‘Rudderless ship lacking conviction’
Just a quick follow up on yesterday’s posting. I’ve had some very interesting mails overnight so thanks everyone for writing in.
Clearly we have to differentiate between two parallel financial funnels that are currently working in conjunction with one another: the credit crunch and the rising cost of living. They’re separate entities that are happening to take effect at the same time. I don’t think I conveyed this yesterday, so it needed to be pointed out.
So, in the rising cost of living column, we can now add football season tickets!
This will not be a big deal for everyone, but I found the figures published yesterday quite interesting. First and foremost, my beloved Chelsea is the only Premiership side to freeze season ticket prices next year.
This will be scant consolation for fans both reeling from the Champions League melodrama, and cringing at the current managerial merry-go-round. Plus, at an existing average cost of over £700 per season ticket, I can’t see the Chelsea directors going short next year.
Elsewhere, fans of Premiership clubs can expect to pay an average of 7.2% more to watch their favourite side next year. Sunderland, Spurs, Portsmouth and (this will make you laugh) Manchester United fans face the steepest price hikes overall. In the current financial climate, it really doesn’t help.
Also, I read the following headline this morning in the newspaper:
‘Brown calls for global action on oil price’
….and it reminded of the following headlines I’ve written myself over the last few months:
‘British Gas Next to Raise Prices, Brown Lends His Voice’
‘Government to Intervene in Energy Price Debate’
‘Darling gets Bullish with Banks’
‘Government to Settle Egg Card Dispute’
The net result of these government actions? Well, British Gas managed to raise their prices, and raise them again. Energy prices are still on the increase overall. Banks steadfastly refuse to pass profits onto their customers, and Egg pretty much got away with cancelling 160,000 customer accounts for no viable reason.
Do I expect the Prime Minister’s call for action to be heeded by global oil companies?
No.
And finally, if you would deign to read my news article today, you’ll notice it describes the people most likely to become victims of ID theft. Somewhat alarmingly, I’m ticking pretty much all the boxes.
I live in NW3, South Hampstead, fifth on the list of the top 25 ID theft hotspots. I’m most definitely aged between 26 and 45, and I’m a tenant in a rented flat. Better be careful with my personal correspondence then.
It’s a good job I don’t earn £50,000 a year or I’d be really screwed.
‘Are these silk or gossamer?’
‘Phishing’ refers to fraudulent practices whereby online scammers attempt to trick you out of important bank details by nefarious means. These fraudsters use two distinct methods:
(a) They pose as a bank or ebay/paypal, sending out sophisticated and authentic looking e-mails asking for account numbers, sort codes and other confidential information.
(b) They pose as wealthy overseas businessmen (Nigeria, Sri Lanka and South Africa are popular destinations), and (effectively) ask you to launder money for them. Of course, there is no deal to be had, because all they want is your bank account number and sort code.
Online fraud attempts have tripled over the last 12 months, and banks are starting to take a hard line against victims of ID theft. Yes, you did read that correctly, against victims of ID theft.
I thought the outcome of the OFT test case would bite hard, but not as hard as this. It was abundantly clear banks would abolish free banking should they lose the ‘unfair charges’ test case, but they’ve now decided unless you have a personal firewall, antivirus software and an anti-spyware package, you don’t have a claim.
Harsh? I think so. A cynical attempt to recoup profits lost through the inevitable abolition of unplanned overdraft fees? It’s difficult not to draw that conclusion, isn’t it?
I assumed, rightly or wrongly, the majority of ID theft victims would be in the 55-70 age group, dotty old pensioners waving their debit cards around like it’s VE day. How wrong I was.
Two thirds of all ID theft victims are under 30. The under 30s (not me unfortunately, although I can still mix it with the…..oh whatever) it seems are particularly blasé when It comes to ID security, and have no qualms conceding bank details on social networking sites to complete strangers. Way to go kids.
The major Achilles heel of the under 30’s though is their nomadic lifestyle. Moving from place to place (halls of residence, renting, shared houses and sofas) and constantly having to update your address details can be a drag, hence bills and bank statements can often end up being sent to previous abodes. The opportunities for vital data to fall into the wrong hands are endless.
So, can I offer two pieces of advice? Firstly, your bank will never write asking you to verify your account number or sort code, ever. In the light of increased phishing scams, they avoid correspondence of this type as standard practice. Don’t ever feel tempted to reply, because you’ll become another statistic of the online crime revolution.
Secondly (and this one is aimed at you crazy kids), even if you’re moving 3 or 4 times a year, keep your bank informed. It could save you thousands and thousands of pounds.
Ten top tips to staying secure online can be found in the Credit Card Guides section of CreditChoices.co.uk.
Does anyone have any additional security tips, or has anyone ever been a victim of a phishing scam? If so, please leave a comment below, and tell us your story.
