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14 Businessupdate Isle of Man Examiner, March 2006 MONEY Have fraudsters had their Chips AWorld Apart... ABOUT BOSTON Boston Limited is an independent, privately owned company, which provides a range of bespoke services and business solutions to high net worth individuals and their families. Boston was founded in 2002 as the family office for a wealthy family who wished to coordinate and enhance the management of their affairs. While Boston continues to look after the founders’ interests; it also offers its services to other individuals who may be able to benefit from Boston's unique skills and experience. A DISTINCTIVE APPROACH In a world where high net worth individuals have many choices when it comes to arranging their financial affairs, Boston offers several distinct advantages: • Our origins and heritage as a successful family office gives us a profound understanding of the needs of high net worth individuals. • As an independent private company, we are not constrained or compromised by the pressure to offer any particular product or service. This enables us to seek impartial advice across a wide range of financial services. The best interests of the client are our principal consideration at all times, and in all circumstances. • Our service is delivered by a team of talented professionals, each with a sharp focus on the needs of our clients. Every individual client’s affairs are personally overseen by a senior member of our team, who acts as a prime point of contact and takes full responsibility for ensuring that the client receives a swift, efficient, and personalised service. • Boston’s service is custom made. We don't offer standard answers, or rigid formulas – instead, we make every effort to understand each client’s particular objectives and to tailor our service to help them achieve those objectives. We believe that Boston’s approach to working with clients and their advisors is distinctive and highly effective, and – importantly – we understand the value of working closely with clients and their advisors at an early stage, actively seeking to do so. We value the skills of other specialists, and recognise that many clients have existing relationships with advisors. We openly embrace the opportunity to work as part of a wider team, bringing our own skills and expertise to the table in an open and cohesive manner. Due to the expansion of our operations, we wish to make the following key appointments, and are looking for motivated individuals, to join our highly regarded team. COMPLIANCE OFFICER (Ref: CO0306) Reporting to the Board of Directors. SENIOR COMPANY & TRUST ADMINISTRATORS (Ref: SCTA0306) Working either solely with one major client or dealing with the affairs of a small group of select clients. COMPANY & TRUST ADMINISTRATORS (Ref: CTA0306) Handling the affairs of a small group of select clients. SENIOR COMPANY & TRUST ACCOUNTANT (Ref: SCTA0306) SENIOR BOOK-KEEPER (Ref:SBK0306) Liaising directly with clients. FUND ACCOUNTANT (Ref: FACC0306) FUND ADMINISTRATOR (Ref:FADM0306) OUR PEOPLE • Consistently deliver exceptional levels of service • Achieve a high degree of accuracy in all areas of work • Have first-class organisational abilities • Possess excellent communication skills (written and oral) • Have a desire to excel personally & within the business • Are team players committed to helping others achieve their objectives. The positions are full-time, but candidates looking for part-time hours will be considered. The successful candidates will receive a competitive salary and excellent remuneration package commensurate with their experience and qualifications. Please reply with Curriculum Vitae and salary expectations – quoting appropriate reference number to: The Managing Director Boston Limited, Belgravia House, 34-44 Circular Road, Douglas, Isle of Man IM1 1AE. BOSTON FAMILY OFFICE CORPORATE SERVICE PROVIDER Boston Limited is licensed by the Isle of Man Financial Supervision Commission as a Corporate Service Provider For 42 million adults in Britain with more than 130 million credit and debt cards in their wallets and handbags, it is tempting to believe that Chip and PIN will eradicate fraudsters. Jeremy Gates reports. Today retailers can refuse to serve card-carrying customers who are unable to recall their PIN (personal identification number). Indeed, if they allow a transaction to go ahead without it which subsequently proves fraudulent, retailers will have to foot the bill. With one card fraud occurring every eight seconds on UKissued cards under the old system, major banks picking up most of the losses had to make life tougher for fraudsters. According to research from Alliance & Leicester Current Accounts, consumers are warming to Chip and PIN: 86 per cent of shoppers are comfortable with it, four shoppers in five reckon it’s a good idea. The Association for Payment Clearing Services (Apacs), the banking industry’s voice on fraud and other issues, claims card losses could have topped £800 million in 2005 if nothing had been done. In the event, the national rollout of Chip and PIN began in October 2003 and credit and debit card fraud figures from Apacs in early March are likely to show annual losses cut to £400-450m. So, a project costing banks and retailers around £1.1bn to introduce is already cutting the fraudsters’ haul — with hopes in official circles that Chip and PIN will send the figure even lower when it is fully up and running. Some card transactions will remain outside the Chip and PIN regime. As many as 15 per cent of British retailers have yet to upgrade till payment systems. Says Mark Bowerman at Apacs: ‘Currently more than 80 per cent of retailers have adopted Chip and PIN. ‘They don’t have to have it, and their decision might be based on how much fraud they have suffered. ‘It might be that these shops could find themselves increasingly targeted by the fraudsters.’ Some consumers will stay outside the new system too, including those yet to receive upgraded cards — about 10 per cent of the total number in circulation — and disabled people unable to work the new system. About 100,000 cards have been issued to remain on the old Chip and Signature system, although Mr Bowerman says some disabled people find the new system easier to operate. Visitors from countries yet to adopt Chip and PIN — including the US — will also continue to sign for purchases. For most of us falling within the new system, however, the new regime imposes obligations which it might be expensive to ignore. And it might well expose us to new ‘scams’, while old familiar ones are shut down. The Banking Code warns that cardholders acting ‘fraudulently or negligently’ won’t be refunded for any losses. So if consumers write down their number anywhere — even disguised as a telephone number in a contacts book — they won’t be compensated for losses. Revealing a PIN to a partner, son, daughter or friend is also likely to be ruled negligent, in the event of a claim. What about keeping the same number for all cards ‘Not recommended,’ says Mr Bowerman. ‘But it is not as serious as writing down your number, and unlikely to be deemed negligent.’ There is a danger that frauds will increase in other sectors of the card business, notably on purchases by ‘cards not present’ — usually via the phone or internet. Customers might be tricked into revealing important data, like their date of birth, or the three-digit security code on the signature trip of their card, in phone calls which are made to sound official. Says David Porter, head of security and risk at Detica, an information intelligence specialist working with major firms to beat fraud: ‘Fraud is like a balloon. Squeeze it in one place and it bulges in another. ‘People must realise they stand to lose a lot if their PIN is compromised, and they need to remember that fraudsters often strike effectively when people are still getting used to a new system. ‘On that basis, you might expect some frauds in the next few months — partly, for instance, because people haven’t yet got a clear idea of what machines look like which take their PIN. ‘In restaurants, always go with the waiter to pay at the terminal, rather than letting a card go out of your sight. ‘The other night in the pub, I heard somebody bellow his PIN number across a crowded bar to the landlord. And I have seen retailers keeping a PIN machine behind the counter, and asking shoppers to speak their number so they can punch it in. You mustn't fall for that one.’ Mr Porter says it makes sense to rotate PIN numbers by changing them every couple of months or so. And consumers keying in a PIN at the till should always take great care to conceal it from shoppers behind them. Says Mr Porter: ‘If the downward trend in card fraud is to continue, the public must be more savvy about taking electronic fraud more seriously.’
Isle of Man Examiner, March 2006 Businessupdate 15 SOCIALLY Business &pleasure They are the champions.... Take-off Andy Mathieson, Eastern Airway’s general manager, (left) and Philip Pain, airport director, are served champagne by Chrissie McCabe to celebrate the launch of the airline’s new Southampton-Isle of Man service JM060303-28 Qualified More than 60 Barclays employees in the Isle of Man were hailed as champions at a recent awards evening held at the Sefton Hotel, with the five top performers from Barclays Private Clients International’s Isle of Man, Jersey, Guernsey and London offshore wealth management operations winning allexpenses paid trips to Cancun in Mexico. Of the five top performers heading for Mexico, two were from the Island, Gemma Bowman in banking sales and Brian Cowley from Barclays contact centre. Barclays Private Clients International’s managing director Tim Parkes, second row, fourth from left and head of banking sales Pieter van Rooyen, second row third from right, are pictured with the Isle of Man champions Shows some of the 20 Manx Telecom staff who received awards at the company’s recent awards evening for completing further education courses. From left are: Tony Lee (Cisco Certified Network Professional), Robin Cain (Cisco IDS Specialist), Mike Phillips (Cisco Certified Network Associate), Stephen Trimble (GIAC certified security incident handler), Susan Foster (Cisco Certified Network Professional and Cisco firewall specialist), John Cowell (HNC Computing), Gavin Quiggin (HNC Telecoms), Paul Atkinson (ACCA) and Steve Allan (HNC Computing) 100 percenter Leading by example Eight students were presented with their certificates in team leading from the Institute of Leadership and Management recently by DTI Minister Alex Downie. Beverley Lane and Kerith Donnelly, both from Aston International; Susan Brown from Royal Bank of Scotland; Peter Knox from Ronaldsway Aircraft Company; Paul Bridson and Angela Barnett from the DTI; Jane Kelly from Manx National Heritage; and Chris Whittaker are pictured. Also successful, but unable to be present were Simon Kelly of the Airport Fire Service, Catherine Jackson of Aston International and Gemma Hawley. Mark Conway receives his Fund Management Association E-Learning certificate from Catherine Turner. Mr Conway, of MannBenham Limited, achieved an impressive 100 per cent in the exam — only the fourth person out of the 50-odd who have signed up to the course to date to do so. The FMA e-learning Certificate in Fund Management is a webbased award for individuals within the fund administration sector MW060228-46
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