Potential Credit Card fraud

You must have read a lot about credit card frauds over the past year or so. I personally experienced a suspicious call from someone who claimed to be calling from "card centre". He spoke Bahasa (Malay) and asked about my Visa Card. Usually Bank will identify themselves before continuing, but this guy did not untill I asked him. He said he was from Maybank. But strangely I do not have a Visa card but a Master Card with May bank. I enquired which Bank he is calling from, he said Maybank, but almost immediately he said the line was bad and hanged up the phone. It was unusual for banks to call and put down the phone without saying they will call you back.

Really, we must be very careful when answering calls from Banks or strangers.

Most importantly do not release your credit card numbers over the phone.

If you are suspicious call the Bank to check further.

Always ask probing questions to ensure you are talking to genuine callers.

Always becareful rather than sorry later.

Men have better grip of finance

Research in US showed that men has better control over their finance. Most probably the situation is similar in Malaysia as most men are bread winners who managed the family finances. Read below from The Edge:
EW YORK - Men and women handle their personal finances much differently, research shows, with men more likely to keep a close eye on their spending and investments and to pay their bills on time.

The gender gap emerged in the results of financial planning questionnaires filled out by some 3,500 U.S. workers nationwide for Financial Finesse Inc., an employee benefits company.

The data showed two-thirds of men but just one-third of women said they regularly pay their credit card balances in full, said Liz Davidson, chief executive of the company based in Manhattan Beach, California.

Also, 90% of men said they pay their bills on time each month but only 74% of women said so, it said.

It said 71% of men but 53% of women have a handle on their cash flow so they spend less than they earn each month.

More than half of men but just a third of women said they have an emergency fund to pay their bills for a few months if they lose their job, it said.

Forty percent of men but just 24% of women said they were confident their investments were allocated appropriately, while 73% of men but just 40% of women said they had a general knowledge of stocks, bonds and mutual funds.

Women tend to be less educated in personal finance, said Manisha Thakor, a Houston-based finance expert for women.

Personal finance is not typically taught in schools and, while men may learn it in their traditional roles as providers, women do not in their traditional roles as caretakers, she said.

"Men talk socially about money and business," said Thakor. "Women are talking about nurturing subjects."

Also, women are paid less than men, making such things as paying bills and credit card balances harder, she said.

The workers in the research were filling out online questionnaires to enroll in financial education programs given by Financial Finesse, which provides employee benefits to some 300 mostly larger companies nationwide.

Most of those answering the questionnaires earned between US$60,000 and US$75,000 and were assessing their own financial situations from January through April 2009, Davidson said.

Gold Investment

Lately Bank Negara investigated two companies related to gold investment. The main reason was that these companies are giving returns of about 30% per annum which were on the high side, having known that the current interest rate in the Banks were around 2% to 3% per annum.
Here is what BNM says:

Bank Negara Malaysia has commenced investigations into Genneva Sdn Bhd and Etika Emas Estet Sdn Bhd under suspicion of conducting illegal deposit taking activities in breach of Section 25(1) Banking and Financial Institutions Act 1989 (BAFIA) and Section 4(1) of Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA). Section 25(1) of BAFIA 1989 prohibits any person from receiving, taking, or accepting deposits without having a valid license, whereas Section 4(1) of AMLATFA 2001 prohibits any person from engaging in, or attempting to engage in, or abetting the commission of money laundering activities.

The raids on Genneva Sdn Bhd and Etika Emas Estet Sdn Bhd were conducted today at their premises in Klang Valley following information received from members of the public. Relevant assets and documents of the company were seized for the purpose of investigation.

Members of the public are reminded to be cautious of deposit taking schemes and investment schemes offered through various channels such as the internet, phone calls, or seminars conducted by individuals or companies that are not licensed or approved by the relevant authorities.

Members of the public may refer to the list of licensed institutions authorized to accept deposits which is available on Bank Negara Malaysia's website.

Welcome to anythingfinance!

The main aim of this blog is to help readers to understand the various financial instruments available, news in finance, awareness of scams, and in general about anything about finance. The writer hope that readers will benefit from this blog.