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No credit score? A grocery list could be the next best thing

<div class="theconversation-article-body"><em><a href="https://theconversation.com/profiles/joonhyuk-yang-1548700">Joonhyuk Yang</a>, <a href="https://theconversation.com/institutions/university-of-notre-dame-990">University of Notre Dame</a> and <a href="https://theconversation.com/profiles/jung-youn-lee-1548702">Jung Youn Lee</a>, <a href="https://theconversation.com/institutions/jones-graduate-school-of-business-at-rice-university-5411">Jones Graduate School of Business at Rice University</a></em></p> <p>How you shop and what you buy at the grocery store can predict whether you pay your credit card bills on time, <a href="https://doi.org/10.1287/mnsc.2022.02364">our new research shows</a>.</p> <p>As <a href="https://mendoza.nd.edu/mendoza-directory/profile/joonhyuk-yang/">marketing</a> <a href="https://business.rice.edu/person/jung-youn-lee">professors</a>, we wanted to learn about alternatives to traditional credit scores. So we teamed up with a multinational conglomerate that, among other things, runs a large supermarket chain and a credit card issuer.</p> <p>By analyzing consumer-level data from those two business units, we were able to see how 30,089 individuals shop and manage their finances.</p> <p>We found that people with more consistent grocery shopping habits are more likely to pay their credit card bills on time. These are people who tend to shop on the same day of the week, spend about the same amount each month, buy similar items across trips and take advantage of deals regularly.</p> <p>We also found that what people buy predicts how they manage their finances. For example, shoppers who frequently purchase cigarettes or energy drinks are more likely to miss credit card payments. Those who often buy fresh milk or salad dressing tend to be more diligent about paying their bills.</p> <p>In general, buying healthier but less convenient food predicted responsible payment behaviors. This was true even when we held consumer characteristics such as income, occupation, credit score and family size constant.</p> <p>Building on those findings, we developed a credit scoring algorithm that scores people based on their grocery shopping habits along with traditional credit risk indicators. When we simulated approval decisions with this algorithm, we found that using grocery data could help lenders predict defaults more accurately while boosting their per-customer profits.</p> <h2>Why it matters</h2> <p>According to the World Bank, <a href="https://www.worldbank.org/en/publication/globalfindex">more than 1 billion people</a> worldwide lack access to formal financial systems and, as a result, have no credit scores. In the U.S. alone, <a href="https://www.consumerfinance.gov/data-research/research-reports/who-are-credit-invisibles/">about 45 million adults</a> have no credit history or not enough of one to generate a score.</p> <p>This makes it hard for them to access credit, even if they are responsible borrowers. And without credit, it’s harder to get a car, a job or even a place to live. It’s a problem that disproportionately affects <a href="https://www.worldbank.org/en/publication/globalfindex">underprivileged groups</a>, including people of color and women.</p> <p>In response, policymakers and researchers are increasingly interested in using alternative data sources to assess creditworthiness. For instance, <a href="https://www.cnbc.com/2024/07/17/how-on-time-rent-payments-help-credit-invisible-consumers.html">Fannie Mae now considers</a> mortgage applicants’ rent payment histories, allowing those without traditional credit histories to demonstrate their creditworthiness.</p> <p>Grocery data is especially promising because there’s so much of it. Pretty much everybody buys groceries, and not just once. Information about consumer preferences is continuously being generated in every aisle of grocery stores around the globe.</p> <p>Our study shows that this data has value far beyond the grocery industry.</p> <h2>What’s next</h2> <p>We believe that our study serves as a proof of concept, offering insights for the design and implementation of future research. However, several key questions remain. For example, what if this approach affects different groups unequally? And what about privacy concerns?</p> <p>Our follow-up research aims to address these issues. We’re collaborating with a conglomerate in Peru, a cash-reliant country with a significant unbanked population. Building upon our current findings, we’re working closely with that company to test the impact of our approach on low-income populations. We’ll be helping to evaluate credit applicants using retail transaction data, aiming not just to improve profitability but also to boost social inclusion in the region.</p> <p><em>The <a href="https://theconversation.com/us/topics/research-brief-83231">Research Brief</a> is a short take on interesting academic work.</em><!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/234887/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/joonhyuk-yang-1548700">Joonhyuk Yang</a>, Assistant Professor of Marketing, Mendoza College of Business, <a href="https://theconversation.com/institutions/university-of-notre-dame-990">University of Notre Dame</a> and <a href="https://theconversation.com/profiles/jung-youn-lee-1548702">Jung Youn Lee</a>, Assistant Professor of Marketing, <a href="https://theconversation.com/institutions/jones-graduate-school-of-business-at-rice-university-5411">Jones Graduate School of Business at Rice University</a></em></p> <p><em>Image credits: Shutterstock </em></p> <p><em>This article is republished from <a href="https://theconversation.com">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/no-credit-score-a-grocery-list-could-be-the-next-best-thing-234887">original article</a>.</em></p> </div>

Money & Banking

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The types of insurance that aren’t worth your while

<p>While it’s important to make sure you’ve been covered, some forms of insurance aren’t really worth your while in the long run. We’ve taken a look at several types of insurance you shouldn’t really bother with, why they’re not worth your money and how you can find an alternative.</p> <p>Yes, it’s essential to make sure you’re covered, but at the same time you don’t need to waste any money.</p> <p><strong>Extended warranties</strong></p> <p>Many a salesperson has made a customer fork out that little bit extra for an “extended warranty” to go with a major electronic purchase. The thing is though, in many cases the period of time covered by the warranty is actually exactly the level you’re automatically entitled to under consumer law.</p> <p><strong>Credit protection insurance</strong></p> <p>While this type of insurance can be useful and a way to insure yourself against the possibility of something happening to your income as the result of an injury or a condition, credit protection insurance has tendency to be pretty expensive.</p> <p>A more cost effective way to ensure your payments to your credit card, personal loans or mortgages are fulfilled would be to take out a life insurance or total and permanent disability insurance policy through your individual superannuation fund.</p> <p><strong>Funeral insurance</strong></p> <p>Many people see this as a good way to ease the financial burden on their family that comes with their passing, but in reality funeral insurance is quite expensive and the premiums add up every year.</p> <p>A far better option is a prepaid funeral, funeral bonds life insurance or even a special savings account with money set aside. Just make sure you let your family know!</p> <p><strong>ID theft insurance</strong></p> <p>This is one of those types of insurance that isn’t really protecting your from becoming a victim, rather helping you deal with the costs once it’s already happened. And what’s more, you bank is usually willing to cover the costs of credit card fraud, which is one of the major problems to be associated with ID theft.</p> <p>Instead of spending money on a policy you can protect yourself from ID theft by simply keeping your personal documents safe, shredding documents such as bank account statements before throwing them away, and using antivirus software that is up to date. You can also check your credit file each year to make sure nobody’s using your identity for fake accounts.</p> <p><em>Image credits: Getty Images </em></p>

Money & Banking

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Body language expert breaks down royal family's Christmas card

<p>A body language expert has broken down the subtle meanings and messages hidden in the royal family's Christmas card. </p> <p>On Monday, Prince William and Kate Middleton shared their 2023 Christmas card portrait, which features the Prince and Princess of Wales and their three children in a charming black and white photo. </p> <p>While their family portrait was met with <a href="https://oversixty.com.au/lifestyle/family-pets/blah-brutal-reactions-to-royal-family-s-2023-christmas-card" target="_blank" rel="noopener">mixed reactions</a>, royal fans wasted no time in praising the family for their charming photo. </p> <p>Now, body language experts have dived deep into the real meaning behind almost unnoticeable actions taken by the royals in the pic. </p> <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-permalink="https://www.instagram.com/p/C0pf0IXNv15/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/C0pf0IXNv15/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank" rel="noopener">A post shared by The Prince and Princess of Wales (@princeandprincessofwales)</a></p> </div> </blockquote> <p>Body language analyst Judi James told <em><a href="https://www.thesun.co.uk/royals/24997829/kate-william-christmas-card-body-language-signal/" target="_blank" rel="nofollow noopener" data-ylk="slk:The Sun;elm:context_link;itc:0" data-rapid_p="26" data-v9y="1">The Sun</a></em> that, "The strong sense of tight, loving ‘uniformed’ grouping and the stark monochrome, plus the relaxed and confident body language looks like the emotional equivalent of them having a moat and drawbridge around them."</p> <p>Judi went on to say that their choice of relaxed outfits - jeans and white button-up shirts - would be an intentional choice as they show "the strength and total confidence of the pared-down family brand here, without all the trimmings and trappings of their royal status."</p> <p>As she notes, "We know they look superb in formalwear and royal regalia but this is the casual and much more relatable version."</p> <p>Judi also claims that Prince William's slight head tilt "suggests a desire to be liked", while "Kate leans into William’s torso to make this a subtly romantic pose too."</p> <p>Meanwhile, according to Judi, the position of Princess Charlotte right in the middle of the family could be intentional, who says "Charlotte looks so much like the late Queen and this central status-rich pose and beautiful smile are like echoes of Elizabeth when she was young."</p> <p>"This effect doesn’t look deliberate but it is still a rather moving message from this family Christmas card."</p> <p><em>Image credits: Getty Images</em></p>

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"Blah": Brutal reactions to royal family's 2023 Christmas card

<p>Royal fans have shared their mixed reviews of the 2023 Christmas card portrait, featuring Prince William, Kate Middleton and their three children. </p> <p>The Prince and Princess of Wales shared their family photo to their Instagram account on Sunday, with the snap showing the royal family of five all dressed in similar outfits: simple black pants or jeans, and white button up tops.</p> <p>The photo, taken in black and white, shows Kate and William standing behind their three kids, while Prince George and Prince Louis standing around Princess Charlotte, who was seated for the photo. </p> <p>The post of their family Christmas card picture has racked up over 2 million likes, with thousands of people sharing their thoughts on the snap in the comments. </p> <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/C0pf0IXNv15/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/C0pf0IXNv15/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank" rel="noopener">A post shared by The Prince and Princess of Wales (@princeandprincessofwales)</a></p> </div> </blockquote> <p>Many were quick to comment on the similarities between the younger royals and their predecessors, with many stating that "Princess Charlotte looks like a young Queen Elizabeth", while others shared their thoughts on how much Prince Louis is looking like his mother. </p> <p>Despite many royal fans delighting over the card, there were some mixed reactions from others. </p> <p>Royal commentators online were quick to point out how this year's card, all in black and white, is a stark contrast to last year's photo, which shows the family walking hand-in-hand in the sunshine. </p> <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-permalink="https://www.instagram.com/p/CmH_qcOtUx_/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/CmH_qcOtUx_/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank" rel="noopener">A post shared by The Prince and Princess of Wales (@princeandprincessofwales)</a></p> </div> </blockquote> <p>While acknowledging that the photo is objectively lovely of the family, some wish that the portrait had a bit more Christmas spirit. </p> <p>One person wrote on X, "This doesn’t look like a Christmas Card. Looks like a Vogue edit’s choice cover from the 90s. Beautiful but not Xmassy!"</p> <p>Another added that the image looked like it was "taken at a photo studio in a shopping mall," while another disappointed fan said it was "Kind of... Well, blah."</p> <p><em>Image credits: Getty Images</em></p>

Family & Pets

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How risky is it to give card details over the phone and how do I reduce the chance of fraud?

<p><em><a href="https://theconversation.com/profiles/paul-haskell-dowland-382903">Paul Haskell-Dowland</a>, <a href="https://theconversation.com/institutions/edith-cowan-university-720">Edith Cowan University</a> and <a href="https://theconversation.com/profiles/ismini-vasileiou-1031778">Ismini Vasileiou</a>, <a href="https://theconversation.com/institutions/de-montfort-university-1254">De Montfort University</a></em></p> <p>Paying for things digitally is so common, most of us think nothing of swiping or tapping our card, or using mobile payments. While doing so is second nature, we may be more reluctant to provide card details over the phone.</p> <p>Merchants are allowed to ask us for credit card details over the phone – this is perfectly legal. But there are minimum standards they must comply with and safeguards to protect consumer data.</p> <p>So is giving your card details over the phone any more risky than other transactions and how can you minimise the risks?</p> <h2>How is my card data protected?</h2> <p>For a merchant to process card transactions, they are expected to comply with the <a href="https://docs-prv.pcisecuritystandards.org/PCI%20DSS/Standard/PCI-DSS-v4_0.pdf">Payment Card Industry Data Security Standard</a>. This is a set of security requirements designed to protect cardholder data and the trillions of dollars of transactions each year.</p> <p>Compliance involves various security measures (such as encryption and access controls) together with strong governance and regular security assessments.</p> <p>If the information stored by the merchant is accessed by an unauthorised party, encryption ensures it is not readable. That means stealing the data would not let the criminals use the card details. Meanwhile, access controls ensure only authorised individuals have access to cardholder data.</p> <p>Though all companies processing cards are expected to meet the compliance standards, only those processing large volumes are subject to mandatory regular audits. Should a subsequent data leak or misuse occur that can be attributed to a compliance failure, a <a href="https://www.csoonline.com/article/569591/pci-dss-explained-requirements-fines-and-steps-to-compliance.html">company can be penalised</a> at levels that can escalate into millions of dollars.</p> <p>These requirements apply to all card transactions, whether in person, online or over the phone. Phone transactions are likely to involve a human collecting the card details and either entering them into computer systems, or processing the payment through paper forms. The payment card Security Standards Council has <a href="https://docs-prv.pcisecuritystandards.org/Guidance%20Document/Telephone-Based%20Payments/Protecting_Telephone_Based_Payment_Card_Data_v3-0_nov_2018.pdf">detailed guides for best practice</a>:</p> <blockquote> <p>A policy should be in place to ensure that payment card data is protected against unauthorised viewing, copying, or scanning, in particular on desks.</p> </blockquote> <p>Although these measures can help to protect your card data, there are still risks in case the details are misplaced or the person on the phone aren’t who they say they are.</p> <h2>Basic tips for safe credit card use over the phone</h2> <p>If you provide card details over the phone, there are steps you can take to minimise the chance you’ll become the victim of fraud, or get your details leaked.</p> <p><strong>1. Verify the caller</strong></p> <p>If you didn’t initiate the call, hang up and call the company directly using details you’ve verified yourself. Scammers will often masquerade as a well-known company (for example, an online retailer or a courier) and convince you a payment failed or payment is needed to release a delivery.</p> <p>Before you provide any information, confirm the caller is legitimate and the purpose of the call is genuine.</p> <p><strong>2. Be sceptical</strong></p> <p>If you are being offered a deal that’s too good to be true, have concerns about the person you’re dealing with, or just feel something is not quite right, hang up. You can always call them back later if the caller turns out to be legitimate.</p> <p><strong>3. Use secure payment methods</strong></p> <p>If you’ve previously paid the company with other (more secure) methods, ask to use that same method.</p> <p><strong>4. Keep records</strong></p> <p>Make sure you record details of the company, the representative you are speaking to and the amount being charged. You should also ask for an order or transaction reference. Don’t forget to ask for the receipt to be sent to you.</p> <p>Check the transaction against your card matches the receipt – use your banking app, don’t wait for the statement to come through.</p> <h2>Virtual credit cards</h2> <p>In addition to the safeguards mentioned above, a <a href="https://www.forbes.com/advisor/credit-cards/virtual-credit-card-numbers-guide/">virtual credit card</a> can help reduce the risk of card fraud.</p> <p>You probably already have a form of virtual card if you’ve added a credit card to your phone for mobile payments. Depending on the financial institution, you can create a new credit card number linked to your physical card.</p> <p>Some banks extend this functionality to allow you to generate unique card numbers and/or CVV numbers (the three digits at the back of your card). With this approach you can easily separate transactions and cancel a virtual card/number if you have any concerns.</p> <h2>What to do if you think your card details have been compromised or stolen?</h2> <p>It’s important not to panic, but quick action is essential:</p> <ul> <li> <p>call your bank and get the card blocked so you won’t lose any more money. Depending on your situation, you can also block/cancel the card through your banking app or website</p> </li> <li> <p>report the issue to the police or other relevant body</p> </li> <li> <p>monitor your account(s) for any unusual transactions</p> </li> <li> <p>explore card settings in your banking app or website – many providers allow you to limit transactions based on value, restrict transaction types or enable alerts</p> </li> <li> <p>you may want to consider registering for <a href="https://theconversation.com/your-credit-report-is-a-key-part-of-your-privacy-heres-how-to-find-and-check-it-116999">credit monitoring services</a> and to enable fraud alerts.</p> </li> </ul> <h2>So, should I give my card details over the phone?</h2> <p>If you want to minimise risk, it’s best to avoid giving card details over the phone if you can. Providing your card details via a website still has risks, but at least it removes the human element.</p> <p>The best solution currently available is to use virtual cards – if anything goes wrong you can cancel just that unique card identity, rather than your entire card.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/216833/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/paul-haskell-dowland-382903">Paul Haskell-Dowland</a>, Professor of Cyber Security Practice, <a href="https://theconversation.com/institutions/edith-cowan-university-720">Edith Cowan University</a> and <a href="https://theconversation.com/profiles/ismini-vasileiou-1031778">Ismini Vasileiou</a>, Associate Professor, <a href="https://theconversation.com/institutions/de-montfort-university-1254">De Montfort University</a></em></p> <p><em>Image credits: Getty Images</em></p> <p><em>This article is republished from </em><a style="font-style: italic;" href="https://theconversation.com">The Conversation</a><em> under a Creative Commons license. Read the </em><a style="font-style: italic;" href="https://theconversation.com/how-risky-is-it-to-give-card-details-over-the-phone-and-how-do-i-reduce-the-chance-of-fraud-216833">original article</a><em>.</em></p>

Money & Banking

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How to score yourself free onboard credit on your next cruise

<p>Everybody loves to splurge on holidays especially when you’ve been given free credit! Here’s how to score yourself some free cash.</p> <p><strong>Grab a deal</strong></p> <p>With so many cruise lines now sailing out of Australia, they will all be competing hard for your business. You can book a great deal at any time of year and, alongside things like free upgrades or 50 per cent off for a second passenger, you’ll find onboard credit. Do your research and you could easily score yourself hundreds of dollars to spend onboard at no extra cost.</p> <p><strong>Book through an agent</strong></p> <p>Specialised cruise travel agents develop strong relationships with the lines and will be able to secure you the best price. As part of their offering, they can also throw in some free onboard credit. This could be with an individual shopfront agent or one of the larger online third parties, so look around for the best offers. And if you don’t see anything advertised directly, it never hurts to ask!</p> <p><strong>Stay loyal to a line</strong></p> <p>Most major cruise lines will have a dedicated loyalty scheme that operates sort of like a frequent flyer program. Cruise multiple times with the one line and they will reward you with special fares, upgrades and (you guessed it) onboard credit. Make sure you use your unique identification number every time you book so that you don’t miss out on any of your points.</p> <p><strong>Book another cruise</strong></p> <p>If you’re loving your cruise, take advantage of the onboard sales office and book another one right away. You’ll be able to take advantage of exclusive offers that you won’t find on land and many of these include onboard credit. The line will be eager to get you to sign up again before you can look at other ships, so it’s a chance for you to grab some big bonuses.</p> <p><strong>Make the best of a bad situation</strong></p> <p>When something goes wrong on a cruise (like a change of itinerary, missing a port or a fault with your cabin) the line will very often compensate you with onboard credit. We’re not saying you can create a problem to grab some cash, but if you have a legitimate problem then alert the crew as soon as possible and see if they can offer you some in exchange.</p>

Cruising

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Alan Joyce grilled over cancelled flights and Covid credits

<p>Outgoing Qantas CEO Alan Joyce has faced a line of tough questioning after appearing in front of a Senate committee on Monday, who questioned his enormous salary in the face of the cost of living crisis.</p> <p>At the explosive public hearing of the select committee on the cost of living, which Joyce had to be summonsed to after repeatedly refusing to attend, the outgoing Qantas chief executive defended the record $2.47bn full-year profit he announced just days earlier.</p> <p>Senators were confused by the extraordinary profit, given Qantas has seen 12 months of soaring customer dissatisfaction and a looming class action lawsuit over the travel credits policy during the height of the pandemic, as well as facing accusations of anti-competitive behaviour, and historically high cancellation rates out of Sydney airport.</p> <p>Joyce defended the profits, saying Qantas had been caught up in a wave of “criticism of corporate profits” due to cost-of-living pressures.</p> <p>As well as the company's incredible profits, Joyce himself, who is walking away from the CEO role at the end of the year, is set to walk away with as much as $24 million in personal pay. </p> <p>Labor senator Tony Sheldon quizzed Joyce on if he feels "embarrassed" over his huge personal salary, given the airline’s soaring complaints and his decisions to restructure the airline to pay employees less.</p> <p>Joyce refused to answer the question, saying the senator was "making a whole series of points that are just incorrect.”</p> <p>Joyce was then grilled on the seemingly "strategic" cancellation of domestic flights, in which some senators, as well as airline competitors, had accused Qantas of booking in flights out of Sydney airport and then cancelling them last minute, to block other airlines from increasing their services. </p> <p>He again denied these claims, stating that Qantas’s cancellation rate on a national level (not out of Sydney specifically) were the lowest of the major carriers, and blamed the cancellations on “supply chain issues” and “air traffic control delays”.</p> <p>Finally, Joyce was confronted over his policy of not refunding travel credits that were issued when travellers' trips were cancelled during the height of the pandemic. </p> <p>In June, Qantas announced more than $500 million in Covid credits remained unclaimed and would expire by the end of the year.</p> <p>While refunds have been offered for some credits, not everyone was able to claim these, and a class action lawsuit is now claiming compensation for lost interest on the credits.</p> <p>At the Senate committee meeting, Jetstar chief executive, Steph Tully, said the number of unclaimed credits now lies at $370 million, however this figure did not reflect Jetstar or overseas customers’ credits.</p> <p>“Around $100m” in Jetstar credits remain unclaimed, on top of Qantas’s $370m, Tully said.</p> <p>Senator Sheldon then slammed Tully for "not being transparent” before asking “what’s stopping you from refunding the money”.</p> <p>Tully replied “lots of reasons”, citing codeshare flights and “half-taken trips”.</p> <p><em>Image credits: Getty Images</em></p>

Money & Banking

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Common credit card mistakes to avoid

<p>If you regularly use your credit card, you’ll know how easy it is to plonk down the plastic for your shopping and other purchases. It’s also easy to forget those pesky card payments that follow. </p> <p>Along with the convenience of credit cards comes the danger that your bills can quickly snowball into a major debt that can linger for years if not managed properly. </p> <p>It pays to be aware of the pitfalls of credit cards and ensure you’ve got good habits in place to avoid them as much as possible. The following are a few suggestions:</p> <p><strong>Shop around for the best card deals</strong></p> <p>Don't make the mistake of signing up for the first credit card offer that arrives in your mailbox. Go online and look for the best possible card terms and features to suit you. Credit card rates can vary significantly, depending on the card and type of promotion offered.</p> <p><strong>Rewards programs</strong></p> <p>Following on from the point above, make sure the card you choose provides features you genuinely need and will actively use. Credit card rewards are promoted to make consumers think they’re getting something for free. But when you add up what it costs to earn rewards, a rewards program may not be much of a perk. For instance, credit cards that offer rewards often have much higher interest rates than cards with no rewards.</p> <p><strong>Keep track of your spending</strong></p> <p>While using a credit card sometimes feels like you’re not really spending money, not keeping track of your spending can wreak havoc on your finances. Carry a small notebook or if you’re more tech savvy, use one of the many apps available on your phone to record your purchases so you won't get a nasty shock when you receive your monthly statement. Make sure you check your statements regularly too.</p> <p><strong>Late and minimum payments</strong></p> <p>Credit card payments that aren’t paid on time result in late fees and higher interest rates. Read through your credit card statement carefully so you know when the payment is due. Consider auto-payment facilities or put a recurring note in your calendar each month a few days in advance of your payment due date to ensure you don’t miss it. Most card statements list the date that payments must be received by to avoid penalty interest fees. Ideally, it’s best to pay the full amount every month. Only paying the minimum amount will make the situation worse over time by attracting cumulative interest payment penalties.</p> <p><strong>Using cash advances</strong></p> <p>While they’re a tempting option, cash advances attract higher interest rates and should be used with care.</p> <p><strong>Handle with care!</strong></p> <p>Credit cards can be useful financial tools when used responsibly. Getting into good habits can ensure you take full advantage of the benefits while avoiding the traps.</p> <p><em>Image credit: Shutterstock</em></p>

Money & Banking

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Dad’s horror at six-year-old’s massive bill

<p>A young boy from Michigan has learned a tasty lesson in money management.</p> <p>Six-year-old Mason Stonehouse had been playing on his dad’s phone when he discovered his soon-to-be favourite app - food delivery service Grubhub. </p> <p>After putting his son to bed, Mason’s father Keith was shocked to find delivery drivers began to frequent their doorstep, one after the other leaving something behind. Keith likened the strange evening to a<em> Saturday Night Live</em> skit, and in doorbell camera footage he could be heard asking one of the drivers “what the hell is going on?” </p> <p>A look at his phone confirmed that Mason had pulled off a parent’s nightmare - the boy had ordered almost $2,000 (AUD) of food from restaurants all across their town. </p> <p>Speaking with <em>TODAY.com</em>, Keith explained that the two were having father and son time in front of the TV when Mason asked to use Keith’s phone. Mason often uses his dad’s phone to play educational games, so Keith thought nothing of it, allowing Mason 30 minutes with the device. </p> <p>Keith recalled how Mason made his way downstairs to play, and went to bed without a fuss when his half hour was up. </p> <p>“A 6-year-old going to bed is not normally an easy thing but he was surprisingly really good,” he said. “There was no fight, no ‘I’m hungry’, or making up stuff to stay up. He just went to bed, and I was like, ‘Wow, this is amazing, I wish Mom was here to witness this’. And all of a sudden I hear the doorbell.”</p> <p>To various news outlets, Keith has mentioned how it was “car after car” that kept “coming and coming” to the family’s home in Chesterfield Township. In his own Facebook post about the incident, he shared Mason’s shopping list, telling his friends “if you’re hungry and you’re in the mood for 5 orders of jumbo shrimp, salad, grape leaves, rice, 3 hanis, several orders of chilli cheese fries, chicken shawarma sandwiches, and plenty of Ice cream - swing on by SMH.”</p> <p>Keith saw Mason’s delectable adventure to an end when his bank declined an order of $635 (AUD) for pepperoni pizza. As he told <em>Good Morning America</em>, this “would’ve been on top of the $1,000 worth of food that was piling in my kitchen.”</p> <p>This wasn’t even Mason’s first order of the evening from the same establishment - Happy’s Pizza for a happy Mason - with a sizable jumbo shrimp delivery already having made it to their doorstep. </p> <p><em>MLive.com </em>heard from Keith that he tried to speak to Mason about what had happened, but soon discovered that their priorities weren’t exactly aligned, “I was trying to explain to him that this wasn’t good and he puts his hand up and stops me and says, ‘Dad, did the pepperoni pizzas come yet?’”</p> <p>“I had to walk out of the room. I didn’t know if I should get mad or laugh,” he admitted. </p> <p>Whether the entire situation prompted more amusement or exasperation from the Stonehouses, they assured everyone that none of Mason’s bouncy went to waste, with the food going to their neighbours, and their phones well away from Mason’s sneaky shopping. </p> <p><em>Images: Facebook </em></p>

Money & Banking

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Prince Harry and Meghan Markle release Christmas card

<p dir="ltr">Prince Harry and Meghan Markle have released their Christmas card which didn’t include their two children.</p> <p dir="ltr">The Christmas card was delivered to Archewell subscribers via email wishing everyone a joyful holiday season.</p> <p dir="ltr">“Wishing you a joyful holiday season,” the card read.</p> <p dir="ltr">“From our family to yours, and on behalf of our teams at The Archewell Foundation, Archewell Audio, and Archwell Productions, we wish you health, peace, and a very happy new year!”</p> <p dir="ltr">However, many pointed out that the card was missing a photo of their children - Archie, 3, and daughter, Lilibet, 1.</p> <p dir="ltr">“I wonder why, as it’s from their family to yours that 2 of their immediate family (children) are missing from the card,” someone wrote.</p> <p dir="ltr">“Where are the children?” another asked.</p> <p dir="ltr">On the other hand, many said that the Christmas card is the Sussexes business one and they may release another with Archie and Lilibet.</p> <p dir="ltr">“This looks to be an official business holiday card not their official family holiday card,” someone pointed out.</p> <p dir="ltr">“That’s their business holiday card. No doubt they’ll have a family card as well. It’s a very common practice,” another wrote.</p> <p dir="ltr">It is believed that Archie and Lilibet were left off the card because of their “basic right to privacy”.</p> <p dir="ltr">Meghan previously spoke about her children’s privacy in the 2021 tell-all interview with Oprah Winfrey about how “comfortable” she is or isn’t sharing photos of her children.</p> <p dir="ltr">“If you’re at work and you have a photograph of your child on your desk, and your co-worker says, ‘Oh, my gosh, your kid’s so cute. That’s fantastic! Can I see your phone so I can see all the pictures of your child?’ You go, ‘No. This is the picture I’m comfortable sharing with you’,” she said.</p> <p dir="ltr">“And then if they double down and say, ‘No, but you already showed me that one. So you have to show me everything. You know what, I’m just gonna hire someone to sit in front of your house, or hide in the bushes and take pictures into your backyard, because you’ve lost your right to privacy … because you shared one image with me’.”</p> <p dir="ltr">She also previously mentioned how she didn’t want her children to be the subject of racial slurs which she claims were used by the British media.</p> <p dir="ltr">“Why would I give the very people that are calling my children the N-word a photo of my child before I can share it with the people that love my child?” Meghan told the <em>Cut</em> back in August.</p> <p dir="ltr"><em>Image: Archwell Productions</em></p>

Family & Pets

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Prince and Princess of Wales release family Christmas card!

<p dir="ltr">The Prince and Princess of Wales have released their Christmas card for 2022.</p> <p dir="ltr">The stunning photo shows Prince William and Kate Middleton holding hands with their three children Prince George, 9, Princess Charlotte, 7 and Prince Louis, 4, in the British countryside of Norfolk.</p> <p dir="ltr">All five family members appear to be colour coordinating in white, denim and blue with beaming smiles.</p> <p dir="ltr">The image was taken earlier this year by photographer Matt Porteous, who had joined the family on their tour to the Caribbean.</p> <p dir="ltr">“Sharing a new picture of the family for this year’s Christmas card!” their caption on Instagram read.</p> <p dir="ltr">The photo received almost 2 million likes with many fans wishing the family a Merry Christmas as well as thanking them for sharing the photo.</p> <blockquote class="instagram-media" style="background: #FFF; border: 0; border-radius: 3px; box-shadow: 0 0 1px 0 rgba(0,0,0,0.5),0 1px 10px 0 rgba(0,0,0,0.15); margin: 1px; max-width: 540px; min-width: 326px; padding: 0; width: calc(100% - 2px);" data-instgrm-captioned="" data-instgrm-permalink="https://www.instagram.com/p/CmH_qcOtUx_/?utm_source=ig_embed&amp;utm_campaign=loading" data-instgrm-version="14"> <div style="padding: 16px;"> <div style="display: flex; flex-direction: row; align-items: center;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 40px; margin-right: 14px; width: 40px;"> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 100px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 60px;"> </div> </div> </div> <div style="padding: 19% 0;"> </div> <div style="display: block; height: 50px; margin: 0 auto 12px; width: 50px;"> </div> <div style="padding-top: 8px;"> <div style="color: #3897f0; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: 550; line-height: 18px;">View this post on Instagram</div> </div> <div style="padding: 12.5% 0;"> </div> <div style="display: flex; flex-direction: row; margin-bottom: 14px; align-items: center;"> <div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(0px) translateY(7px);"> </div> <div style="background-color: #f4f4f4; height: 12.5px; transform: rotate(-45deg) translateX(3px) translateY(1px); width: 12.5px; flex-grow: 0; margin-right: 14px; margin-left: 2px;"> </div> <div style="background-color: #f4f4f4; border-radius: 50%; height: 12.5px; width: 12.5px; transform: translateX(9px) translateY(-18px);"> </div> </div> <div style="margin-left: 8px;"> <div style="background-color: #f4f4f4; border-radius: 50%; flex-grow: 0; height: 20px; width: 20px;"> </div> <div style="width: 0; height: 0; border-top: 2px solid transparent; border-left: 6px solid #f4f4f4; border-bottom: 2px solid transparent; transform: translateX(16px) translateY(-4px) rotate(30deg);"> </div> </div> <div style="margin-left: auto;"> <div style="width: 0px; border-top: 8px solid #F4F4F4; border-right: 8px solid transparent; transform: translateY(16px);"> </div> <div style="background-color: #f4f4f4; flex-grow: 0; height: 12px; width: 16px; transform: translateY(-4px);"> </div> <div style="width: 0; height: 0; border-top: 8px solid #F4F4F4; border-left: 8px solid transparent; transform: translateY(-4px) translateX(8px);"> </div> </div> </div> <div style="display: flex; flex-direction: column; flex-grow: 1; justify-content: center; margin-bottom: 24px;"> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; margin-bottom: 6px; width: 224px;"> </div> <div style="background-color: #f4f4f4; border-radius: 4px; flex-grow: 0; height: 14px; width: 144px;"> </div> </div> <p style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; line-height: 17px; margin-bottom: 0; margin-top: 8px; overflow: hidden; padding: 8px 0 7px; text-align: center; text-overflow: ellipsis; white-space: nowrap;"><a style="color: #c9c8cd; font-family: Arial,sans-serif; font-size: 14px; font-style: normal; font-weight: normal; line-height: 17px; text-decoration: none;" href="https://www.instagram.com/p/CmH_qcOtUx_/?utm_source=ig_embed&amp;utm_campaign=loading" target="_blank" rel="noopener">A post shared by The Prince and Princess of Wales (@princeandprincessofwales)</a></p> </div> </blockquote> <p dir="ltr">“Happy Christmas to your family! Thank you for sharing!” someone wrote.</p> <p dir="ltr">“What a great photo of your beautiful family!” another commented.</p> <p dir="ltr">“Beautiful family. Merry Christmas,” someone else wrote.</p> <p dir="ltr">“A beautiful family, have a wonderful Christmas,” another read.</p> <p dir="ltr">Their photo comes just days after <a href="https://oversixty.com.au/lifestyle/family-pets/charles-and-camilla-release-first-christmas-card-as-king-and-queen-consort" target="_blank" rel="noopener">King Charles III and his wife Camilla</a>, the Queen Consort released their Christmas card.</p> <p dir="ltr"><em>Image: Instagram</em></p>

Family & Pets

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Charles and Camilla release first Christmas card as King and Queen Consort

<p>For the first time in 70 years, Britain has a new monarch bringing them into the holiday season.</p> <p>The royal family have finally unveiled the 2022 Christmas card, featuring Kings Charles III and his wife Camilla, the Queen Consort.</p> <p>“Wishing you a very Happy Christmas and New Year,” the card said, alongside a photo of the couple at the Braemar Games, a gathering of the Scottish highland games that has been held since 1832. The picture was taken by royal photographer Samir Hussein.</p> <p>This is the second consecutive year that a photograph of Hussein's has been selected for a royal Christmas card.</p> <blockquote class="twitter-tweet"> <p dir="ltr" lang="en">🎄✉️ We’re pleased to share this year’s Christmas Card from The King and The Queen Consort.</p> <p>📸 <a href="https://twitter.com/samhussein?ref_src=twsrc%5Etfw">@samhussein</a>, taken at the Braemar Games in September 2022. <a href="https://t.co/Dzpqf62TWf">pic.twitter.com/Dzpqf62TWf</a></p> <p>— The Royal Family (@RoyalFamily) <a href="https://twitter.com/RoyalFamily/status/1602061165600940032?ref_src=twsrc%5Etfw">December 11, 2022</a></p></blockquote> <p>This year's image was captured on September 3, just five days before Queen Elizabeth II, died at Balmoral Castle.</p> <p>Charles and Camilla's 2021 card featured an image that Hussein took of the couple wearing face masks amid the COVID-19 pandemic. In it, the then Prince of Wales and Duchess of Cornwall were at the Royal Ascot horserace, with Charles helping his wife adjust her mask.</p> <p>Christmas is a major time of year for the royals, with many traditions. In previous years, the Queen would personally deliver gifts to members of the household at Buckingham Palace, donate money to different charities and hand out Christmas puddings.</p> <p><em>Image: Twitter</em></p>

Family & Pets

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Ian Thorpe gets his Olympic report card

<p>Ian Thorpe has proven he doesn’t need to be in the pool at the Olympics to be a star.</p> <p>Twenty-one years after first winning gold at the Sydney Olympic Games, Thorpe has given his expert commentary for Channel 7 during the Tokyo games – and fans are absolutely loving it.</p> <p>From winning gold medals to predicting the future, Ian Thorpe has proved he can do it all at the Olympics.</p> <p>Twenty-one years after first winning gold at the Sydney Games, Thorpedo is playing a starring role in Tokyo – but in a very different capacity.</p> <p>The Australian swimming legend is giving his expert analysis for Channel 7.</p> <p><img style="width: 500px; height: 281.25px;" src="../media/7842727/ian-thorpe-2.jpg" alt="" data-udi="umb://media/60b14eeb144d4ffcb3369202de846398" /></p> <p><em>Thorpe always believed Titmus was going to bring it home late. Image: Supplied. </em></p> <p>Through the swimming legend’s insight, he predicted what Katie Ledecky’s final time would be and got within a second of the stopwatch.</p> <p>Thorpe went at it again during Aussie superstar Ariarne Titmus’ second blockbuster showdown of the Games with Ledecky in the 200m freestyle final on Tuesday.</p> <p>“I think Ariarne has Ledecky covered in this race,” Thorpe said.</p> <p>“She can transition a lot better into different speeds. So she’ll build up her speed, whereas Katie Ledecky seems to get stuck in one gear.</p> <p>“She has a consistency that comes with that speed, but she can’t increase it in any way — it doesn’t develop.</p> <p>“Whereas when you saw Ariarne come over the top of Ledecky in the 400m freestyle final, she was gradually increasing that speed and there was a 0.4 second difference in their last 50m.”</p> <p>Thorpe was right again, proving his expertise is on point.</p> <p>Ledecky went hard and Titmus was trailing the whole way up until the final lap.</p> <p>The 20-year-old from Tasmania eventually overtook her biggest rival in the final 25m to win gold medal No. 2.</p> <p>Thorpe took time to point out Titmus’ turning ability, and said she was accelerating into the wall and springing off of it better than Ledecky was.</p> <p>The Aussie finally took the lead for the first time at the final turn.</p> <p>His fellow Channel 7 commentator Leisel Jones, who has competed in four Olympics, praised Thorpe when Japan’s Ohashi Yui won the 200m women’s individual medley.</p> <p>“I’m going to say Thorpey called that before we started,” Jones said during Seven’s broadcast.</p> <p>“He said, ‘Watch for Ohashi Yui to go for the double’.”</p> <p>“After seeing that 400 IM, this was the clear frontrunner in this race,” Thorpe said when explaining why he tipped Ohashi to win again.</p> <p>Aussie watchers have praised the Olympic swimmer for his brilliant commentary, with one saying: “He is amazing, I love listening to him.</p> <p>Another wrote: “Ian Thorpe owns commentary. He regularly calls the winner 50m out.”</p> <blockquote class="twitter-tweet"> <p dir="ltr">Love <a href="https://twitter.com/IanThorpe?ref_src=twsrc%5Etfw">@IanThorpe</a> commentary for the swimming.</p> <p>— Eric (@bananman1234) <a href="https://twitter.com/bananman1234/status/1420593762816847872?ref_src=twsrc%5Etfw">July 29, 2021</a></p></blockquote> <p>A third person added: “How wonderful Ian Thorpe’s commentary. He is so informative, speaks so calmly.”</p> <blockquote class="twitter-tweet"> <p dir="ltr">And how wonderful is Ian Thorpe’s commentary.He is so informative,speaks so calmly.Great👏</p> <p>— Lynette (@lynettekc) <a href="https://twitter.com/lynettekc/status/1420566887612616704?ref_src=twsrc%5Etfw">July 29, 2021</a></p></blockquote> <p><a href="https://twitter.com/lynettekc/status/1420566887612616704?s=21" target="_blank" rel="noopener">https://twitter.com/lynettekc/status/1420566887612616704?s=21</a></p> <blockquote class="twitter-tweet"> <p dir="ltr">Ian Thorpe is the Ricky Ponting of swimming commentary.</p> <p>— justin1flynn 🐯🏆🏆🏆 (@justin1flynn) <a href="https://twitter.com/justin1flynn/status/1420558861140852741?ref_src=twsrc%5Etfw">July 29, 2021</a></p></blockquote> <p><em>Image: Neal Simpson/EMPICS via Getty Images<span style="font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen, Ubuntu, Cantarell, 'Open Sans', 'Helvetica Neue', sans-serif;"> </span></em></p>

TV

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What happens if I can’t pay my mortgage and what are my options?

<p>With rising costs of living, including interest rate rises, many people are really worried about their mortgage.</p> <p>So, what actually happens if you can’t pay your mortgage – and what are your options?</p> <p>Here’s what you need to know.</p> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/480028/original/file-20220819-26-vpnqeb.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/480028/original/file-20220819-26-vpnqeb.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/480028/original/file-20220819-26-vpnqeb.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=451&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/480028/original/file-20220819-26-vpnqeb.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=451&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/480028/original/file-20220819-26-vpnqeb.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=451&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/480028/original/file-20220819-26-vpnqeb.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=566&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/480028/original/file-20220819-26-vpnqeb.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=566&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/480028/original/file-20220819-26-vpnqeb.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=566&amp;fit=crop&amp;dpr=3 2262w" alt="" /></a><figcaption><em><span class="caption">It’s not particularly rare for a borrower to face a period of temporary financial hardship.</span> <span class="attribution"><span class="source">Photo by Tierra Mallorca on Unsplash</span>, <a class="license" href="http://creativecommons.org/licenses/by/4.0/" target="_blank" rel="noopener">CC BY</a></span></em></figcaption></figure> <p><strong>Payment deferrals, payment plans or getting fees waived</strong></p> <p>It’s not particularly rare for a borrower to face a period of temporary financial hardship, often due to circumstances beyond their control.</p> <p><a href="https://www.rba.gov.au/publications/bulletin/2021/sep/the-financial-cost-of-job-loss-in-australia.html" target="_blank" rel="noopener">Job loss</a>, relationship breakdowns, natural disasters, injuries and illnesses all affect the capacity of householders to repay their loan, especially given mortgages tend to run over many years, if not decades.</p> <p>Banks have “hardship” processes to deal with borrowers who are temporarily unable to repay their loan.</p> <p>The <a href="https://www.ausbanking.org.au/" target="_blank" rel="noopener">Banking Code of Practice</a>, to which most banks subscribe, provides guidelines for lenders to help consumers through financial difficulties.</p> <p>One form of relief is a payment deferral or “holiday”. That’s where a customer is able to postpone repayments until the issue causing hardship is resolved. Many people used this option during COVID lockdowns.</p> <p>However, a payment holiday sometimes simply “kicks the can down the road” and the customer is still in financial trouble when their temporary payment holiday ends.</p> <p>Other options include payment plans. This is where you pay back less per month but the mortgage lasts longer overall.</p> <p>Or, the bank may simply offer advice on how to handle finances until you’re back on your feet.</p> <p>It is also possible for banks to waive discretionary fees (such as those related to overdue payments).</p> <p><strong>Banks don’t really want you to default</strong></p> <p>Banks typically do not want their customers to default on property.</p> <p>They’re usually protected against losses themselves through lender’s mortgage insurance, but banks see mortgage holders as particularly valuable customers. They have shown they can obtain finance and repay loans.</p> <p>Usually, it’s easier for the bank to make hardship arrangements with a customer - and build trust along the way - than it is to wind up a mortgage, seize the property and then have to deal with trying to sell it in a flagging market.</p> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/480029/original/file-20220819-15-jlfc4b.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/480029/original/file-20220819-15-jlfc4b.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/480029/original/file-20220819-15-jlfc4b.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=400&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/480029/original/file-20220819-15-jlfc4b.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=400&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/480029/original/file-20220819-15-jlfc4b.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=400&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/480029/original/file-20220819-15-jlfc4b.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=503&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/480029/original/file-20220819-15-jlfc4b.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=503&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/480029/original/file-20220819-15-jlfc4b.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=503&amp;fit=crop&amp;dpr=3 2262w" alt="" /></a><figcaption><em><span class="caption">Mortgagee-in-possession can lead to lower sale price.</span> <span class="attribution"><span class="source">Photo by RODNAE Productions/Pexels</span>, <a class="license" href="http://creativecommons.org/licenses/by/4.0/" target="_blank" rel="noopener">CC BY</a></span></em></figcaption></figure> <p><strong>What about my credit score?</strong></p> <p>Recent <a href="https://www.creditsmart.org.au/financial-hardship/changes-to-credit-reporting-from-july-2022/" target="_blank" rel="noopener">changes</a> to the credit legislation make it easier to apply for a payment plan without affecting your credit score.</p> <p>From July 1, 2022, under the terms of a financial hardship arrangement, a customer’s credit report will show they have made on time repayments for the period of the arrangement – providing they have followed the terms of the hardship agreement.</p> <p>Credit reports will also indicate whether (but not why) a customer is in a financial hardship arrangement.</p> <p>This information stays on a credit report for one year, then disappears.</p> <p>Importantly, though, hardship information will be visible to other credit providers, and may affect a customer’s ability to get other loans during the period.</p> <p><strong>I’m struggling. So what should I do?</strong></p> <p>Contact your financial institution as early as you can. Your bank may be able to offer payment relief in the form of reduced payments or a holiday from repayments – or a combination of both.</p> <p>You usually need to provide evidence for the reason for financial hardship, and there’s an expectation you’ll be able to resume repayments when the temporary issue is resolved.</p> <p>Not every application for hardship will be successful, particularly if you have made promises to repay in the past and not followed through.</p> <p><a href="https://moneysmart.gov.au/how-life-insurance-works/income-protection-insurance" target="_blank" rel="noopener">Income protection insurance</a> (for those who plan for uncertainties) may help prevent the need for hardship arrangements in the first place.</p> <p>If you see the issue as ongoing, rather than temporary, consider a different approach.</p> <p>If you’re ahead on your mortgage (as many Australians were during the pandemic), or you have significant equity in your house, consider refinancing. That’s where you take out a new mortgage to repay an existing loan.</p> <p>You may be able to get a lower monthly repayment, especially if you have built an equity stake greater than 30%.</p> <p>It won’t always be an option, especially if you are a recent borrower facing rising interest rates, stagnant or falling house prices, and have limited equity.</p> <figure class="align-center zoomable"><a href="https://images.theconversation.com/files/480030/original/file-20220819-1146-svsca9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=1000&amp;fit=clip"><img src="https://images.theconversation.com/files/480030/original/file-20220819-1146-svsca9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;fit=clip" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px" srcset="https://images.theconversation.com/files/480030/original/file-20220819-1146-svsca9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=600&amp;h=400&amp;fit=crop&amp;dpr=1 600w, https://images.theconversation.com/files/480030/original/file-20220819-1146-svsca9.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=600&amp;h=400&amp;fit=crop&amp;dpr=2 1200w, https://images.theconversation.com/files/480030/original/file-20220819-1146-svsca9.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=600&amp;h=400&amp;fit=crop&amp;dpr=3 1800w, https://images.theconversation.com/files/480030/original/file-20220819-1146-svsca9.jpg?ixlib=rb-1.1.0&amp;q=45&amp;auto=format&amp;w=754&amp;h=503&amp;fit=crop&amp;dpr=1 754w, https://images.theconversation.com/files/480030/original/file-20220819-1146-svsca9.jpg?ixlib=rb-1.1.0&amp;q=30&amp;auto=format&amp;w=754&amp;h=503&amp;fit=crop&amp;dpr=2 1508w, https://images.theconversation.com/files/480030/original/file-20220819-1146-svsca9.jpg?ixlib=rb-1.1.0&amp;q=15&amp;auto=format&amp;w=754&amp;h=503&amp;fit=crop&amp;dpr=3 2262w" alt="" /></a><figcaption><em><span class="caption">A growing number of Australians are worried about their home loan.</span> <span class="attribution"><span class="source">Photo by mentatdgt/Pexels</span>, <a class="license" href="http://creativecommons.org/licenses/by/4.0/" target="_blank" rel="noopener">CC BY</a></span></em></figcaption></figure> <p>In dire circumstances, you may be able to <a href="https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/early-access-to-your-super/" target="_blank" rel="noopener">access your superannuation early</a> (which means you may have a lot less to retire on).</p> <p>If you really do need to sell, it is better to sell the property of your own volition, rather than having a forced sale.</p> <p>Mortgagee-in-possession (which is where the bank sells the house) can often lead to a lower sales price than a vendor-led campaign, and the time frame may not suit you.</p> <p>Free help is available. The <a href="https://www.arca.asn.au/" target="_blank" rel="noopener">Australian Retail Credit Association</a> provides information on how hardship processes are reported, while the <a href="https://financialrights.org.au/factsheets/mortgage-stress/" target="_blank" rel="noopener">Financial Rights Legal Centre</a> helps advocate for consumers through the mortgage stress process.</p> <p>The government’s <a href="https://moneysmart.gov.au/managing-debt/financial-hardship" target="_blank" rel="noopener">Moneysmart</a> site also provides information on how to navigate the hardship process.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img style="border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important;" src="https://counter.theconversation.com/content/188891/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" /><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https://theconversation.com/republishing-guidelines --></p> <p><em><a href="https://theconversation.com/profiles/andrew-grant-442581" target="_blank" rel="noopener">Andrew Grant</a>, Senior Lecturer in Finance, <a href="https://theconversation.com/institutions/university-of-sydney-841" target="_blank" rel="noopener">University of Sydney</a></em></p> <p><em>This article is republished from <a href="https://theconversation.com" target="_blank" rel="noopener">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/what-happens-if-i-cant-pay-my-mortgage-and-what-are-my-options-188891" target="_blank" rel="noopener">original article</a>.</em></p> <p><em>Image: Getty Images</em></p>

Money & Banking

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Surprising differences in how we use credit cards and cash

<p>With more credit cards used by Kiwis than ever is definitely seems as though New Zealanders are addicted to the convenience of not having to pay with cash. But what is the impact of this on New Zealand consumer behaviour?</p> <p>Since the late 1990’s researchers have been interested in understanding the psychology behind credit card use, not least because of the proliferation of debt in the consumer market and the concern of the ease with which to gains these cards (and debt) preys on vulnerable consumers.</p> <p>A 1998 study conducted by George Lowenstein and his colleagues that was published in 2001 made the finding that payments with cash elicited quite a different emotional response to payments made with credit cards or any other payment methods where the actual payment is to a certain extent “delayed”. The suggestion is paying by traditional methods with cash requires a physical transaction that can be more painful than paying for something with credit, where you see a figure on the receipt but you’re not actually handing over a physical amount of money in real life.</p> <p>In another experiment as part of the project, Mr Lowenstein observed that people were willing to pay much more for a particular event with credit cards than with cash, with the premium ranging anywhere between 60 and 113 per cent more, which represents quite a significant difference. </p> <p>Similar research has also found people are more likely to spend money when given $50 in cash rather than $50 in a gift voucher, they were more likely to spend a higher proportion of that in the latter rather than the former, which is again probably because of the lack of physical exchange.</p> <p>So what does this mean for you? Well, if you’re looking to tighten your purse strings around the house, opting to make more purchases with cash might just be the best way to do it. By making your purchase with cash you’re statistically likely to be less likely to overspend and more mindful of the items you are actually buying, which could lead to significant savings down the track. Willpower can be hard, especially when shopping, but this is an easier way to make willpower happen.</p> <p><em>Image: Getty Images</em></p>

Money & Banking

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Beauty and the Geek star sentenced

<p dir="ltr">A former <em>Beauty and the Geek</em> star has avoided a jail sentence after admitting to stealing several credit cards from clients at bucks parties.</p> <p dir="ltr">Jordan Finlayson, 31, appeared at the Downing Centre Local Court via video link on Wednesday where she pleaded guilty to possession of identity information with the intention of committing fraud. </p> <p dir="ltr">Following an investigation, police found her in possession of several photos of credit cards and NSW drivers licenses of three men from bucks parties she was waitressing at between January 29 and February 2. </p> <p dir="ltr">She was arrested on February 17 where she remained in custody until Wednesday.</p> <p dir="ltr">According to court documents, guests at the bucks parties were told to keep their items in a separate room before heading to the event.</p> <p dir="ltr">Finlayson used the room to change and proceeded to take photos of three men’s credit cards and licenses, <a href="https://www.news.com.au/entertainment/tv/reality-tv/beauty-and-the-geek-star-jordan-finlayson-sentenced-for-credit-card-theft/news-story/3a954e8a70448f25c19ddf70357bbaba" target="_blank" rel="noopener">news.com.au</a> reported.</p> <p dir="ltr">A few weeks after the events, the men began to notice unusual transactions on their cards. </p> <p dir="ltr">One man was informed from Centrelink that he received the $750 in Covid disaster payments and could not lodge his tax return because someone with the same name already filled it in. </p> <p dir="ltr">Another victim saw several transactions for coffee and Uber rides around the city. </p> <p dir="ltr">The former NRL cheerleader initially pleaded not guilty but changed her plea when she found out she was going on trial. </p> <p dir="ltr">The court heard that she was already on parole when she was arrested and had breached her conditions. </p> <p dir="ltr">Her barrister Daniel Grippi asked the court not to give her more jail time and instead get treatment for her drug problem in a rehabilitation centre. </p> <p dir="ltr">Magistrate Alison Viney told the court that the crime Finlayson committed carries seven years’ prison. </p> <p dir="ltr">With that in mind, she sentenced Finlayson to a ​​12-month Community Corrections order telling her, “I sincerely hope that once admitted to a rehab program your path forward is a much more successful one”.</p> <p dir="ltr"><em>Images: Instagram</em></p>

Legal

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Has Labor learnt from the failure of the cashless debit card?

<p>Legislation passed through the House of Representatives this week to wind down the cashless debit card (CDC), which was introduced into the East Kimberley and Ceduna in 2016 and since applied at other trial sites around Australia. The card compulsorily quarantines 80% of social security payments received by working-aged people.</p> <p>Implementing the CDC has cost more than <a>$170 million</a>.</p> <p>Yet <a href="https://www.uq.edu.au/news/article/2020/02/compulsory-income-management-disabling-study-shows" target="_blank" rel="noopener">research</a> shows it does more harm than good to people forced to use it. First Nations organisations, social service organisations, and others have consistently <a href="https://www.theguardian.com/australia-news/2020/nov/03/cashless-welfare-card-fewer-than-10-of-senate-inquiry-submissions-back-bill" target="_blank" rel="noopener">argued against its expansion</a>.</p> <p>The Albanese government says winding back the CDC will “leave no one behind”. But its legislation leaves more than 23,000 mainly First Nations people in the Northern Territory – as well as people in other parts of the country – on the <a href="https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/FlagPost/2017/June/BasicsCard_and_Cashless_Debit_Card" target="_blank" rel="noopener">BasicsCard</a>, a longer-standing compulsory income management scheme run by the Department of Social Services.</p> <p>We have known since 2014 that the BasicsCard <a href="https://caepr.cass.anu.edu.au/highlights/evaluating-new-income-management-northern-territory-final-evaluation-report-and-summary" target="_blank" rel="noopener">fails to meet its stated objectives</a>. Research published by the ARC Centre of Excellence for Children and Families over the Life Course found its use correlated with <a href="https://www.lifecoursecentre.org.au/research/journal-articles/working-paper-series/do-welfare-restrictions-improve-child-health-estimating-the-causal-impact-of-income-management-in-the-northern-territory/" target="_blank" rel="noopener">reductions in birth weight</a>, falls in <a href="https://www.lifecoursecentre.org.au/research/journal-articles/working-paper-series/the-effect-of-quarantining-welfare-on-school-attendance-in-indigenous-communities/" target="_blank" rel="noopener">school attendance</a> and other negative impacts on children.</p> <p>These are significant findings. The research suggests several possible explanations for reduced birth weight, including income management’s potential role in increasing stress on mothers, disrupting financial arrangements within the household and creating confusion about how to access funds.</p> <h2>Strong opposition</h2> <p>Given the government’s talk of <a href="https://www.smh.com.au/politics/federal/anthony-albanese-s-speech-at-garma-festival-annotated-20220729-p5b5sp.html" target="_blank" rel="noopener">respect and reconciliation</a>, it’s hard to know why it would continue a program introduced as part of the Howard government’s racially discriminatory and widely criticised <a href="https://www.theguardian.com/australia-news/2017/sep/02/northern-territory-intervention-violates-international-law-gillian-triggs-says" target="_blank" rel="noopener">Northern Territory Emergency Response</a>.</p> <p>When the Morrison government attempted to move people in the Northern Territory from the BasicsCard onto the CDC, <a href="https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Community_Affairs/CashlessCardTransition/Submissions" target="_blank" rel="noopener">First Nations</a> leaders were clear about how damaging the BasicsCard has been, and recommended <a href="https://www.aph.gov.au/Parliamentary_Business/Committees/Senate/Community_Affairs/CashlessCardTransition/Submissions" target="_blank" rel="noopener">genuinely voluntary schemes</a> instead.</p> <p>As shadow minister, Linda Burney supported that position. “Our fundamental principle on the basics card and the cashless debit card [is that] it should be on a voluntary basis,” she <a href="https://www.theguardian.com/australia-news/2022/apr/19/cashless-welfare-labor-vows-to-end-compulsory-use-of-basics-card">said</a> earlier this year, adding:</p> <blockquote> <p>If people want to be on those sorts of income management, then that’s their decision. It’s not up to Labor or anyone else to tell them what to do. At the moment it’s compulsion and that’s not Labor’s position.</p> </blockquote> <p>Yet the legislation introduced into the house last week maintains compulsory income management via the BasicsCard, promising only consultation. It leaves the door wide open for continued compulsory income management. As social security minister Amanda Rishworth said in her second reading speech, the bill allows her:</p> <blockquote> <p>to determine, following further consultation with First Nations people and my colleagues, how the Northern Territory participants on the CDC will transition, and the income management arrangements that will exist.</p> </blockquote> <h2>Policy from above</h2> <p>We have learnt a lot from the CDC, including how government claims that communities can decide about who goes on and off income management are often used to legitimise the continuation of compulsory income management.</p> <p>Both the CDC and BasicsCard are ideas that were developed and lobbied for by the Australian political and business elite. They never came from the “community”.</p> <p>The BasicsCard was one of many measures implemented under the Northern Territory Emergency Response, which included the suspension of the Racial Discrimination Act and the use of the <a href="https://theconversation.com/ten-years-on-its-time-we-learned-the-lessons-from-the-failed-northern-territory-intervention-79198" target="_blank" rel="noopener">Australian Defence Force</a>.</p> <p>The CDC, on the other hand, was a key recommendation of mining billionaire Andrew Forrest’s 2014 <a href="https://www.niaa.gov.au/resource-centre/indigenous-affairs/forrest-review" target="_blank" rel="noopener">National Indigenous Jobs and Training Review</a>. Since it was introduced, Forrest and his Minderoo Foundation have advocated for its extension.</p> <p>The government used much-needed funding for local services as a sweeetener to gain communities’ agreement for the CDC to proceed. In some cases, the threat of <a href="https://caepr.cass.anu.edu.au/sites/default/files/docs/Working_Paper_121_2017.pdf" target="_blank" rel="noopener">funding cuts</a> was used in negotiations. In contrast, proposals from communities themselves for appropriate community- and Aboriginal-controlled services had long been overlooked.</p> <h2>Real consultation?</h2> <p>Governments routinely use “consultation” as a label for what are essentially information sessions, with no alternatives on the table, in an effort to signal broad-based support. In the case of the CDC, <a href="https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwi__I3yoKf5AhU9R2wGHSjBAuwQFnoECC8QAQ&url=https%3A%2F%2Fwww.aph.gov.au%2FDocumentStore.ashx%3Fid%3D9e59ccc9-b9e6-4fad-9fb6-2a992d84fd44%26subId%3D516467&usg=AOvVaw19C21P3oIBS4l5A1b2pr0R" target="_blank" rel="noopener">calls for the program to be aborted</a> or changed dramatically were long ignored.</p> <p>Those who were forced onto the BasicsCard as part of the intervention were not offered a consultation process by the Howard government. And now, the Labor government has also failed to embrace their views and opted for a path of more consultation.</p> <p>If Labor forces people to stay on the BasicsCard, what has it learnt from the CDC? Governments have spent more than $1 billion implementing the two failed compulsory income management schemes, and the new government has implicitly committed to spending more. Imagine what else this money could be going towards.</p> <p><strong>This article originally appeared on <a href="https://theconversation.com/has-labor-learnt-from-the-failure-of-the-cashless-debit-card-188065" target="_blank" rel="noopener">The Conversation</a>.</strong></p> <p><em>Image: Shutterstock</em></p>

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Queensland couple mistakenly charged $15k for flights to Melbourne

<p dir="ltr">A couple looking forward to going on their much needed holiday have been instead wrongly charged $15,000.  </p> <p dir="ltr">Dennis and Pat Amor from Queensland were organising a trip to Melbourne to visit some family after two years of no flights thanks to the pandemic. </p> <p dir="ltr">The pair called Qantas to help book the tickets and provided their credit card details – but were instead informed that their booking was rejected.  </p> <p dir="ltr">Pat however revealed that their booking was in fact not rejected and that the Qantas staff member had instead processed it 15 times. </p> <p dir="ltr">"It's never declined and she apparently tried to push it over and over again,” she told <a href="https://9now.nine.com.au/a-current-affair/queensland-couple-15000-dollar-qantas-bill-booking-error/b9dcb551-90d3-437c-8ed0-e36117cdd0a7" target="_blank" rel="noopener">A Current Affair</a>. </p> <p dir="ltr">The horrified couple had to check with Mastercard to see what the issue was and were shocked to find they were charged 15 times for the flights.</p> <p dir="ltr">"They just said there was a bill of $15,000 on the card, being 15 transactions had gone through, so we were really flummoxed," Pat revealed. </p> <p dir="ltr">They tried to get in touch with Qantas once again and time after time were unable to get through.</p> <p dir="ltr">Eventually, a staff member got in touch who said they would sort it out with the finance team and call them later that day. They didn’t. </p> <p dir="ltr">Mastercard however has since returned $11,000 of the couple’s money – but at the time of writing, $4,000 remains outstanding. </p> <p dir="ltr">Qantas claims that the issue is with the Amor’s credit card and not with them, which Mastercard has refuted. </p> <p dir="ltr">To top it off, the upset couple were told they could not fly Qantas until the matter was resolved and were required to use leftover credit from Jetstar to book their tickets. </p> <p dir="ltr">"It doesn't seem fair to us. We are frustrated. We are angry."</p> <p dir="ltr"><em>Image: A Current Affair</em></p>

Travel Trouble

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Check your attic for this rare collectors’ card!

<p dir="ltr">A rare Pokémon card has fetched a whopping record $546,000 (US$420,000) at an auction.</p> <p dir="ltr">The insanely rare 1999 Pokémon Base Set Shadowless 1st Edition Holo Charizard card was sold on March 19.</p> <p dir="ltr">The description of the card on the auction website describes the inspiration it holds even a quarter of a century later.</p> <p dir="ltr">“Emblematic of the strength and power its design was meant to portray, the 1st Edition Base Set Charizard card continues to inspire awe even after almost a quarter of a century,” it read.</p> <p dir="ltr">“This historic piece of art designed by celebrated artist Mitsuhiro Arita is easily the most recognizable Pokemon card ever made.”</p> <p dir="ltr">Incredibly enough, 3,000 copies of the card were submitted to PSA Authentication and Grading Services but only 121 were given the highest grading of “10 Gem Mint” due to its popularity.</p> <p dir="ltr">“Featuring the highest attack power of any of the original Pokemon cards produced; the ferocity of the artwork coupled with the might of its Fire Spin caused most Pokemon fanatics to use it with pride. </p> <p dir="ltr">“It is one of the most coveted trading cards ever produced. Widely considered one of the holy grails of the Pokemon world, this Flame Pokemon is poised to show continuous returns for years to come and become a premier investment piece for any portfolio to have.”</p> <p dir="ltr">Maybe it’s time to ask the kids or grandkids to go through their own Pokemon collections!</p> <p dir="ltr"><em>Images: PWCC Market Place and Shutterstock</em></p>

Money & Banking

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Why the use of cash is rapidly declining

<p dir="ltr">When was the last time you used cash to pay for something? Do you even have cash in your wallet right now? </p> <p dir="ltr">The way we pay has drastically changed over the past few years with so many new options available, such as buy-now-pay-later and contactless payments. </p> <p dir="ltr">According to the annual <a href="https://worldpay.globalpaymentsreport.com/en" target="_blank" rel="noopener">Global Payments Report</a>, cash payments in Australia will amount to just two per cent of transactions by 2025. </p> <p dir="ltr">The report also predicts that digital wallets that are readily available with just two clicks on a smartphone, will be the preferred method of payment in just two years. This will overtake the use of credit and debit cards. </p> <p dir="ltr">About 40 per cent of transactions across the country are composed of debit cards, following closely with credit cards at 35 per cent, digital wallets sitting at 11 per cent, cash seven percent, and buy-now-pay-later options at a mere four per cent.  </p> <p dir="ltr">Thanks to Covid-19 and periods of lockdown, most Aussies opted out of using cash, with the Australian Banking Association reporting a decline in use of ATMs by 20 per cent. </p> <p dir="ltr">"Covid-19 accelerated trends in our society and changed the way we live our lives. Working from home will forever be more prominent within the workforce, we have steered away from using cash and as a result are seeing an increase in card and technology payments and the existing trend of doing banking online instead of in a branch has only continued," ABA chief executive Anna Bligh told <a href="https://www.9news.com.au/national/australia-cash-use-declining-predicted-to-be-two-per-cent-value-in-2025/29a6febb-f8ab-49cf-9462-56fd20a22a33" target="_blank" rel="noopener">Nine News</a>.</p> <p dir="ltr">"As we have seen more people go away from using branches, it's no surprise to see banks invest in areas where customers prefer to bank, such as in their online platforms and apps.”</p> <p dir="ltr">The ABA also showed that one in 10 Aussies regularly leaves their home without their wallet, while more than one in three use digital wallets weekly. </p> <p dir="ltr"><em>Image: Shutterstock</em></p>

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