A BBC expos矨as shown thousands of Britons’ bank details being sold for less than 20 in West Africa but lenders insist the mortgage industry is not at risk.Last Monday, the BBC’s Real Story revealed that fraudsters in Nigeria are able to find internet banking data stored on recycled computers sent from the UK to Africa. The information is contained on the hard drives of personal computers exported to Nigeria, along with other confidential material. Clare Mortimer, spokeswoman for BM Solutions, says the issue will have little impact on its business because it does not do much customer business online. She says: “Customers don’t deal with BM online and therefore won’t have passwords for online use. If a mortgage account number is stored and retrieved it will not be of any use as when calling in customers have to answer a series of security questions before we can deal with their account.” Rob Davies, spokesman for Royal Bank of Scotland Intermediary Partners, adds: “We take security seriously and have rigorous procedures to protect customers from fraudulent access. But we would also encourage customers to be vigilant in the security of their mortgage details.” Some 23,000 tonnes of electronic waste, the equivalent of about 750,000 computers, is flooding out of the UK and into the developing world every year, says the Environment Agency. They end up in computer markets in cities such as Lagos, Nigeria, where one can find parts of PCs from Britain and other countries. Environmental campaigner Jim Puckett says: “Once you get rid of it, your so-called personal computer it is no longer personal, it becomes public.” Real Story found home addresses, bank account numbers, bank sort codes, passwords, emails and other confidential information relating to people’s finances.
Recent months have seen the failure of some high profile networks that served the independent financial adviser sector. The two biggest to implode have been Berkeley Berry Birch and Millfield. This has suggested to some commentators that the model is flawed and that the demise of all networks is nigh.
The idea of competitive advantage through cooperation is a new one to mortgage lenders as they have always tended to keep their technology to themselves for fear they might give too much away. But the environment is changing.
From Simon Burgess It is becoming increasingly important to raise the bar of financial literacy and acumen, not only to help British consumers make the best of the financial markets but also to prevent them falling foul of the worst of them. Financial scams are nothing new but the internet now allows con artists to […]
How does the old poem go about keeping your head when all around you are losing theirs? Despite the rise in the base rate the equity release market stands apart from the mainstream and provides more great news for advisers after the recent rate cut by GE Life which saw its rate fall to 5.95% annual. Not bad for a rate fixed for life when the base rate is at 4.75%.
The UK loves an underdog. There is something irresistible about the story of the little guy standing up to the established players and leaving them with a bloody nose, whether it is Henry Cooper putting Muhammad Ali on the mat or the Wallabies trouncing the Kiwis in rugby. At the Conservative Party conference, LendInvest championed […]
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