Talk Money: November 16, 2015
The tragic events in Paris will add to the nervousness on world markets. Investors do not like uncertainty.
The markets were already volatile, with the world's major share markets all falling around three percent in value last week.
US crude oil fell eight percent last week to $40.73 a barrel and gold is trading at a near six year low of US$1,083 per ounce.
Investors tend to seek safe havens in times of uncertainty. That means the US dollar could move even higher.
The Kiwi is trading at 65.46 US cents this morning. Three weeks ago it was trading almost three cents higher at 68.30 US cents.
Fraud Awareness Week
It is Fraud Awareness Week and it is a chance for all of us to become smarter about what we can do to avoid becoming the victim of a fraud.
Consumer Affairs says scams often work because they can look like real thing.
It has some advice on how to beat the scammers:
Protect your money - Your bank will never ask for your details in an email, so never send your personal, credit card or online account details by email.
Protect your phone - If you receive a call with an offer that sounds too good to be true, it probably is.
Protect your computer - Make sure all your software is kept up to date, including web browser applications.
Protect your identity - never give out your personal information to someone you don't know or trust and treat your personal details like you would treat money. Don't leave your details lying around for others to take.
Mastercard has released some tips for protecting yourself while shopping online.
1. Do not disclose personal information unless you know who is collecting it and how it is being used. Some websites sell their customer information to third parties, so check the small print and opt out of sharing your information if you don't want other people to use it.
2. When you buy goods online make sure that the vendor's web address begins with https. You should also look for symbol that looks like a padlock. This will ensure your transaction is more secure.
3. Make sure you have up-to-date anti-virus software loaded on all your devices, including desktop, laptop and mobile devices. Mastercard says people often forget to keep their mobile devices up to date with the latest anti-virus software.
4. If you do spot an unauthorised transaction, alert your credit or debit card company immediately.
ADVICE FROM CONSUMER NEW ZEALAND
Consumer New Zealand says people should think carefully before giving out a credit card number over the phone to any company, no matter how legitimate they seem.
It says it's had complaints from people who have received glossy brochures with scratch and win cards from Malaysian travel companies with names like "Glorious Moment Vacation", "Humble Glory Travel" and "Spirit Seven Travel".
The cards typically reveal the recipient has won a $US165,000 prize in the company's lottery.
Consumer New Zealand says when people call to claim their prize they are asked to pay a fee to cover government taxes or other costs. Of course, it is a scam.
The fee could be several thousand dollars. There are no winnings and people will lose their money.
Watch the video for the full Talk Money segment.