Internet banking requires concentration

Sunday, 13th September 2009 00:21 - by Resident IFA

Sitting there this morning, nursing a cup of tea whilst trying manfully to wake up, my attention was taken by a piece on the BBC morning news. Apparently, a lady had logged-on to the internet to pay a bill from her Bank account, but entered the wrong sort code or account number. This resulted in a stranger receiving £2,000 of her hard-earned money. To add insult to injury, she worked in a Bank. Are we becoming blasé about the financial things we do online? Once you are familiar with internet banking, have paid a few bills and made a few transfer payments, does carelessness set in...however slight? I effectively act as Finance Director for the two companies I am associated with, occasionally paying bills online to the tune of low five-figure sums of money. Perhaps it is just me, but I put a fearful amount of effort and concentration into reading, re-reading...put the kettle on...and re-reading the recipient’s details for the ‘nth’ time. This situation is more a good habit than anything else, but ensures that every transaction – whether £35 or £3,500 – reaches the right person or organisation. I know I am setting myself up for a fall, being far from perfect generally. The point I am making is simply that your money deserves the height of concentration. I would be beside myself if I ‘lost’ £2,000, probably even more so if it was company money as opposed to personal funds. The poor lady in question is unlikely to see her monies returned as the recipient did not steal the money and seemingly cannot be contacted. Her Bank does not seem to be too bothered either. Perhaps this situation will arise more and more as the number of internet transactions increase. I am surprised we do not hear many more such stories already. I am a big fan of internet banking for its low cost and convenience; however, I can see why people shy away from it. It appears that it is not some faceless hacker-geek-criminal we need to be careful of when making financial transactions on the internet...but ourselves! + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + I am away for a few days now, welcoming any suggestions you may have for topics to Blog about on my return. For instance, I am currently advising numerous Directors and Partners in regard to their business protection. I recently Tweeted (I know, I know!) that 2009 was the Year of Protection and I can possibly see 2010 as the Year of Long-Term Care. I’ll leave it with you. All suggestions will be gratefully received...just one will be a good start! Until next time...