84,000 bank customers caught out by scams

Fraudsters are still working at large in the UK, claiming more unwitting victims and millions of pounds in stolen capital.

In the last 6 months of 2018, it’s estimated that the total amount of money fraudulently transferred out of personal accounts was an eye-watering £135m — up 45% from the £93m stolen during the first half of 2018.

And it’s the general public who are now being targeted, not the banks. Rather than attempting to infiltrate complex banking security systems, scammers are instead turning their attention to individual savers and their hard-earned nest eggs. .

From selling fraudulent goods online, to posing as recognised traders or personnel from your own bank, the fraudsters’ tactics range from the simple to the sophisticated.

UK Finance has expressed their worry about the increasing number of scams operating throughout the UK and urges more caution to be taken by anyone interacting with traders or banks over the phone, by email or in person.

Dutch-style pensions are on their way to the UK

The Government has recently announced its plan to introduce Collective Defined Contribution (CDC) schemes to employees in the UK.

CDCs are intended to reduce disparities between final salary pension plans and the defined contribution (DC) schemes which are dependant on stock market fluctuations.

Used widely in the Netherlands, employees contribute a fixed amount into a collective fund and are then projected a retirement fund based on their long-term investment plan.

According to retirement and risk management specialists Aon, those on a CDC pension scheme could end up 7% better off than those opting for defined contributions.

The Royal Mail has led the campaign for CDCs in the UK along with its union, proving to be a test case for other employers.

Although deemed more attractive to both employers and employees, as with anything, returns are not guaranteed.

With that in mind, it might be a while until the scheme is offered nationwide — 2020 at the earliest.

UK retail sales still strong despite Brexit fears

With the Brexit deadline looming, fears for the impact on the UK economy are still high. But nevertheless it appears that UK retail is still faring well; even breaking records.

In February, retail sales rose by an annual 4.0%, following on from January’s record 2-year high of 4.1%.

Whether down to fear-induced stockpiling or not, it seems that UK shoppers are offering some much-needed stability against a backdrop of export and investment uncertainty. At least for now…

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