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Tue 8th Apr, 2008
Posted in Bad Credit, Consumer Credit, Personal loans, Banking, UK Finance, Credit Card, Consumer debt, Card fraud, Spending, Identity theft, Credit record, Unsecured loans, Financial news, Borrowing, Fraud at 1:22 pm by admin
It has been revealed that Facebook users are putting themselves at serious risk of becoming an unwitting victim of ID theft. Even posting just a few private details on your Facebook page can give fraudsters enough information to cause serious damage.
Using the information that they have come across on people’s Facebook pages, fraudsters are able to open bank accounts and take out credit cards and personal loans in their victim’s name.
The warning was sounded by a BBC1 consumer show Watchdog. The show conducted an experiment in which they set up a fictional identity on Facebook. The Watchdog team then invited 100 random people to become friends with their newly created fictional character ‘Amba’.
35 of those invited to become Amba’s friend immediately accepted the request despite knowing nothing about her. By accepting, the victims allowed the fictional Watchdog character to view any private details that they had posted on their page.
Details which could easily be accessed included date of birth as well as hometown. The Watchdog team then used these details in order to obtain more private details about their victims from other publicly available websites.
With this information Watchdog then opened up an online bank account in their victims’ names as well as successfully applying for credit cards.
One of the victims, Scott Gould, stated that he was “very surprised” by what Watchdog managed to do despite having only the slightest bits of information about him.
Users of Facebook as well as all other social networking sights are advised to be very careful when posting their details. Fraudsters often leave a trail of bad debts behind them, in Your name. Not only is the onus on you to prove that you are not responsible, it is hard work correcting your damaged credit rating.
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Mon 1st Oct, 2007
Posted in Bad Credit, Consumer Credit, Personal loans, UK Finance, Credit Card, mortgages, Consumer debt, Card fraud, Identity theft, Credit record, Borrowing, Fraud, Zero percent cards at 1:28 pm by admin
Identity fraud is a growing concern in the UK with many Britons falling victim and costing the economy an estimated £1.7 billion a year. One way that people can fall victim is by leaving unused credit card accounts open. According to Apacs, at the end of 2006 31.5 million people in the UK held an average of 2 personal credit and charge cards. However, according to the research there are around one in three cards that are no longer active, which can cause concern for some. One reason why someone may no longer use a credit card account is because they originally opened the account to take advantage of the 0% interest on balance transfers and once the balance was paid off they never used the card because of the high interest rate, or because they transferred the balance over to another 0% credit card once the offer has expired. This means that there are many people who are moving their balances from one account to another account and often forgetting to close the account once it is no longer in use.
If you fail to cancel your cards once you stop using them you may end up forgetting that you ever had them. Often if your account has no activity you will most likely end up not receiving a statement to remind you of the account. So if someone gets a hold of your information and changes the billing address, you will easily miss that and fall victim to identity fraud. Once someone has your details they can easily go further and take out expensive personal loans or even mortgages in your name. Typically these fraudsters will very quickly default on payments, leaving the black marks on your credit record. Often the first you will know of the matter is when you yourself are turned down for loans or mortgages.
One way of protecting yourself is by checking your credit report, and if you find in-active accounts listed on your report, then you should close them the ensure you do not end up a victim of fraud.
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Mon 4th Jun, 2007
Posted in Consumer Credit, Banking, UK Finance, Card fraud, Identity theft, Financial news, Borrowing, Fraud at 11:23 am by admin
It has been announced that many banks will start to issue bank customers hand-held chip and pin card readers over the next six months as an attempt to cut back on online fraud. Because of the success of the chip and pin credit cards and debt cards on the High Street, big banks are hoping that these hand-help home devices will prevent online banking fraud from increasing.
The device is the size of a calculator and is relatively easy to use, as you simply insert your debit card into the hand-sized device. Once the card is inserted you then enter your unique eight-digit pin number into the bank’s website. The reader will generate a new number every time you insert your debit card, which you then use to access your online bank account. Because the device can generate up to nine million random numbers it makes it extremely difficult for fraudsters to access the online account.
Some of the first customers to be given these hand-held card readers are those customers who already have active online bank accounts. Barclays Bank has the biggest programme, with up to two million online users. They will start to send out the devices to 500,000 online customers starting in July. Other big banks, such as the Royal Bank of Scotland and NatWest will start issuing the devices this week to thousands of their online customers. Other banks, such as Halifax and Nationwide, intend to issue similar devices later this year.
It is hoped that these devices will not only beat fraud but also facilitate customers in managing their money. Customers will be able to act fast if they see that they have gone overdrawn and eventually clients may be able to apply for credit or other bank services online.
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Fri 18th May, 2007
Posted in Consumer Credit, UK Finance, Identity theft, Borrowing, Fraud at 10:37 am by admin
Identity theft is a crime where a criminal obtains your personal information such as your credit card numbers, bank information, address, and phone number or birth date. With this information the thief can then access your financial accounts, open accounts or apply for credit under your name and basically steal your identity. Identity theft is becoming a rising crime with many people falling victim. However, there are steps that you can take to reduce the chances of this crime happening to you. By understanding where an identity thief may obtain information, or how they obtain your personal information you can minimise the possibility of becoming a victim to identity theft.
Although different methods are used, some of the most common practices, or ways that criminals obtain your information is by digging through your bin. By digging through your trash, the thief is hoping to find a discarded bank statement, credit card bill or other pieces of mail that will have your personal information. That is why it is important that when you dispose of your statements or other documents that you shred or tear it up before tossing it into the bin.
Phishing is a technique that is done over the Internet via email. The criminal will pretend to be a representative from a financial institution and will send you emails regarding your account, stating that they have some issues with your account that need to be sorted out and they attach a link that will lead you to a website where you are able to fix the problem. However, when you log on to the website it will appear to be official, however it’s a total scam where they will ask you to verify your personal information which the thief can then use. Never respond to emails from a bank or credit card company, as they would never email you if they had any issues. A legitimate company would mail you or phone you regarding any problems.
By making yourself aware of some of these scams, you will protect yourself from falling victim to this increasing crime. You can search online for more information on how to protect yourself from these types of criminal acts.
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Tue 15th May, 2007
Posted in Consumer Credit, Personal loans, UK Finance, interest rates, mortgages, Consumer debt, Financial products, Identity theft, Borrowing, Fraud at 9:46 am by admin
The history of your finances will affect your chances of obtaining credit or a personal loan in the future. To help protect your financial future, one thing you can do is to check your credit report and improve it, as it is your credit report that many lenders review when determining whether or not they want to lend to you.
Your credit report is a personal history of your finances and will list information such as credit card payments, details of loans, mortgages, and your payment history on your accounts. A credit report will also confirm your current address and will specify what organisations have searched your credit report. With this information an organisation will then generate a credit score. With your financial information and your credit score, a lender will then decide whether or not they should lend to you and it will also help them determine what interest rate to give you.
As you are reviewing your own credit report and you notice anything unusual or suspicious on your credit report, then you will need to send a query report to one of the credit report agencies to investigate the matter. You can also contact them if you want to change or update any personal information.
Whenever you are searching around for credit, ask for a quotation before making a formal application. As lenders need to check your credit history to determine the amount they can lend you and the interest rate they will charge, make sure that they make a quotation search rather than a full credit application. If you have a number of credit application searches listed on your report, subsequent lenders may feel that you have applied for an unmanageable level or credit, or they may suspect fraud.
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Tue 13th Mar, 2007
Posted in UK Finance, Card fraud, Identity theft, Financial news, Fraud at 12:00 pm by admin
Con-artists cost the UK economy £13.9 billion a year in recent years, according to a report commissioned by the Association of Chief Police Officers (Acpo) and was compiled in partnership with Professor Michael Levi of Cardiff University by analysing data from global reports and national surveys.”
However, the report continues to state that the true figures may be significantly higher than their report’s claims.
The report is the result of the year-long study that was presented to MPs and the attorney general Lord Goldsmith today, Mike Bowron, commissioner of police for the City of London.
Mr Bowron said: “. . . figure excludes some major areas of criminality, such as income tax and EU fraud, where statistics are simply not available”.
The police commissioner said that if today’s report included the missing estimates the total fraud costs would exceed £20 billion.
”To put this figure into perspective, such losses would pay for an additional 200,000 police officers or save every man, woman and child £330 per year,” he said.
“It used to be said ‘No one walks down the street in fear of being embezzled.’ Well increasingly they do. Whereas once the average Briton dreaded being burgled or having their car broken into, they are now worried about identity fraud, mass marketing scams and other forms of financial crime that have a serious impact on our lives.
“Long gone is the notion that fraud is a victimless crime,” Mr Bowron concluded.
Many victims of fraud are tricked by con-artists into giving them money. Others fall victim to identity theft. Both types of fraud can result in the victim losing thousands before they finally see the problem and take action.
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Thu 1st Mar, 2007
Posted in UK Finance, Card fraud, Spending, Identity theft, Financial news, Online shopping, Fraud at 12:08 pm by admin
KPMG, research accountancy firm, states that fraud has reached record levels last years. They claim that technology has helped crooked managers and hackers cheat both the government, industry, and individuals.
The number of fraud cases in court involving more than £100,000 increased to 277 in 2006, from 222 in 2005 said KPMG. This is the highest level since KPMG started its Forensics Fraud Barometer twenty years ago.
Statistics reveal some interesting facts. Company managers are behind 40 per cent of all fraud cases, totaling £837m.
“The figures produce a picture of a country where fraud is becoming worryingly deep-rooted,” said Jeremy Outen, a partner at KPMG’s forensics unit.
The government was the biggest target of fraudsters, with £312m lost through, tax evasion on items such as cigarettes and fuel.
Six cases last year accused NHS dentists of defrauding the government of nearly £3m.
Fraud in the financial sector reached £141m.
One gang, for example, used MP3 players to bug cash machines in bars, bingo halls or bowling alleys. They captured card details of victims as they withdrew cash. The cards were cloned to carry out fraudulent purchases worth more than £200,000, according to KPMG.
Many of the largest fraud rings are located in Russia like the e-bay gang who stole millions over a ten-year period.
Other popular scams that hit the average household includes emails asking for help to launder money, illegal lotteries, and fake bank emails asking for personal banking information.
The government warns all consumers to protect their consumer credit information, and to keep a sharp eye on their credit information.
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Tue 27th Feb, 2007
Posted in Bad Credit, UK Finance, Consumer debt, Card fraud, Identity theft, Financial news, Personal debt, Fraud at 11:53 am by admin
Mike Haley, head of Scambusters at the Office of Fair Trading (OFT), said:
“Scams affect not only individual victims, but also their families and communities, and can lead to debt, depression and health problems. Though anybody can be conned, it is always the most vulnerable who end up suffering the most.”
The OFT offers Scambuster’ booklet for concerned individuals.
There are many scams. The most popular include emails and phone calls where someone is dying and wants to donate money to charity, but their families will contest their wills. These people offer to donate the money through a victim, for a share, and in turn offer a reward.
Another common scam involves an email where someone has millions of dollars that they need to get out of the country and want a victim to help them and are willing to reward the person handsomely.
The most damaging is Phishing. This involves emails and web sites that ask consumers to enter their banking information.
Once fraudsters copied the HMRC logo onto emails that offered recipients a tax refund of £170. The victim clicked on a link to a bogus HMRC website and completed a form that asked for their bank details.
A Metropolitan Police spokesman said: “We are aware of these types of phishing frauds. We work with partners in the industry to actively investigate the bigger picture leading to them and many are on our Fraud Alert site on met.police.uk. We would be grateful if emails could be forwarded to us for possible inclusion on the website and to enable us to close down the server involved.
“Our advice is that if you receive something that appears to be too good to be true, then it generally it is.
“We advise anyone to forward suspicious correspondence to fraud.alert@met.police.uk and report to their local police station any money they have lost through such a scam.”
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Mon 12th Feb, 2007
Posted in Consumer Credit, UK Finance, Card fraud, Identity theft, Credit record, Financial news at 12:19 pm by admin
Despite a major public awareness campaign, National Identity Fraud Prevention Week, people are not taking simple steps to protect themselves from the perils of identity theft, according to a recent warning by credit reference agency Callcredit.
Callcredit was a partner in National Identity Fraud Prevention Week, held last October to highlight the dangers of identity theft and advise people on how to protect themselves. However, recent numbers show that consumers did not take the warnings seriously, despite the fact that 2006 saw 50,000 new identity theft victims.
New figures released this week from the Information Commissioner’s Office (ICO) confirmed that UK consumers are still vulnerable to identity theft. Even though companies like Experian and Equifax have made it easier to protect their consumer credit information, most UK consumers are not taking enough steps to protect their personal information.
The ICO survey, claims that a third of all UK consumers throw personal documents such as bank statements and receipts, personalised credit card applications and sensitive documents without shredding them. A quarter of the UK consumers do not check their statements.
Most startling is that eight out of ten UK consumers have never seen a copy of their credit reference file. Other reports state that most consumers are ignorant of their own consumer credit information, and do not even know what their credit rating score is.
Melanie Mitchley, Director of Industry Relations, Callcredit said:
“People know what they have to do to protect themselves but they are just not doing it. Personal data is the lifeblood of identity thieves and they are gorging themselves on people’s complacency. Just remembering to destroy personal documents such as bills and statements before throwing them away would go a long way to starving ID fraudsters of opportunities. As a credit reference agency, we see first hand the problems and distress identity fraud causes victims. People are underestimating the heartache. It can take many hours work over several weeks, even months, for someone to recover control of their identity and sort out their credit file.”
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Fri 2nd Feb, 2007
Posted in UK Finance, Homeowners, Identity theft, Property, Housing news at 11:51 am by admin
British homeowners will collectively suffer £170 million in costs due to burglaries in January, according to new report.
Research by Halifax found that January usually sees about 76,000 burglaries, 26 per cent more than the yearly average. January sees one burglary every 35 seconds in with 40 per cent of burglaries taking place in daytime, most likely while homeowners are at work.
In 2006, Nottingham is the worst hit followed by London, Leeds, Enfield, Barnet and Bradford. Colchester, Bath and Shrewsbury are deemed the safest places to live in the UK when it comes to burglary.
Vicky Emmott, Halifax spokesperson, said: “We tend to see a rise in burglaries during January as burglars know that it is the time when our homes are packed with lots of new and expensive items, ranging from electrical goods to jewellery.
“We must remember that thieves are opportunists and will strike during the day or night if they feel a property has inadequate security and the timing is right. The fact so many burglaries take place during daylight hours shows the importance of always remaining vigilant.”
One byproduct of burglary is identity theft. Many people report the theft of valuables, but fail to make sure their personal information remains safe.
The UK sees are 600,000 cases of identity theft every year. The amount of cash stolen through online theft in the first half of 2006 was £23.2m. This is expected to rise to £22.5m in the second half of 2006.
Watchdog groups are warning consumers to keep their personal information safe. Shred garbage that contains personal information, especially credit card applications, banking papers, and consumer credit information. Any papers that are not shredded should be kept in a locked container.
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