Denmark’s Bank Robbers Count The Cost Of Cashless Society
The title of this post is the same as that of this article on The Times.
This is the second paragraph.
Figures from Finans Danmark, an industry association, show the number of attacks has collapsed in recent years as the shift towards online transactions has led many Danish banks to abandon cash services in branches. While there were 221 bank robberies in 2000, the number of hold-ups in Denmark fell to 121 in 2004, before declining to one in 2021 and none last year.
There were also no attacks on ATM machines.
Doing away with cash certainly cuts crime and it must be twelve years, since a Unite representative on Manchester buses told me he wanted cashless ticketing on Manchester’s buses and trams, as since it had been introduced in London, attacks on staff had declined dramatically.
I also wonder by how much the Income Tax take would rise?
Need To Call Your Bank? Many Can Now Dial 159 For Safety
The title of this post is the same as that of this article on Money Saving Expert.
This is the first paragraph.
Consumers wanting to avoid financial fraud now have a secure and easy-to-remember phone number to contact their banks on in order to avoid painful scams. It could prove to be the safest way for many to contact their provider if they have suspicions and concerns about their accounts, or even if they’re struggling to find a customer services number.
I like this anti-fraud measure and just heard it from Martin Lewis, who founded Money Saving Expert on the radio.
Many years ago before mobile phones, my late wife had her handbag snatched. This would surely help in a situation like this, as you can at least get in touch with your bank from a phone.
Inappropriate Language
My bank sends a six character code of three letters and three numbers to my phone, so that I can login.
Today, the three letters were KKK.
How inappropriate is that?
I have complained!
Does This Bank Launder Money?
I always associate Tide with a brand of washing powder.
So does the bank of the same name launder money?
Does Anybody Know Of An On-Line Bank Account, Where You Can Annotate The Statement?
I have looked at several on-line bank accounts and none offers me a feature I want.
I check my statement every morning, as this is one of the best ways to guard against fraud.
- If there is an unexpected transaction, you spot it early.
- If banks used AI to classify your access, then it might be possible for them to flag-up possible illegal access.
So what feature is missing?
Imagine if against each line in the statement, there was the ability to add extra data.
Two fields come to mind.
- A comment.
- A costcode, such as Gas, Electricity, StatePension etc.
You could also add fields of your own, like say CustomerNumber, SupplierNumber or InvoiceNumber.
The bank statement would show the extra data, when you displayed or printed the statement.
I would use it every day!
But it would also allow you to total values against against any cosde field between two dates.
If you used standard costcodes and other fields, the bank could even calculate your accounts.
I first talked about such a system with an accountant in the 1970s, where you would have entered the cost code on a cheque or bank deposit.
Banks! bGrrrr! \They haven’t changed their mindset since the 1870s! Or should that be the 1570s?
Zopa Supports Citizens Advice ‘Super-Complaint’
The title of this post is the same as that of this article on Peer2Peer Finance News.
This is the first paragraph.
Zopa is supporting a ‘super-complaint’ against the Competition and Markets Authority (CMA) which aims to stop loyal bank customers from being overcharged.
This may seem a bit cynical on Zopa’s part, but I’ve been with them for eleven years and have always got a better return after tax and any losses, than I would have got from say a cash ISA or one of the Big Banks’ Savings Accounts.
Read the article and see what you think!
Intriguingly, I’ve never heard a licenced Financial Adviser recommend Zopa.
Will TSB Exist In A Couple Of Months?
I am seventy and I have been programming computers and using them since I was eighteen.
I also worked for Lloyds Bank in the 1970s, although not on their computing side, but as a high level consultant, where I was using data extracted from the main computer system to calculate bank costs, through a program I had written that was effectively a giant spreadsheet.
So I have heard a lot of stories from the 1960s, of when banks were first computerised, over drinks with bank e,employees.
One was about an absolutely brilliant fraud, that would make a good film.
None were as horrific as what TSB have inflicted on their customers over the last few weeks.
I like to check my bank account every morning, as in my view, that is the best way to pick up any fraud.
So if I had been a TSB customer, I would already have long ago moved my account.
It would be in everybody’s interest, if all TSB account holders moved to other banks.
As that would hopefully, close TSB!
This would surely mean, all banks and other financial institutions made sure they got their computing right.
From my computing knowledge, I do wonder whether the TSB problems are being caused by an evil programmer!
The chaos undoubtedly, could have been created deliberately.
But for what purpose?
- There is always a rogue state or organisation, wanting to create mischief.
- Banco Sabadell, who are TSB’s parent, are a publicly-quoted company. Their share price appears to have been falling recently. Could someone have placed a big bet on the share price?
- Chaos is a good smokescreen for fraud.
Hopefully, the truth will come out in the end!
I’m Now Following The Queen’s Example
By Legend, the Queen never carries any cash.
I’m now deliberately following a similar policy, but I only use a contactless bank card for most of my daily purchases, like my paper and food.
I’ve even still got a couple of John Lewis vouchers gathering dust in my wallet, as sincve the new M & S Food opened in Dalston, I rarely go need a Waitrose.
One thing I find with M & S Food, is that on a typical purchase the average price is two pounds per item. So to keep under the thirty pound contactless limit, I rarely buy more than fourteen items. These unusually fit easily into usable bag.
Buying my paper in M & S or a station also means I can use contactless for the purchase.
A couple of days ago, I was approached by an aggressive tin rattler for a charity I would never suppose because of some of their practices. So I waved my card and asked. “Do you do conactless?” I got a smiling “Sorry! No!”
I still use cash for three purposes.
- Restaurants with waiter/waitress service, so the tips go to the staff. It also means at busy times, in cafes I use a lot, I always get a table.
- Black cabs, when I occasionally use one.
- Personal services from local tradesmen, where the value is small. Otherwise it’s a bank transfer.
But it’s amazing, how little cash you now need.
Break Free And Go Somewhere Better
This is a TSB advertising slogan and it looks like many of their customers will be doing this, after the fiasco of changing computers, reported in this article on the BBC, which is entitled TSB Online Banking Chaos Continues Despite Apology.
I would have left TSB immediately they were taken over by a Spanish bank, as keeping your banking details on a foreign server, exposes them to a whole new set of risks.
The Anonymous Widower 