Time for a rethink?

13th July 2015

This week we heard the worrying news that current accounts have overtaken mortgages as the financial product most targeted by fraudsters. With new changes introduced to the financial sector that make switching accounts easier, it is now easier for criminals to steal or fabricate identities.

The credit reference agency Experian discovered the shocking fact that 89 in every 10,000 current account applications are fraudulent. Unfortunately, this is only the latest chapter in the recent story of unintended consequences. As our supporters will know, Keep Me Posted is as not an anti-digital campaign and we welcome developments that benefit you, the consumer. With that said, I find this recent trend of system loopholes and failures rather concerning.

Some of the more avid followers of our blog posts may well remember a previous post in which we wrote about an experiment where seven year old Betsy Davies was taught how to hack a computer.  With online systems apparently so susceptible to fraud that a young child possesses the digital skills to infiltrate digital records – is it time to have a bit of a rethink?

One of the key statistics we at Keep Me Posted often quote in our meetings is that CIFAS, the fraud prevention service, state that whilst 70% of identity related fraud is committed online, only 1% is committed through your post box. So whilst pin numbers, passwords and personal information are struggling to meet the challenge, paper could be a safer alternative.

I don’t know about you, but I will certainly l continue to manage my finance finances on paper.

Judith Donovan