- Former Strictly Judge Len Goodman, 73, becomes the first graduate of the Scam Avoidance School (SAS) – a new nationwide initiative by Santander for the over 60s
- All 806 Santander branches will be signing up pupils and delivering lessons to thousands of Over 60s (O60s) from 19 – 23 March
- Research1 shows 82 per cent of over 60s want more to be done to help them avoid scammers – Age UK stats2 suggest that 53 per cent (five million people) aged 65+ have been targeted
TV presenter, professional ballroom dancer and Strictly Come Dancing’s former head judge, Len Goodman, 73, has added a new string to his bow today by enlisting with the SAS (that’s the Scam Avoidance School). Created by Santander, the SAS is a free class being offered to over 60s all over the UK to help them avoid being taken in by scammers. And how did the Scam Avoidance School’s first student do? A perfect ten for Len, naturally, who waltzed his way through a syllabus of phishing, vishing, smishing and cash point cons.
The Scam Avoidance School is a nationwide initiative by Santander and has been developed in partnership with fraud expert Dr Paul Seager, psychology lecturer at the University of Central Lancashire.
The creation of the Scam Avoidance School follows research by Age UK1 highlighting how older people are one of the most at-risk groups for being scammed – and that upwards of five million over 65s have been targeted by scammers.
Additional research2 by Santander has revealed that the overwhelming majority of older people (82 per cent) believe more needs to be done to help their age group learn about scams and avoid having their money and identities stolen.
Aside from wanting to do all he can to help other over 60s wise up to the tricks employed by scammers, Len Goodman was first to sign up to the SAS given his personal experience of fraud when his daughter-in-law lost around £16,000.
Len Goodman, SAS alumnus, said: “It seems like scammers are everywhere today, using all kinds of sneaky tricks to scam us over 60s – whether it’s with emails, cold calls or even at the cash machine. But enough is enough. People of my age – we’ve got to have our wits about us, be more aware and more alert to scams so we can quickstep our way around the dangers and keep our bank accounts safe. The Scam Avoidance School was a real eye-opener for me: I learned a lot about how to avoid scams and I want to pass on this knowledge to as many people as I can.”
After sailing through the Scam Avoidance School, Len Goodman stepped back in front of the camera to pass on some of what he learned to the nation. His series of ‘Len’s Learns’ can be viewed here: https://vimeo.com/258957407
‘Len’s Learns’ for avoiding cha-cha-chancers
On email scams (phishing):
- If you’ve had an email asking for your PIN, password or to move your money around? That’s got scam written all over it. A real bank or company wouldn’t ask you to do that. Steer well clear.
- Never, ever, ever give out personal or financial details unless it’s to use a service you’re sure is real and that you’ve signed up to personally!
- Never click on a link or download anything in a dodgy email. It might let scammers infect your computer or take it over!
On telephone scams (vishing):
- No one official will ever ask you to draw out money for them – if they do, tell the bank about it right away.
- If they make things seem urgent, try to rush you, and don’t let you chat to other family members, don’t trust ‘em!
- Trust your noggin – if they’re trying to get your personal details, talking you in to giving them remote access to their computer, asking you to make payments or if something just smells vishy, put the phone down, and report the call.
On cash point fraud:
- If the card slot looks too big, it could be a card skimmer.
- Keyboard mushy or clickety? A red flag for a fake keypad.
- Finally – always cover your PIN when you type it in!
Chris Ainsley, Head of Fraud Strategy at Santander UK, commented: “We recognise that more needs to be done to help vulnerable age groups avoid becoming victims of fraudsters and scammers. Being scammed not only affects your finances, but can also leave deep emotional scars. However, with a little bit of scam-avoidance knowledge older people can feel empowered to secure their savings and stop scammers in their tracks.
“To demonstrate just how important this issue is to us we’re delivering scam avoidance training across all our branches – potentially helping thousands of older people avoid being scammed. In turn we hope they will pass on what they have learned to many thousands of others, whatever their age.”
Fast facts from Santander’s research with over 60s
- Two thirds (64 per cent) of the O60s are worried about the threat of fraud and scams.
- One in five O60s believe they have been approached over 10 times by scammers in the last year.
- The average lost by O60s to scammers who had fallen victim was £401. Previous research3 from Santander revealed that older victims of scams will, on average, lose more than double that of younger age groups.
Iron Mountain 2021 Outlook
By Stuart Bernard, VP of Digital Solutions at Iron Mountain
The Covid-19 pandemic is continuing to rewrite the rules governing how we live and work; no crystal ball is needed to identify that general trend. However, what is perhaps less clear is how this reshaping of our traditional work/life patterns will play out in physical, day-to-day terms during 2021.
To fully understand the impact of the virus on employment practices requires an investigation of two evolving challenges: how and where we work. These interlinked issues are already having a profound influence on a wide range of business processes and they are continuing to fundamentally and irrevocably altering the world of employment for people around the world.
Cost reduction will top business priorities
For most businesses, the need to preserve cash will be a major concern over the coming 12 months. Uncertain trading conditions customarily tighten purse strings so we can expect some near-term cost reduction measure. An agile, flexible approach to office space offers an immediate monetary benefit, which in combination with a widespread acceptance of remote working, provides ample opportunities for downsizing real estate holdings. This will enable businesses to divert cash to crucial customer-facing operations, helping protect bottom line performance.
Flexible working will enable greater workforce diversity
However, there is an enduring need for companies to provide offices for their employees, if only to support face-to-face collaborations and ensure that there’s an opportunity for direct learning and training to support career development. For many people, a single place of employment will no longer be the norm – a flexible mix of home, remote and office-based work will be the new reality. However, knitting dispersed employees together into an integrated unit is problematic. Meeting the needs of a hybrid workforce will require the implementation of seamless digital workflows that are responsive and robust enough to ensure that staff can be productive and connected no matter their location.
An unintended benefit of operating a hybrid workforce is the increased level of flexibility it provides when recruiting staff. This has the potential to open up the talent pool beyond conventional geographic areas, boosting access to skills and experience from a wider area. Once again, in order to maximise the opportunities this provides, it will be necessary to assemble a robust digital network in order to bridge physical distances as well as potential cultural ones, depending on how widespread a workforce becomes.
Automated workflows will become critical
For 2021 it’s not just where businesses operate that’s going to change; the requirements of customers are likely to transform, too. This will be especially apparent when it comes to signing contracts and delivering services. Lockdowns and Covid-19 related restrictions on traditional in-person meetings are going to herald the demise of conventionally signed documents in many instances; they are also likely to change how records are shared and stored. An increasing reliance on digital workflows will require the parallel adoption of secure digital storage and handling. Specifically, Iron Mountain’s research reveals that IT support (49%), customer relationship management (36%) and overseeing team resourcing (34%) are the top three processes digitised in response to lockdown.
Nevertheless, efficiently storing existing physical documents or ensuring their safe destruction remain important functions that businesses should not neglect, even if they’re moving to predominantly digital workflows.
Importantly, digitising processes offers a range of benefits that will outlast the current global pandemic. According to our research sample there are four key benefits, which all deliver long-term value: increased productivity (the most popular response at 27%), time savings (20%), enhanced data quality (13%) and cost reductions (12%). Irrespective of trading conditions, there are all important developments that any forward-looking business will want to gain.
Protecting bottom line performance
How does all this work in practice? Well, a fully-searchable on-line repository will enable a company to quickly and cost-effectively access and archive documents, thanks to an array of enhanced search functions. During a period of intensified competition and pressure on bottom line performance this level of functionality delivers real-time benefits that not only meets the needs of a transforming business, it also adds value and consistency to customer services. Similarly, once in place, a properly designed digital workflow system will also be able to automate processes, allowing valuable time and budget to be preserved. What at first might look like a costly investment can quickly turn into a business driver by creating a unified and responsive platform for document and contract management with anytime, anywhere access.
Despite the changing employment patterns, 2021 will show that the physical office space will not cease to exist. Having said that, the way we remember it might change as hybrid working becomes more common place. The coming year will also reinforce the importance of enterprises being flexible and agile – those that cling onto outmoded ways of operating will lose their competitive advantage during a period of dramatic change. Importantly, in order to maximise their opportunities businesses will need to invest in the best available digital tools; adopting and adapting to a paper-free workflow aren’t optional: the next 12 months are going to transform how we create, transfer, share, store and action documents thanks to an increasing use of automated workflows.
Jack Henry shares six areas of focus for financial institutions in 2021
Reflecting back on 2020, the community banking and credit union industries should be proud of how this unprecedented pandemic and resulting economic crisis was managed. It was a truly remarkable time in which organizations worked together to take care of their employees, serve and support our communities, and operate their businesses efficiently despite significant challenges.
Now in 2021, the financial services industry is focused on moving forward – and is well positioned to do so. The technology demands faced over the last year were tremendous, but they were not a surprise. Jack Henry has been steadily working toward building digital, user centric, and open technologies that allow community banks and credit unions to meet customer and member needs personally and at their time and location of choice. The company is constantly evaluating industry trends and developing the technology necessary to prepare financial institutions for continued success. Below are a few areas of focus in 2021:
- The Paycheck Protection Program (PPP) continues. An additional $284 billion has been approved for PPP lending, including new loan eligibility and the option for qualifying businesses to receive a second loan. Preparing for the dissemination of these funds, all while managing the forgiveness process, is top of mind for many bankers. Community banks and credit unions can continue to benefit from participating in this program by gaining and strengthening small business customers as well as playing a significant role in extending loans to minority- and female-owned businesses. In fact, in addition to facilitating the majority of the small business PPP loans in 2020, community banks originated 72.6% of PPP loans made to non-white small business owners and 71.5% of PPP loans made to female small business owners.
- Digital banking continues rapid acceleration. Digital banking adoption has reached record highs, and enhancing digital service is a top priority. The area is constantly evolving in speed, personalization and openness. The key to continued success is to stay focused on the needs of people, identify digital solutions that draw people in, engage them, and focus more on providing human-centered service in moments of need. Platforms should offer open infrastructure that makes it easy for institutions to embed their solutions of choice, preparing them for the future.
- Payments platforms take center stage. It’s critical for financial institutions to broaden their payments options, moving toward an approach that provides end users with robust features combined with an excellent experience. An integrated payments infrastructure that provides frictionless, real-time experiences will be necessary to compete with big banks and fintechs. Financial institutions will partner with vendors that can help to build the right platform for their unique customer and member preferences.
- Digital transformation in mortgage lending. Mortgages rates have dropped to record lows and the Federal Reserve has expressed no plans to change the rate environment until 2022 or beyond. Bankers must drive efficiency to compete. They need automation and seamless workflows that effectively measure credit risk and streamline previously manual processes. This empowers lenders to focus on building relationships and growing portfolios. Borrowers will benefit also from the added speed and connectivity with their lender.
- Changes in the new administration. With the pending changes in Washington, a new administration will most likely swing the pendulum back toward an environment of stricter banking regulation. Economic recovery has also been identified as a top priority by the new administration. Banks and credit unions must have agile technology and processes in place to respond; outsourcing will help many with these adjustments.
Transparency and fairness in lending. Given the social environment in our country today, Jack Henry expects a real focus this year on diversity and inclusion in banking, especially around access to fair credit and lending costs. Many organizations, Jack Henry included, have taken a formal stance in supporting racial justice and equality. Working together to ensure that lending clients are treated equitably.
This year will continue to be about partnerships that are committed to doing the right thing and providing for local communities. Together, fintechs and financial institutions can develop joint strategies and modern technology that drive success, both today and tomorrow.
Seven lessons from 2020
Rebeca Ehrnrooth, Equilibrium Capital and CEMS Alumni Association President
Attending a New Year’s luncheon on 31 December 2019, we played a game that involved predicting the world in 2020. Some of the questions included: would Uber become profitable? Would the three-decade bond rally finally come to an end? Would the US hit a recession?
Unlike any of our predictions based on a traditional approach to business and predicting, we now know that 2020 became the year where business, professional and personal plans were turned upside down, reshaped and put-on hold. The proverbial black swan had arrived.
As revealed in a new CEMS Guide to Leadership in a Post-COVID-19 World, to which I contributed, the COVID-19 pandemic has exposed deficiencies in the 20th Century vision of leadership, giving a rare opportunity to question the status quo.
So, what are the main lessons from 2020?
- Humans are enormously adaptive. This is not an extinction scenario. The world is getting used to dealing with global human disaster which may become a recurring event. Life continues guided by new parameters.
- No sector or country is immune to rapid change. Just as the leveraged finance and equity markets ground to a halt during the Global Financial Crisis, we have seen a disruption in the financial markets (including M&A) in 2020, including a significant redistribution of wealth between sectors; think tech vs airlines and the hospitality industry. When a market is disrupted it has secondary and tertiary effects such as less work for accountants, lawyers, financiers etc.
- Location is not as important anymore. The belief that finance staff need to be based in one of the financial capitals to be effective has been forever altered. Pursuing a career in finance from anywhere is becoming possible. However, it’s likely that over time, financial controls and human interaction will move the work model back towards the traditional office approach, as work is a critical sanctuary for people. While working from home may allow more time for family, chores and sports, it is mainly effective for people who already have their internal and external networks. For junior employees it presents a notable challenge as they may be forced to spend their formative years without a chance to really build their networks.
- Change is likely to be lasting. The opportunity for alternative finance and tech focused providers is enormous and 2020 will accelerate this shift. For example, many retail banks are providing rather poor customer service, blaming the pandemic. Even the most loyal customers will be heading elsewhere. For recent graduates and current students this is a major shift; future winners and key employers may not be names we are used to seeing in the headlines.
- There will be a spotlight on leaders with visionary strategy and understanding of the operations. 2020 showed many politicians and business leaders behaving like they were playing a game of snakes and ladders, rather than executing a thought-out strategy. The next wave of thoughtful leadership is urgently required.
- Collaboration leads to success. The definition of a pandemic is an infectious disease prevalent worldwide. A global problem requires a collaborative solution rather than each country and industry on their own. Quoting Steven Riley, professor of infectious disease dynamics at Imperial College London: “Once you have the knowledge and you share the knowledge, then you are able to take measures to push transmission much lower”. This principle is transferable to management education. In a world more complex than ever, investing in a degree is hard currency. Combined with the full global alumni network, corporate partners and schools, CEMS is capital that doesn’t depreciate.
- Resilience has become a watch word. Saint-Exupéry’s quote resonates with me: “If you want to build a ship, don’t drum up people to collect wood and don’t assign them tasks and work, but rather teach them to long for the endless immensity of the sea.” We are in a new paradigm – so prepare for the next change. For COVID-19, while we hope that the vaccine will soon upon us, the broader long-term positive challenge remains.
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