings to all residents in North Wales to be wary of phone fraudsters and other scams that have caused some victims to lose thousands.

Reports indicated that the criminals are misleading them by saying they have a cash sum due because of an insurance error. In some instances the fraudster has even claimed to be affiliated with a certain company. Those conducting the scam claim that to get the money ‘entitled’ to them, they must pay a upfront sum to release it, and once this has been paid the victim is told to expect a cheque.

The fraudster doesn’t ask for bank details but tells the caller to go to a Post Office and authorise a payment. Once done, the fraudster will call back the victim and ask for the number of the payment. Some have even fallen victim twice after being told to make a second payment on the premise the money they are owed has increased. Welsh police are asking people to report any matters related to this scam immediately.

“There are many ways the scam is operated and people simply need to refuse to make any payment of money then contact the police” states Stephen Watts, a DC out of Holyhead. Such variations the detective speaks of include victims being told they have won a lottery, that their debts can be cleared or they have won some other prize. Another official mentions the importance of calling the police if you have any suspicions about the legitimacy of the call.

Sadly, it is the elderly who fall victim most often and the police are working with vulnerable members of society to reduce their susceptibility to such scams. The police are advising people to be beware of callers, even if they seem to have private information about you. If you doubt the caller’s identity, make a call back to the switchboard of the company they claim to represent.

Never give out any personal or bank details as these can be used to steal your identity. If you want to stop all unsolicited calls you can contact the Telephone Preference Service and consider becoming ex-directory. There is a similar service to prevent spam postal mail. Both these services are available with no charge and can prevent fraudsters reaching you by both mail and phone.

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