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24 MONEY


DON’T GET SCAMMED WHEN YOU SURF


Most of the time, bagging an online bargain or checking your account online will be trouble-free. But what can you do if something goes wrong? for on the web


THE GUESTLIST NETWORK | FEBRUARY 2011


The Financial Ombudsman Service – the free and independent service with the power to sort out financial complaints has put together a few tips on how to avoid getting caught out online. Could you get by without the internet? It’s hard to imagine life without the web. From shopping online to checking your bank account, the internet is a major part of our lives.


Top tips on


what to watch: 1. If in doubt, don’t give it out. Never give out your banking, credit card or security information or personal details like your address


or date of birth, unless you’re certain the request is genuine. There are lots of phishing scams doing the rounds, with emails claiming to be from banks and other organisations asking for your personal data.


2. Memorise or disguise. Try to memorise your PIN or passwords where possible. If you need to write them down, make sure they are appropriately disguised and are not kept with your bank cards or by your computer.


3. Try before you buy. If you’re buying something online, check that the retailer is legitimate before you pay. And read the small print before you click to confirm. It pays to know what your rights are, in case something goes wrong.


4. Too much information? Whether you’ve got 50 friends on Facebook or 5,000 followers on Twitter, be sure to keep your personal information hidden when you’re using social networking sites. Even if you’ve locked down your profile, take care to keep just the minimum of information visible on-site. Fraudsters can use details such as your birthday or first school to help them beat online security questions.


5.Protect your paper trail. If you print out bank statements and receipts or other documents containing your personal details, don’t leave them lying around. When you’ve finished with your paperwork, make sure you shred it – don’t put it straight in the bin.


SOMETHING GONE WRONG? DON’T PANIC!


If you find there’s a problem with an online transaction, get in touch with your bank or credit provider and ask them to help you sort things out. For example: Bank Accounts: If you spot a payment from your account that you don’t recognise, report it to your bank as soon as possible, they’ll look into things for you. Check your statements regularly to keep on top of things... Credit cards: If you’ve paid for something with your credit card but the goods don’t arrive or aren’t up to standard you may be protected legally, depending on the circumstances and the sum involved. Speak to your card provider if you hit a problem. If you’ve made a complaint about a financial business but are still unhappy, the Financial Ombudsman Service may be able to help.


Contact the ombudsman at www.financial-ombudsman.org.uk or call 0300 123 9 123.


NEED A LOAN NOW? Think before you sign on the dotted line.


If these tighter times have left your finances stretched and you’re struggling for cash, there are a number of ways you can get quick access to cash. But think carefully about where you go for money, and if you take out a loan make sure you understand what you’re getting into and how much you’ll have to pay back.


There are many means of getting money, from banks and building societies offering personal loans to ‘unauthorised’ overdrafts, (where you go overdrawn without the prior agreement of your current account provider) to short-term lenders, where you can get money quickly, either online or over the phone. But before you sign-up, stop and think. Many short-term lenders charge high rates for lending money, and you could quickly find your finances getting out of control. For those short term financial emergencies where unexpected bills could throw out your household budget, short-term loans can be an effective way of managing your finances, so long as you take a responsible attitude towards credit.


Before taking out a loan think about what you’re going to use it for and don’t spend it frivolously. For emergencies, or to tide you over until pay-day, short-term loans can be a lifesaver.


At TxtLoan we offer loans for just this sort of short-term purpose, helping people manage their finances more effectively. We do simple loans of £100 for 15 days, paid into your account in minutes. It’s free to register and the charge for the loan is a flat £17 with the total £117 being paid back in full 15 days later.


Licensed and supervised by the Office of Fair Trading, we launched in March 2009 and are the first of our kind in the UK: a lender providing instant short term credit, available 24 hours a day, seven days a week through mobile phone text messaging. Using credit need not get you into trouble. But it’s important to use it responsibly.


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