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Bank Accounts Latest News Online fraud - FSA urges banks to help customers
Bank Accounts Latest News Online fraud - FSA urges banks to help customers Online fraud - FSA urges banks to help customers
Date of Publication: Thursday, 26 January 2006 12:00
City watchdog, the FSA (Financial Services Authority), is
encouraging banks to engage consumers in tackling online fraud. It comes
in the FSA's Financial Risk Outlook 2006, due out Wednesday.
The publication highlights the risks the FSA believes will be important in the next 18 months, and how these may affect the regulator's ability to meet its statutory objectives and strategic aims.
In a chapter on financial crime the watchdog outlines the key findings of consumer research undertaken to gauge confidence in internet banking.
The research found that consumer confidence in internet banking is fragile. Half of active internet users said they were 'extremely' or 'very' concerned about the potential fraud risk of making an online transaction.
Consumers who conduct their banking online are taking steps to protect themselves against fraud, by installing security software on their PC, but over a quarter didn't know when they last updated their software or updated it infrequently.
Meanwhile, 5% of online bankers have no security software installed on their PC at all - the most common reasons cited including: "it is too expensive", that they "don't need it" or they "don't understand" what it is.
Elsewhere, 59% of internet users believe it's possible that someone could access an online account and commit fraud without the account holder having supplied their log-in details. Only 21% find it unlikely. 45-54 year olds are most concerned (54%) about online fraud while 15-17 year olds are least concerned (38%).
Nearly all users (95%) surveyed believe that at least some security responsibility should lie with the bank while 45% believe banks should take sole responsibility.
According to APACs, the UK Payment Association, fraud losses through internet banking were £14.5 million in the six months to June 2005. Although this is relatively low, losses have more than trebled since the same period in 2004 (£4 million).
The FSA's research found that if banks were to tackle these losses by shifting the liability fully towards the consumer, more than three quarters (77%) of users say they would abandon internet banking.
Thursday, 26 January 2006 12:00
Top 5 Current Accounts
|
Provider |
Min Bal |
O/D Rate |
O/D Buffer |
Apply |
|
|---|---|---|---|---|---|
| View Full Table > | |||||
 |
|||||
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0%
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£1
|
No Offer
|
£100
|
||
 |
|||||
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0%
|
£1
|
No Offer
N/A
|
No Offer
|
||
 |
|||||
|
3%
|
£500
|
No Offer
N/A
|
No Offer
|
||
 |
|||||
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0%
|
£1
|
No Offer
N/A
|
£100
|
||
|
|
|||||
|
0%
|
£1
|
No Offer
|
£100
|
||
Natwest Select
- Free day-to-day banking without subscription charges
- Overdraft available subject to eligibility, giving your finances some breathing space
- Chequebook available subject to eligibility; handy when cash or cards aren't convenient
- Monthly statements with all your transactions and your balance - by post or online. Or pick up a mini-statement from our cash machines
Barclays Bank Account
- Create your own personalised Current Account with the new Barclays Features Store - Customise your account with a range of Packs that cover gadgets, home appliances, travel and more. Simply add the Features that you want and leave out the ones that you don't. Terms, conditions and exclusions apply - read the policy documents so you know whats covered and whats not.
- Free Text Alerts to help manage your money
- Personalise your debit card for free with your favourite photo (image guidelines apply)
- Contactless debit card (subject to status) allows you to make fast and secure payments for items that are priced £20 or less.
- Online, Telephone, Mobile and Branch
- No minimum funding required
- Barclays Pingit - the quick and easy way to send or receive money with just your mobile
- Free switching service available
Santander 123 Current Account
- The New 123 Current Account pays cashback on household direct debits
- 1% cashback on water and council tax
- 2% cashback on electricity and gas
- 3% cashback on mobile, home phone, broadband and paid for TV packages
- New 123 Current Account pays also pays in-credit interest
- 1% AER on the entire balance, once the customer’s balance is £1,000 or over
- 2% AER on the entire balance, once the customer’s balance is £2,000 or over
- 3% AER on the entire balance, once the customer’s balance is £3,000 or over (up to £20,000)
- You are required to pay £2 a month (equates to 6p per day)
- Your overdraft fee will be 19.9% EAR plus an unauthorised fee of £1 per day.
- Get a cheque book and a Visa Debit card. You can use your Visa Debit card in shops wherever you see the Visa symbol and at virtually every cash machine in the UK and many worldwide. It also acts as a £100 cheque guarantee card
- Access to your money 24 hours a day 7 days a week through our e-banking service, 750+ branches, 24-hour telephone banking service, LINK cash machine network or even by post
- You must setup a minimum of 2 active direct debits
- You must deposit at least £500 per month
- This account is open to NEW and EXISTING Santander customers aged 18 and above (must be UK resident)
RBS Select
- Free everyday banking - no monthly subscription charges.
- No arrangement or renewal fees - on overdrafts up to £15,000. And pay no interest on agreed overdrafts of up to £100.
- Save on your mortgage - use your Interest Paying Current Account balance to save money with our Offset Service.
- Easy access to your money - your debit card gives you access to almost every cash machine in the UK. You can also pay for goods and services wherever you see the logo shown on your card.
- Online banking - manage your money 24 hours a day, 365 days a year with our telephone and internet banking services. (Except for short periods of essential maintenance.)
- Overseas money - get money in local currency at cash machines and buy goods wherever you see the logo shown on your card.
- Statements - monthly statements list all transactions and your current balance. You can also get mini-statements from any cash machine.
Natwest Select Platinum Current Account
- Pay £16.00 per month and get the following benefits:
- Green Flag car breakdown cover - even on your driveway
- Mobile phone insurance – including all smartphones
- Annual worldwide travel insurance - Members and their partners aged 70 years and over must pay an additional annual premium of £50
- Travel benefits – discounts on holidays, flights and hotels
Nationwide Current Account
- VISA debit card with every account
- Free travel insurance: multi-trip European cover worth up to £70* (conditions apply)
- Manage your account online with an excellent internet banking service.
- Three-month interest-free overdraft when you switch to FlexAccount
- Free day to day banking
- Voted Best Overall Online Provider 2009 by Your Money
Nationwide FlexPlus Current Account
- £10 per month gets you the following benefits:
- Get 3.00% variable on balances up to £2,500 (no interest for balances £2.5k+)
- 3 month Fee Free overdraft
- Commission Free Cash Withdrawals Abroad
- VISA debit card with every account
- Travel Insurance - Worldwide travel insurance, including winter sports, golf, business and wedding cover for you and your family.
- Mobile Phone Insurance - Worldwide cover if your phone's lost, stolen, or damaged.
- Breakdown Cover - UK & European breakdown cover for you in any private car and also anyone driving your car with your permission.
- Extended Warranty - Get an extra 12 months warranty for eligible household electrical goods.
- Identity Theft - Get help and support if your personal data's compromised or your cards are lost or stolen.
Top 5 Savings Accounts
|
Provider |
Notice |
Interest Paid |
Min Bal |
Apply |
|
|---|---|---|---|---|---|
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|
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|||||
|
1%
|
Instant
|
Monthly
|
£1
|
||
|
|
|||||
|
1%
|
Instant
|
Monthly
|
£1
|
||
 |
|||||
|
1.00%
|
Instant
|
Annually
|
£1,000
|
||
 |
|||||
|
1.75%
|
30 Days
|
Monthly
|
£1
|
||
|
|
|||||
|
1.75%
|
30 Days
|
Monthly
|
£1
|
||
Natwest e-Savings
- No penalties – we don't charge you for withdrawing your money
- Start saving with £1 - and there's no minimum balance
- Monthly interest – paid directly into your account
- No need for an existing NatWest account – although if you have one, it's quick and easy to move money between e-Savings and your other NatWest accounts
- Get the savings habit – we can set up a regular transfer from another NatWest account
- Set up and track your own personal savings goals - through Online Banking
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
RBS Direct Saver
- you will earn the following rate of interest: 1% AER/Gross (variable)
- Instant access to your funds with no penalties
- Monthly tax-free interest – RBS can pay the interest into your Direct Saver or another RBS account.
- Manage your ISA by Phone, post, in branch and online
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Scottish Widows Direct Transfer Account
- Minimum balance £1000
- Deposits can be made by internet banking, telephone or post
- No notice period or penalties for withdrawals
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Aldermore 30 Day Notice Account
- Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
- Fast and easy setup - open an account, complete identity checks and move your money in minutes
- Accessible - open an account with just £1
- Flexible - add to your savings whenever you want
- Access - unlimited withdrawals, subject to notice and without loss of interest
- Easy to manage - do it online, by phone or by post
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Aldermore 30 Day Notice Cash ISA
- Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
- Fast and easy setup - open an account, complete identity checks and move your money in minutes
- Accessible - open an account with just £1
- Flexible - add to your savings whenever you want
- Access - unlimited withdrawals, subject to notice and without loss of interest
- Easy to manage - do it online, by phone or by post
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Top 5 Fixed Rate Bonds
|
Provider |
AER |
Duration |
Min Bal |
Apply |
|---|---|---|---|---|
| View Full Table > | ||||
 |
||||
|
1.40%
|
Fixed term for 1 year
|
£10,000
|
||
|
|
||||
|
1.50%
|
Fixed term for 1 year
|
£2,000
|
||
 |
||||
|
2.31%
|
Fixed term for 2 years
|
£1,000
|
||
|
|
||||
|
2.46%
|
Fixed term for 3 years
|
£1,000
|
||
|
|
||||
|
2.56%
|
Fixed term for 5 years
|
£1,000
|
||
Lloyds TSB International 1 Year Bond
- Save for 1 year
- Fixed interest rates of 2.75% AER/Gross*.
- Save from £10,000 up to £5,000,000
- No withdrawals are allowed.
- Rate is fixed for the term of the deposit.
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
NatWest 1 Year Fixed Rate Bond (internet only)
- Online applications only
- 1.50% AER/Gross p.a. (fixed) - Interest rate fixed until 18 June 2014
- Existing Customers only - You will need to have a NatWest current account or instant access savings account (excluding all cash ISA accounts) from which to pay into your bond and for the payment of interest
- Easy application - as the application can be completed quickly online when you have a nominated account. Single account application only
- Save from £2,000- the maximum is £1,000,000
- Simple- Fixed Rate Bond: Internet Only Edition has one rate of interest which starts once the bond account is opened and your funds are in
- If you change your mind about opening your Fixed Rate Bond you have a 14-day period from the date your Bond has been opened, in which to contact us to cancel your Bond without incurring an interest charge
- No partial withdrawals or additional deposits are allowed - you may close your Fixed Rate Bond prior to the maturity date by providing a written instruction to your branch, and giving 35 days’ notice. There will be an interest charge equivalent to 90 days' gross interest
- You may close your Fixed Rate Bond in the event of death or involuntary redundancy. In those circumstances, an interest charge will not apply. 35 days notice will still be required
- At maturity, we will automatically reinvest your deposit for you into a new Fixed Rate Bond of the same term and interest frequency, unless you tell us otherwise
- Limited offer - may be withdrawn at anytime
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
Vanquis Bank 2 Year Fixed Rate Bond
- Available Online Only.
- Deposit between £1,000 to £250,000 for TWO YEARS in ONE PAYMENT and benefit from a guaranteed savings rate.
- Annual or Monthly interest options available.
- Sole or Joint Accounts.
- Restricted to UK residents 18 years or older.
- No additional deposits, withdrawals or closure during term.
- Vanquis Bank is a UK bank with operations and call centres in London, Chatham, Bradford and Newcastle, and is part of the Provident Financial Group, a FTSE 250 company founded over 130 years ago.
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme
Vanquis Bank 3 Year Fixed Rate Bond
- Available Online Only.
- Deposit between £1,000 to £250,000 for THREE YEARS in ONE PAYMENT and benefit from a guaranteed savings rate.
- Annual or Monthly interest options available.
- Sole or Joint Accounts.
- Restricted to UK residents 18 years or older.
- No additional deposits, withdrawals or closure during term.
- Vanquis Bank is a UK bank with operations and call centres in London, Chatham, Bradford and Newcastle, and is part of the Provident Financial Group, a FTSE 250 company founded over 130 years ago.
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme
Vanquis Bank 5 Year Fixed Rate Bond
- Available Online Only.
- Deposit between £1,000 to £250,000 for FIVE YEARS in ONE PAYMENT and benefit from a guaranteed savings rate.
- Annual or Monthly interest options available.
- Sole or Joint Accounts.
- Restricted to UK residents 18 years or older.
- No additional deposits, withdrawals or closure during term.
- Vanquis Bank is a UK bank with operations and call centres in London, Chatham, Bradford and Newcastle, and is part of the Provident Financial Group, a FTSE 250 company founded over 130 years ago.
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme
Scottish Widows 3 Year Fixed Rate Bond
- Minimum deposit £10,000
- No partial withdrawals are permitted throughout the 3 year term
- Interest paid monthly, quarterly or annually
- Application deadline: 15th February 2013 (We need to receive your application one working day before this date).
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
United Bank UK 1 Year Fixed Rate Bond
- Guaranteed rate of interest for full term of product
- Minimum deposit of £2,000
- Interest payable monthly or on maturity
- Penalty for early withdrawal
- Available as sole or joint accounts
- Must be UK resident and 18 years of age or older
- Must have an account with an existing UK bank
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme
United Bank UK 2 Year Fixed Rate Bond
- Guaranteed rate of interest for full term of product
- Minimum deposit of £2,000
- Penalty for early withdrawal
- Available as sole or joint accounts
- Up to £85,000 per depositor is protected by FSCS
- Must be UK resident and 18 years of age or older
- Must have an account with an existing UK bank
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme
United Bank UK 3 Year Fixed Rate Bond
- Guaranteed rate of interest for full term of product
- Minimum deposit of £2,000
- Penalty for early withdrawal
- Available as sole or joint accounts
- Up to £85,000 per depositor is protected by FSCS
- Must be UK resident and 18 years of age or older
- Must have an account with an existing UK bank
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 BY THE FSCS - Financial Services Compensation Scheme
Aldermore 1 Year Fixed Rate Bond
- Transparent - our competitive rates are not artificially inflated by bonuses or introductory offers
- Fast and easy setup - open an account, complete identity checks and move your money in minutes
- Accessible - open an account with just £1,000
- Easy to manage - do it online, by phone or by post
- YOUR SAVINGS ARE PROTECTED UP TO £85,000 PER PERSON BY THE FSCS - Financial Services Compensation Scheme
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