01 Aug August Newsletter
The Sting of Internet Banking Fraud
There is some tough talk coming out of the banking sector regarding reimbursing bank customers who have been the victims of internet banking fraud. Some banks are suggesting that in certain circumstances, they won’t reimburse fraud victims. This is a big deal because while the use of online forms of payment are increasing, associated fraud is increasing faster. For example, for 2015 to 2016, credit card use increased by 4% but credit card fraud increased by 12%. What’s more, this fraud is increasing at an accelerating rate.
Given the rise of online shopping along with how reliant most of us are on online banking, this move by the banks should be of interest to all of us. There are certain things we can do to help protect ourselves, but it is probably worth checking the T’S & C’s for your bank to make sure you don’t fall foul of their requirements should you find yourself a victim of banking fraud. Read the article from Stuff here.
Run a small business and feel lonely? You’re not alone.
It can be lonely at the top, (particularly when the organisation is just you!). A recent comment by new CEO of Business Mentors NZ has reminded us of this – it highlighted the effect of loneliness on the owners of small businesses. NZ is a nation of small businesses, and many of us are likely to feel isolated at some point in our careers.
A quick scan through google shows a plethora of articles about the loneliness that often comes with running a business. However, there is precious little that actually helps solve the issue. If you’re feeling a little disconnected from the rest of the world, what can you do? While this is far from an exhaustive list, here are some things that can help:
Look after yourself: Yep, you’ve heard this one before, you should exercise more and eat better, but there is something called the ‘knowing-doing gap’. Put another way, knowing isn’t the same as doing. In general terms, New Zealanders health isn’t all that it could be – we’ve got high rates of ‘lifestyle’ related illnesses. If you’re running a business, stress can compound these issues. So, eat your vegies and take the stairs.
Change the scenery: whether its going for a walk or working from a café for a couple of hours, change is like a holiday. Going for a bush walk might be one of the best things you can do (don’t believe me? Check this out)
Get face to face with people: Make time to meet people face to face. Broadening your network beyond those who you know – either join a structured networking group or something a little more social. The upside is, you just might meet a new customer!
Make time for you: Us Kiwis are known as hard workers. So much so that we are reported to put in more hours than the Japanese, the Ausies, the Poms, in fact almost all of the Europeans. However, when you’re running a small business, it can become all-consuming. So, make time to do the things you enjoy!
Anti-Money Laundering legislation
Phase 2 of the Anti-Money Laundering and Counter Financing of Terrorism Act is due to come into effect for accountants, tax agents and bookkeepers on the 1st of October (it came into effect for Lawyers on the 1st of July). For our tax clients there will be a couple of things that we have to do more stringently. We’ve written previously about the importance of uploading invoices to Xero for any out of the ordinary or large transactions. If you’re not sure how to do so, check out this link from Xero.
For certain tasks we perform for you, we may need to hold ID on file. As we catch up with you over the next little while, if needed, we will require a copy of ID from you. While we are not too keen to do this, the new law is clear and the penalty for not collecting this ID is very high. If we require this from you, we will let you know.
Have a fantastic August!
