In Focus Risk
A dinosaur's lament
As we move back to a more ‘normal’ way of life, even the credit industry must consider what we are going back to
Arthur Kaufman Independent writer and speaker arthur35art @
hotmail.co.uk
When the present pandemic recedes to where we can resume our usual range of activities, it does not mean that all of us will revert back to life as it was before. For some, or perhaps more than expected, the ‘new normal’ may persist, at least where face-masks and keeping distant are concerned, since many of us will still feel exposed to unknown viral dangers approaching our shores. For others, not feeling socially acceptable
when failing to cover our nose and mouth is probably no bad thing, especially where the not so uncommon cold is concerned. If everyone managed to do so in crowded places or on public transport, it could be a 'plus' for healthy living all round. It could also prove popular for fashionable or cosmetic use, or for social occasions. But, what about the financial side of
life, given that one effect of the pandemic has been an increase in purchases and payments by card as well as by an array of electronic devices (even for paying by phone, including the phone itself) in an increasing cashless society, where paper notes, coins and cheques are being used less and less, or actually refused, probably to the delight of both institutional and business advocates who, if they had their way, would dispense with traditional forms of hard money altogether? Then, of course, we can, with a few
finger taps, apply for credit or loans, or extensions of either without having to go on bended need to the likes of Mr Mainwaring, or have to commute to what's left of branches of banks to discuss anything of importance, since instance advice on nearly everything known as money is available 24 hours a day, including every
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bank holiday, as well as for the rest of the entire year. Still, one must not stand in the way or
progress, which will move on anyway. Moreover, since there are continuing improvements in medicine, in transportation, and in umpteen forms of gadgetry, we cannot rule out money matters for special exemption, especially when the speed of transaction is no slower to the speed of light. Nevertheless, as illegal enterprise goes, it
is on the increase electronically, with little sign of abating, and more so since March 2019 when I wrote in CCRMagazine that “you may be aware that we live in an age where criminals will try to 'hack' into to steal – yes, I said to 'steal' what is rightfully yours, namely, that which you have earned by hard work, and your savings put where you think of as a safe place”. I also indicated that when using PCs and
their cousins, we could inadvertently or, alas, voluntarily disclose confidential information as to where we keep our assets, which applies to businesses as well. And, for those victimised by hackers, both here and around the world, they may be too embarrassed to admit they may have swindled extensively, by way of man-made technology designed by very clever individuals who are often difficult or impossible to trace.
More worrying Even more worrying, it was pointed out that there could be only around seven to 10 years before such internet crime could have irreversible consequences, and much worse than the effects of the financial crises in 2007 and 2008, which we did not need reminding about.
www.CCRMagazine.com
And, for those victimised by hackers, both here and around the world, they may be too embarrassed to admit they may have swindled extensively, by way of man-made technology designed by very clever individuals who are often difficult or impossible to trace
In listening to a lecture from a police
officer whose job it was to investigate, particularly in the case of older people, whose life savings were hacked into, from what he described about the psychological effects on pensioners (who had just about enough knew how to use a PC or smart phone), it was obvious they had been very badly affected, not only financially, but in feelings of regret and depression, probably for the remainder of their lives, with no chance of making up or in recovering any of their losses. In my March 2019 article, the title was
“Back to basics: a bit of better late than never?” As to the 'basics,' I argued that there should be a requirement that cheques could be used for all purchases of goods or services provided, and if it was claimed one never to have ever arrived – “supposedly 'lost in the post” – it could be quickly replaced by post and not subjected to unnecessary risk, “with the added benefit of being rather difficult to hack into.” It was also proposed that there be a
August 2021
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