Consumer News

2012 UK Fraud Predictions for 2012

Alan — Thu, 02 Feb 2012 17:47:35 +0000

There are currently such enormous challenges facing those who work in the world of finance that UK Fraud, www.ukfraud.co.uk, the leading fraud consultancy, have listed 10 predictions designed for the the prevention of domestic fraud in 2012. Here are those predictions.

1. The National Fraud Authority, or NFA, will be facing huge political pressure to deliver a new fraud strategy that will actually make a difference. The Government will then demand that the NFA starts to demonstrate measurable annual savings in fraud, and these These are expected to be over £10bn. At the same time there will be a increase in the public tussle for funding through the Government’s latest cyber crime operation.

There will also be increasing pressure on the NFA to adopt a much more global and pan European perspective in order to combat the fraud that is infiltrating the UK from territories overseas.

2. With the volume of traffic for e-commerce transactions increasing, fraudsters will target individual merchants and merchant groups. As a result, there will be:

a. More co-operation across the merchant sector.
b. More disintermediation of the merchant acquirer services.
c. Greater use and development of acquirer anti-fraud enrichment services.
d. Payment Service Providers (PSPs) will become more prevalent, with fraud solutions provided as an integrated part of the service they offer.
e. Greater dissatisfaction with many existing fraud solutions, particularly with those that are less well conceived.

3. The USA has now decided on its strategy for a card Chip standard (i.e. EMV). It will not be adopting PINs as the authentication method as most countries have done in Europe. The USA prefers to rely on an ‘on-line’ strategy for authorisations. So the US decision-makers will take the opportunity in 2012 to relax and unwind until they see the trauma to the system caused initially by the wider adoption of NFC-mobile enabled payments and US customers wanting to pay in Europe when visiting London 2012 Olympics.

4. UK Payments (a.k.a. APACS) will probably applaud a small fall in fraud for the year within the card industry. The change will be as a result of retailers continuing to implement 3D secure solutions (the code and password to finish an on-line transaction) and some bespoke fraud prevention screening solutions. However, this will belie an underlying problem that will ‘strike’ hard next year, with major breaches involving attacks on SDA/DDA, card cloning, and/or PIN compromises and tampered devices.

5. There will be a major shift in the presence, position and fraud service offerings of one or more of the major data-bureaux (such as credit reference agencies) as more solutions either move ‘in-house’ or move to systems developed by a host of new players in various fraud sectors.

6. ID theft will keep growing. We have had a banking crisis, a housing crisis; so are we now ready for an ID crisis as more and more IDs are stolen and used across the world for major frauds? CIFAS keeps us updated on identity thefts, but the problem is now gathering enough momentum to reach a crisis point.

7. One or two UK government departments will see a significant rise in fraud that will cause a major re-think in how fraud is handled; in both the fraud strategy in government and in what should be done about it. This could fall on HMRC with tax evasion (given the threatened recession). This has been a repeat prediction over many years, but something is very likely to crack soon as fraud in the public sector just keeps rising.

8. There will be increased momentum amongst insurers (or within a few key insurers) to develop a strong and credible fraud prevention solution based around the ‘front end’ (underwriting stage of business), maybe with a strong data-sharing drive.

9. With all the pressures on financial cuts, and global hardship; we will inevitably get to hear of the latest sensational fraud surrounding a notable individual (or two). Will it be a CEO or a politician or someone else this time? Will it be around a major insurance company, a Hedge Fund, an Olympic committee member or a Telecom chief?

10. Overall fraud will increase dramatically across the UK and the rest of Europe in 2012. The areas likely to be most affected include: insurance, merchants and retailers, telecoms, government departments and Local Authorities. The most common fraud activities are expected to be increased cybercrime, internal fraud, supply chain and procurement fraud.

Says Bill Trueman, CEO of UK Fraud, “Fraud prevention is in part the art of knowing what will happen in advance so making predictions is a natural part of the process. However, currently there are such enormous challenges in the financial world and also for organisations such as the NFA that we felt it would be useful to show managers in financial services, credit, insurance and the public sector the kind of issues that they might expect to see in 2012. These are only the issues that may ‘tip the scale’ as there is a raft of others that might not make the headlines. Or will they?”

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Save Money By Hiring Furniture

admin — Wed, 01 Feb 2012 11:58:09 +0000

One of the sectors that is bucking the trend in the current economic gloom is the furniture hire market. There are many reasons why you may find yourself hunting for reputable companies to hire furniture from; work displacement is one of the most common.

Families can find themselves uprooted for a short time, rent a cheap flat for them to live in temporarily, and hire the furniture they need rather than pay the exorbitant costs of moving their own furniture with them, only to have to take it back a few months later. There are companies that you find online which will rent you everything you need from a TV stand to a leather lounge suite, and everything in between.

Landlords are also turning to furniture rental companies, and the costs of the rental are far outweighed by the income they can generate by renting out their properties as furnished. Considering even kitchen appliances and cushions and throws can be hired, it makes sense for the landlord to hire rather than buy, and any damage incurred will be covered by the bond they ask for before their tenants move in.

Stores who don’t deal in furniture will also turn to hire companies if they want to set up a room setting to display their wares. A lounge setting will showcase wallpaper, curtains and electronic such as televisions so prospective buyers can get a better idea of how they will look in their homes. Likewise, a shop selling crockery and home wares may set up a dining room to show how good their products look in a home environment.

Hotels and offices are also areas where rental furniture is often found. Full makeovers are popular reasons for renting furniture in both these cases, as the owners/managers etc may have a vision in mind but aren’t sure whether it will work or not, so it makes perfect sense to hire the items first as a sort of a test run to see if they have the desired effect that they hoped they would.

The quality of rented furniture has massively improved over the years, and you can forget the cheap, flatpack low quality furniture that was hired out in the past and then promptly fell to bits. There is furniture to hire these days that encompass all tastes, styles and, importantly, budgets. With most companies hiring furniture out for any duration between a week and three years, there has never been a better time to head online and find the one that suits you best.

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Dubious olive oil flooding the market

Alan — Fri, 27 Jan 2012 15:05:48 +0000

Hear the news that there is corruption in the oil industry and most well-read consumers would assume that the story relates to the “Black Gold” that is at the heart of most of the world’s industries and the source of political and environmental problems the world over. However, according to a new book, the world of olive oil is also beset by problems of corruption, smuggling and even poisoning attempts.

In his book “ Extra Virginity: The Sublime And Scandalous World of Olive Oil”, author Tom Mueller has explored the world of the lucrative olive oil industry, pointing out the truth that wherever there is money to be made some of those involved will turn to criminal acts in order to get one over on their competitors.

In the summer of 2011, Spanish police in the region of Murcia arrested one thief who is thought to have stolen over a million of litres of olive oil which he and his gang then shipped to Italy, where the product is in great demand. In fact, olive oil is so valuable in Italy that lorry drivers have been held up at gunpoint for their precious cargo and gangs of criminals have broken into bottling plants in the middle of the night to steal millions of pounds worth of the in-demand product.

Corruption in the olive groves is far from a modern phenomenon, however. Tablets dating from over 2,000 years ago have been found in Syria detailing the activities of a group of men who were responsible for ensuring the quality and purity of any olive oil sold at the local markets.

One expert told Mueller that only 2% of the olive oil labelled as “virgin” in shops around the world would actually pass the rigorous industry standards; these include making the oil with the best olives when they are almost over-ripe and only extracting the oil by hand, without the assistance of any technology.

With such strict controls and such a labour-intensive production method, any “virgin” olive oil which is priced at anything less than £6 or £7 is far too cheap to be genuine. Companies who care about their product enough to package it in dark glass bottles, to protect the contents from sunlight, have probably also taken more care over the production methods too.

Of course, it is almost impossible for consumers to be sure they are buying the real thing. Unscrupulous producers will often label other types of oil as “virgin olive oil” or dilute the real thing with other products, including lamp-oil which has a high acid content and is thought to be damaging to the health if consumed in large quantities.

Even those in the know can be fooled by olive oil fraudsters. Food giant Nestle, which makes the Buitoni and Bertolli brands of olive oil, once bought a large shipment of Turkish nut oil which was fraudulently labelled as the genuine article. In their factories it was mixed with real virgin olive oil and sold to customers around the world.

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Self-Adhesive Labels from Stickylabels.com

admin — Thu, 19 Jan 2012 15:12:27 +0000

“What is the difference between a label and a sticker?” At Avery, this is a common question we are asked and the answer is “nothing”. We classify “stickers” and “labels” as one and the same, to specify all varieties of products that are self-adhesive.

In both home and business settings, labels are a beneficial tool for a multitude of purposes. They could be used for addresses, inventories or stock counts, in education, for arts and crafts and other means of organisation.

We can supply Avery stickers that you can print from your printer in the office or at home or we can print them for you and have them sent ready to use. Whatever your needs, we can provide sticker dispensers for protected label rolls or label pads as an alternative. Both are designed for quick and easy use.

Your address labels can be customised by us to present all kinds of information such as name, address, email address, telephone number and fax number. You could even use your labels on promotional brochures to incorporate opening times or dates. Whatever your requirements, Avery is available to deliver a large selection of different address stickers.

We supply a wide assortment of label shapes – circular, oval or square – giving you the scope for a range of functions. Avery stickers commonly come in solid white but you may wish to make use of our yellow, green, blue and red label colours for important security labels.

Avery and the Avery Product Codes e.g. “Avery L7160” are trademarks of the Avery Dennison Corporation. These products are not made or endorsed by the Avery Dennison Corporation. We use the Avery product codes e.g. “Avery L7160” as these codes refer to the size formats that are found in most common software packages. Please refer to printer manufacturer’s instructions prior to use.

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Personal budgets encouraged by councils

Alan — Thu, 19 Jan 2012 15:06:07 +0000

Councils inEnglandare increasingly seeking to encourage people living within their regions to use “personal budgets” to pay for their own social care costs. Whether the person is elderly, physically or mentally handicapped, the personal budget allows them to choose care provider themselves, while the council merely supplies the funds.

Both central and local government are promoting this move towards giving the English public greater control over the services they use as well as increased choice when it comes to where to get those services from, and it is hoped that in just one year’s time everyone who is due some level of social care from their local council will be paying for it through their own personal budget.

Councils like the scheme as it cuts down on the number of care staff they have to employ while consumers like it as they can shop around not only for the best deal financially, but also the best in terms of service and convenience. It sounds like a win-win situation for all concerned, but as with any new scheme involving public funds there are always those looking to take advantage. Reportedly there were over 100 cases of social care fraud, most involving personal budgets, during 2011.

That figure came from the Audit Commission which was asked to monitor the provision of social care through personal budgets to ensure this kind of thing did not happen. Unfortunately, these 100 cases alone cost the public over £2 million – and those are just the ones who were caught.

Personal budget cash to pay for care services can either be paid to the individual themselves, or if this is not appropriate a family member or appointed carer. There seems to be three main types of fraud relating to the personal budget scheme and each one is listed in some detail in the Audit Commission’s recent report “Protecting the Public Purse”.

The first type is similar to many existing benefit frauds, in that the individual makes a false claim for cash that they are not entitled to. However, the other two ways that the system has been defrauded are particular to this type of scheme; firstly, unscrupulous relatives or friends make the claim on behalf of someone who is unable to take care of themselves and then keep some or all of the money and secondly, organisations which provide the social care services over-charge the individual or council for the help they are providing.

Councils are showing that they are keen to crack down on personal budget frauds, with Croydon Council having the dubious honour of being the first organisation to pursue a successful case in the courts. Croydon resident Sameer Hamidi had kept over £12,000 that he claimed from the council on behalf of his ageing mother, stating that the money was going to pay for care that he was actually providing himself.

A spokesperson for the charity Action on Elder Abuse is concerned by this case and many others, in which evidence has shown that the very people allowed to make claims on behalf of their relatives, their children, are also the ones who are most likely to abuse this privilege.

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Making your energy bills count

admin — Fri, 13 Jan 2012 13:05:56 +0000

The cost of electricity has continued to rise for years, and many consumers feel that they have no choice but to pay it. After all, electricity in the home is something that no one can live without.

But these consumers are only half right. It is true that electricity is essential to a fully functioning and comfortable home; in our modern society, no one can live without it. However, there are alternatives to paying power companies that continue to burn fossil fuels that exist in limited supply. Not only can you solve this problem by taking your energy needs into your own hands, but you can even help save the environment whilst you do so.

The solution to growing electricity demands lies in renewable energy. Technology and green developments have become so advanced that it is completely possible for homeowners to purchase and install–or even build–their own renewable energy systems.

Solar energy is a more than viable alternative to getting all of your power from a traditional energy company. Homeowners who install solar panels on their roofs, although they front the initial costs for materials and installation, usually find that they save enough money on their energy bills to cover the cost of installation within the first decade after installation. And after they break even, these homeowners are at an advantage; solar panels can last for decades, which means that their energy will be completely free for just as long.

If you’re not into solar, you could also consider the emerging alternative of wind power. Small turbines can be installed on the roof of a house or in the garden and connected to your home’s electricity system so that energy is produced whenever they are hit by strong winds. This kind of system, although less developed than home solar systems, is quickly catching on amongst UK homeowners.

However, with the economy still in a recovery, you may know before even reviewing your finances that you cannot afford to front the cost of a renewable energy system for your home at the moment. Consumers in a tight spot can still do their part for the environment by using green electricity, even if they don’t have solar panels or wind turbines. This is because there are many renewable energy companies that provide electricity in the same way that traditional electricity providers do. The difference is that they get their power from renewable sources like industrial-sized wind turbines. So if you value green initiatives and clean energy, a simple phone call to switch energy providers can put you on the path to a renewable energy plan.

When it comes to sustainable energy, the important thing to remember is that not every dollar is equal. The money you spend in setting up a more sustainable energy plan and a healthier environment will ultimately be more powerful than any other investment you can in the future.

Article by Good Energy

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OpRobinHood and TeaMpOisoN hacking operation

Alan — Fri, 13 Jan 2012 08:49:10 +0000

The question of whether the original Robin Hood was really in the business of giving the loot he stole from wealthy passers-by to poor hungry people is still under debate, but the latest version is even more questionable. OpRobinHood and TeaMpOisoN are allegedly stealing from banks and ‘giving’ to people who have suffered from banking policies and to selected charities, but in fact they are mostly just causing grief to everybody involved.

The ‘hacktivist’ groups are offshoots of Anonymous, the group that has been harassing perceived offenders for some time now. According to sources at various online security firms, both the National Bank of Long Island and the BCD Credit Union in the UK were targeted last week. The hackers are supposedly motivated by the crackdown on the growing Occupy movement that started on Wall Street and keeps expanding like a brush fire in the wind.

OpRobinHood made a statement saying that they would “. . .take credit cards and donate to the 99% . . .” and that “. . . banks will be forced to reimburse the people their money back”. If nothing else, their syntax leaves something to be desired, but that’s not the problem. The banks will not suffer much more than embarrassment and negative publicity, since they can issue a charge back to recover their funds.

The charities that are recipients of fraudulent use of credit card donations won’t be any better off; they will not only lose money they thought was donated legitimately when banks discover the fraud, but they could wind up with a net loss. Depending on the type of contract the non-profits have with their respective banks, those charities may have to absorb part of the liability, leaving them in worse shape than getting no donation at all.

The average consumer who falls victim to a credit card scam will not be liable for the money involved, but having a credit transaction declined due to unauthorised use is an inconvenience at the very least.

Besides creating an awkward situation if, just for example, you’re buying dinner for a big client or just taking your spouse for a romantic anniversary evening out, the time and paperwork necessary to clear up the issue can be a nightmare.

Unfortunately that’s not the worst outcome of this concerted hacking and financial identity theft; the loser in the long run is still the individual consumer, even it he or she isn’t personally a victim of fraud.

Banks and credit card companies raise their fees, and those fees apply to everyone who owns a credit card and/or does business with a bank, i.e. darn near everybody over the age of ‘maturity’.

Theoretically, OpRobinHood is meant to punish banks that are seen as transgressors against the general public. According to a statement quoted in The Register, they plan to ‘starve the banks’ and take ‘the people’s’ money back, and they aren’t afraid of police, FBI, SIS or anybody else. However, there have been several arrests of suspected hackers in the United States, the UK and Spain; but whether they will slow the Robin Hoods down or galvanize them remains to be seen.

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Payday loans being taken out to pay mortgages

Alan — Sat, 07 Jan 2012 11:34:09 +0000

Millions of Britons are likely to take out a loan that has a high interest rate attached to it over the next six months in order to make it financially until payday, according to a group of insolvency experts.

The group, R3, stated that it came up with this figure after interviewing 2,000 people. However, Consumer Finance Association member John Lamidey, who works with payday loan businesses, disputes the figures that have been released. In the middle is Downing Street which is attempting to bring some type of industry code into being.

According to the figures from R3, 45% of those in the survey struggled to make their finances last until their payday and another 60% were worried about how much debt they held under their name. The group went on to say that the survey shows that money concerns are as high as they have ever seen and that this aligns with the fact that consumer bodies are now asking that payday loans be better regulated to stop people from making poor decisions due to a lack of understanding.

Payday loans are a large group of short term, small, unsecured loans that are designed to help people stretch out their finances until they reach their payday, but at the cost of a high interest rate that forces them to pay back a larger amount than they borrowed right away. In fact, the payday loans have become so popular that payday companies are now worth about two billion pounds a year according to Andrew Hosken, the BBC correspondent.

Sometimes, the loan can be cheaper than an overdraft or credit card penalty if it is paid promptly back on the next payday, however, if the loans are not paid off right away, with interest rates that are over 4000%, debts can start to increase rapidly and before long get out of control. One woman stated that she borrowed £300 and paid back small amounts and without realising it, even with regular payments, discovered she owed £720. It is this very cycle that the payday loan people count on.

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UK is biggest internet shopping player

Alan — Fri, 06 Jan 2012 11:37:04 +0000

Figures released recently by Ofcom, the communications industry watchdog, show that the UK now leads the rest of Europe when it comes to shopping on the Internet; a habit that is encouraged by our widespread ownership of smartphones, thus allowing true shopaholics to make their purchases at any time of the day or night.

In the space of around 18 months, the number of people with iPhones or similar models has increased twofold, corresponding with a rise in online shopping purchases in Britain. Nearly half of all mobile phone owners in the country now possess a smartphone, with 80% of those having used their handsets to buy goods and services online. The UK clearly leads the rest of Europe when it comes to browsing shopping sites on the Internet, with Britons spending an average of an hour and a half each week looking at retail websites.

While the advantages of online shopping are obvious, consumer experts are concerned that smartphone users are becoming relaxed about security issues, in particular credit and debit card fraud. Shoppers should always make sure they use reputable shopping sites which offer secure methods of payment to avoid having their details stolen.

The National Fraud Authority warns that this is a problem which is on the increase, with almost 40% of those who have used online shopping sites being a victim of some kind of fraud. Michael Phillips, one of the directors at Broadbandchoices.co.uk, added that criminals are always particularly active around the festive period, when the number of online purchases increases dramatically and shoppers are less likely to be vigilant about checking the security of the shopping sites they use.

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Top Ten Energy Saving Tips!

admin — Thu, 05 Jan 2012 15:04:00 +0000

In a time of recession it’s important to keep your costs down and save money. Here are some useful tips on how to stop wasting energy for the short term and long term considering the future of energy:

1. Turn your lights off – This one really isn’t too hard to remember. When you leave a room, flick the switch! Turning lights off can be a plus in summer as it keeps the room cooler!

2. Do NOT leave appliances and electrical on standby when they are not in use, this constantly requires electricity! It can also damage appliances such as a laptop, the battery should not be charged at all times, let it run out occasionally – the same goes for mobile phones.

3. Consider switching your energy supply to a renewable energy source. Green Electricity is on the rise nowadays with electricity being sourced from renewable generators – basically getting natural power from the wind, water & sun. Good Energy supplies green electricity to homes and businesses across the UK using only renewable sources which means no fossil fuels, nuclear or carbon!

4. Use energy saving light bulbs – Simple!

5. Turn your thermostat down – Even reducing it by 1°C could reduce your heating bills dramatically.

6. Fill up your dishwasher before turning it on, don’t use it half empty – it’s a waste!

7. Turn off taps properly; make sure the tap isn’t dripping as this can waste thousands of litres of water per year!

8. Get on draught patrol! It’s important not to let too much heat out of your home and let too much cold air get in, this can often be the route to a damp home! Make your home draught proof – start by closing your curtains in the evenings to prevent heat escaping.

9. Refrain from using a tumble dryer too often in the home, especially in the summer months where you can hang clothes outside. The tumble dryer is the second biggest energy user in the home!

10. Use rechargeable batteries! These save energy and prevent us from polluting the environment with our throw away batteries. Rechargeable batteries are cost effective in the long term and recharging costs are minimal.

Article courtesy of Goodenergy.co.uk

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