Category Archives: Banking
Bank branches are closing all over the country, with huge savings in the upkeep of buildings and staff wages. This is due, it is said, to customers undertaking more transactions online. In many cases this is a result of firm persuasion by the banks urging customers towards the more profitable system.
A reader experienced this firm encouragement towards online banking a few days ago when phoning to transfer funds. The impression was given that this was essential, but when pressed the staff member admitted it was not. Indeed she wavered a great deal more when it was pointed out that her job could well be eliminated with the closing down of telephone operations.
America’s Central State Bank warns that – due to the open nature of the Internet – all web-based services are inherently subject to risks such as online theft of access codes/user ID/username, PIN/Password, virus attacks, hacking, unauthorized access and fraudulent transactions.
The National Audit Office records that the volume of online ‘card not present’ fraud increased by 103% between 2011 and 2016
Online banking security rated by Which? At best, a 16% chance of being defrauded
In 2015 online bank fraud was described in the Guardian as the UK’s fastest growing area of crime – doubling from £60m in 2014 to an expected total beyond £130m this year – and the losses to consumers have in some cases been of the life-changing order of £90,000 each.
50 banks were surveyed by Which? and its August 2017 report revealed that all had experienced fraud – the best were 84% free of fraud, the worst only 56%. So even customers using the ‘best’ banks have a 16% chance of being defrauded.
Defrauded customers should accept the blame and not expect automatic refunds
Ross Anderson (right: professor of security engineering at the University of Cambridge’s computer laboratory) has seen the mass take up of online banking, and more recently the explosion in fraudulent activity. Financial fraud cost £2m a day in 2016, with older people disproportionately hit.
According to Anderson and other security experts, banks are shifting liability away from themselves and on to the customer – aided by a Financial Ombudsman Service that they claim rarely challenges the banks following a fraud. Miles Brignall in the Guardian comments: “The bank is on the hook for credit card losses, but not most bank frauds”.
The Independent reported that RBS’s chief executive Ross McEwan caused a storm when he claimed that it is not banks’ responsibility if customers are defrauded in such circumstances. The bank boss – who as part of his role also runs the NatWest brand, which has 24 million retail customers – said he didn’t think the bank had “a duty of care” to victims. They should accept the blame and not expect automatic refunds, he argued. 5,000 of his customers who were defrauded of £25m during nine months in 2015 – and anyone else who has suffered such losses – should consider taking class action.
Anderson, one of Britain’s foremost experts on cybersecurity, says he has never banked online – and has no plans to do so. He believes that system has become so weighted in favour of the banks that the customers now carry all the risk.
Miles Brignall in the Guardian asks: “If a man who has chronicled the rise of online banking won’t use it, what hope is there for the rest of us?”
It’s that time of year again, or more accurately one of those two times of year. The time when the right-wing media works itself into a frenzy over perceived slights against Christianity.
Steve Beauchampé points out that the Daily Telegraph, in a move made to bolster profits, forces many of its staff to work producing a paper on Easter Sunday (and Christmas Day), just as it expects newsagents to open on Easter Sunday to sell that day’s version of the Telegraph and help to raise those profits and the remuneration paid to its senior staff.
Despite this it feels able to ‘froth at the mouth’, claiming that the National Trust was ‘airbrushing’ Easter’. He highlights the ‘faux anger’ generated by a joint National Trust/Cadbury event called the Great Egg Hunt (omitting the word Easter) – the National Trust website, though it uses the word Easter 13,000 times, and because one of Cadburys best-selling products is called a creme egg – not a creme Easter egg.
Meanwhile Prime Minister Theresa May finds time in her busy schedule of hawking arms and British military expertise to the tyrannical rulers of Oman, Jordan and the daddy of all despots, Saudi Arabia, to call the absence of the word Easter in the NT/Cadbury promotion “absolutely ridiculous”.
This, as she should be saying: “the United Kingdom is in danger of fracturing apart and Sturgeon’s running rings around me, I’ve got a generally weak hand to play in the Brexit negotiations whatever Duncan-Smith tells you and I daren’t lose Gibraltar because it’s a British military base and one of our numerous off-shore tax havens, particularly attractive to casinos …and you’re bothering me with this!!?”
The Daily Telegraph is bothered about the word Easter being missed off the title of a children’s hunt for chocolate eggs:
- one week after the UK served notification of its intention to leave the EU,
- a senior Tory has suggested that we might go to war with Spain,
- our Trade Secretary is in the Philippines meeting the self-confessed killer President Duterte and speaking of the two nations’ shared values’,
- the Chancellor is offering India access to our potentially low tax, low regulation banking sector
- and Theresa May is off selling yet more weapons to middle east dictators (she must be on commission with BAE Systems!).
Beauchampé’s final comment: “Nice to see the pro-government wing of the Third Estate getting their priorities right”.
First published in the BirminghamPress.com: http://thebirminghampress.com/2017/04/chocolate-weapons-and-war/ . Republished in https://politicalcleanup.wordpress.com/political-barbs/chocolate-weapons-and-war/
Following on the commentary on our British values encapsulated on Facebook, we found more extensive contributions about British values from six people:
1. Taken over by greedy merchants so that the rich benefit at the expense of the poor, as well as at the expense of the planet (endpiece from Christine Parkinson’s first book, 2002)
She continues “I mainly refer to the people who trade in all kinds of goods for their own benefit, regardless of the effect this has on the stability of the world, its ecosystems, its mineral and animal resources, its local economies and cultural traditions . . . the capture and international trade in rare species, ivory, fur, immature primates etc; the development of animal foodstuffs from animal carcases (creating cannibalism in ruminant species and diseases like BSE and CJD); the holding of developing countries to ransom by powerful banks, through exploitative usury; a similar use of oil (itself a dangerous pollutant) by oil-producing countries; the development of powerful, polluting and dangerous motor vehicles for their owner’s enjoyment; the development of genetically-modified foods for commercial purposes; the unnecessary transport of foods across continents, adding to the pollution and global warming; currency speculation – an international casino in which unscrupulous traders destroy the economies of whole nations; multi-national trading by powerful companies, which destroys local cultures and gains profits by avoiding national controls; the siting of polluting factories close to human populations. The list could go on….
The mantra of freedom and the market economy:
There is a belief in freedom – but freedom for its own sake, without responsibility, without compassion . . . “Politicians promote a market economy as if it were a good thing but I saw that it was at the root of the cycle of destruction. Left without controls, it leads to competition and materialism, acquisitiveness spreading like a cancer, greed, the exploitation of one group, nation, or species by another, the concomitant resentment triggering jealousy and wars, with the end result being the ultimate destruction of our beautiful world by selfish people. Rather than assessing needs to develop standards, values and strategies, the vagaries of the market determine priorities and direction, so that the rich benefit at the expense of the poor, as well as at the expense of the planet…..”
2. We comfortably accept gross inequality: says India’s Mari Marcel-Thekaekara (1999)
“We were hit by the reality of the poverty surrounding us in Glasgow: “Most of the men in Easterhouse hadn’t had a job in 20 years. They were dispirited, depressed, often alcoholic. Their self esteem had gone. Emotionally and mentally they were far worse off than the poor where we worked in India, even though the trappings of poverty were less stark. We’d fallen into the trap of looking at poverty only from the point of view of material benefits. The Easterhouse people looked better-off than the Asian poor, but in reality they suffered as much social deprivation. The Easterhouse men who’d been jobless for twenty years felt far more helpless than people in India who scrabbled in garbage heaps to sell scrap metal, paper and rags to feed their children. Both groups were at the bottom of society”.
3. We still see the lordly disdain and defensive disapproval of an upper and middle-class generation: prosperous without much effort: Libby Purves – The Times, Comment: 7.9.99 (no link available):
“Many of these good little 1950s boys and girls in Clarks sandals appear to have grown up into the very people who
- get rich by feeding pornographic violence (“ironic” and otherwise) to modern children,
- who created the step-parent and weekend~access culture,
- who use computer games and junk television as a babysitter
- and who gaily abandoned both family meals and any, attempt to police their adolescents’ social lives.
“Moral decline” is intimately tied up with economic decline and blocked opportunities. The under-class culture of surly disaffection is mirrored by the lordly disdain and defensive disapproval of a middle-class generation that are prosperous without much effort. Harsh cries of “On your bike! To the job centre! Abort that baby immediately! Go to prison!” will not do the trick. It will take investment (but the Exchequer is awash with money, compared with recent decades). It will take infrastructure, understanding, doggedness. Unlike the cynics, I do not mind Mr Blair talking morality and vision and the big idea. I just long to see him do something about it”.
4. We are increasingly “politically correct, image-led, crony-run, promptly obsolescent, fragmented, pseudo-democratic, media-conscious, user-friendly corporately sponsored, celebrity-endorsed and of little consequence”: Graham Lane, Independent on Sunday: 16.1.00:
“The Dome is clearly the perfect metaphor for our age”: technology-driven, superficially educated, culturally hybrid (somewhere between shopping mall and theme park), designer-green, politically correct, image-led, crony-run, promptly obsolescent, fragmented, pseudo-democratic, media-conscious, user-friendly corporately sponsored, celebrity-endorsed and of little consequence”.
5. We have, in general, lost the principles of chivalry, self-restraint, service to others: Dr Peter Mullen
“A Spectator debate was held in 2007, the motion being “We should not be reluctant to assert the superiority of Western values”. “But what are these values?” asks Dr Peter Mullen (scroll down to his letter). His answer: “Lowbrow hedonism, sex & shopping, abortion on demand – in fact as a means of contraception, a lewd and trivial entertainments industry and a vile popular culture. What we are seeing is not a society that differs a morally serious challenge to militant Islam, but one which has lost its nerve and the principle of chivalry, self-restraint, service to others and examination of one’s own conscience”.
He asks: “Who does Whitehall serve?”
6. The political-corporate “buddy system”: an answer from the FT’s Elizabeth Rigby, 2011
“Vince Cable, business secretary, is to champion the interests of Britain’s oil and gas sector overseas as part of a push within government to boost the UK’s export market as well as attracting inward investment. Lord Green, the trade minister, has been working for months on plans to pair ministers with dozens of top companies in the UK, as he seeks to inject more commercial prowess into Whitehall. Under the scheme, unveiled in February, David Willetts, the universities and science minister, will be looking after life science companies such as GlaxoSmithKline, Novartis and AstraZeneca. Jeremy Hunt, the culture secretary, will be working with the information and technology sector, while Mark Prisk, the enterprise minister, will be the point person in Whitehall for the car industry.
“The government first flagged that it would be pairing top exporters with ministers in February when Lord Green and Mr Cable unveiled a white paper aimed at enlarging Britain’s export markets. “Ministers will play an active role in developing and sustaining winning relationships with investors, as well as the UK’s top exporters,” said the UK Trade and Investment strategy paper. “These customers will be able to call on expertise and resources across government to ensure they receive a seamless ‘one-stop’ service”.
This “buddy system” is just one of a number of measures the government is putting in place to increase exports.
And only now, with the advent of Jeremy Corbyn, do we see any hope of a better future.