Coop bank and fraud refund?

gb12345

NittyGritty wrote: »

hi all logged into my coop bank this morning to find £565 was taken out of my account by Tech Giants,

There have been other threads on here recently about money being taken in the name of Tech Giants.

LutonGirl

BASFORDLAD wrote: »

You obviously dont know what your talking so please keep quiet

It's never happened to me so I was merely asking questions too. Or is that not allowed?

dalesrider

It's never happened to me so I was merely asking questions too

Your Op... Just where are the questions?
I have added 1 to 3 so I can answer your statements.

LutonGirl wrote: »

1 Why would a bank refund money in advance of an investigation?

2 I honestly think you will have to wait whilst forms are sent and filled and an investigation takes place. The bank will have procedures for dealing with this but like everything, it takes time.

3 Has anyone close to you got your bank details/card/PIN who could have possibly made a purchase with "Tech Giants"? If they have, you won't be eligible for a refund. Not saying this is what has happened, it's just one scenario the bank will probably look at and ask you.

1. Because legally under PSD it has to be. The only situation on a online transaction for NOT refunding is one where it is a known CPA that has been going out for a long time.
We have to justify to a manager when we are not refunding and get their agreement as well as log it on a database so in the event of a complaint FOS can see exactly what the reason was for not refunding.
Big fine time for PSD failure.....

Rule of thumb. If in doubt REFUND.

2. Refund 1st investigate afterwards. Any paperwork is to claim money back from the retailer. No other reason. This can take 45 days from the paperwork being submitted via the visa/mastercard system to be finalised....
Procedures. YES, but these have to now take account of legal regulations.

3. When you contact the bank. You should be put through to the fraud team who will discuss the situation. We are trained to find out if it can be related to the customer or someone they know in some way.
As well as knowing exactly what and who the current fraud trends are.

innovate

Here's a link to the other "Tech Giants" thread on MSE

https://forums.moneysavingexpert.com/discussion/comment/58851137#Comment_58851137

NittyGritty

innovate wrote: »

Here's a link to the other "Tech Giants" thread on MSE

https://forums.moneysavingexpert.com/discussion/comment/58851137#Comment_58851137

looks like its not just me then, very intresting to know others have been targeted in recent days, not limited to coop it seems,

wonders if this is a known scam but banks/credit card companys havent told us/warned us?

anyway just glad bank refunded, just got to send forms off when they arrive for fraud office to investigate,
if they dont uphold my claim i shall deffo take it further

dalesrider

NittyGritty wrote: »

looks
wonders if this is a known scam but banks/credit card companys havent told us/warned us?

All it is, is card not present fraud. Nothing more...

Fraudsters target retailers that are selling something that is easily exchanged for cash, or what they want.

TBH. If we informed people of every retailer that is hit by fraud. You would never use any of the big guys.
Eg a certain high street/internet retailer posted that they had a great christmas..... We know why.... They got hammered by the fraudsters. Average file a couple of grand.... All this was included in their figures. Not going to look so good in the next quarter if they list all these as losses :rotfl:

bendipa

NittyGritty wrote: »

hi all logged into my coop bank this morning to find £565 was taken out of my account by Tech Giants, whoever they are,
i asked how soon would this money be refunded back to me as its alot of money,

I'm curious to know is how someone managed to withdraw funds from your account without your authorisation and the Co-op allowing it. Did someone manage to clone your debit card and steal your pin number or compromise your login security details.At first it sounded like you may have used one of those fraudulent ATM's that had a false front, but that would have shown up as a cash transaction. Did the Co-op show the transaction as a bill payment, or was it credit card fraud as others have reported?

gb12345

bendipa wrote: »

I'm curious to know is how someone managed to withdraw funds from your account without your authorisation and the Co-op allowing it. Did someone manage to clone your debit card and steal your pin number or compromise your login security details.At first it sounded like you may have used one of those fraudulent ATM's that had a false front, but that would have shown up as a cash transaction. Did the Co-op show the transaction as a bill payment?

There is a big thread elsewhere about TechGiants and fraudulent transactions.

It is likely that victim's card details have been stolen from a website and then the thieves have used TechGiants to process payments as Customer not Present.

dalesrider

bendipa wrote: »

I'm curious to know is how someone managed to withdraw funds from your account without your authorisation and the Co-op allowing it. ?

Customer enters card no over internet. Retailers processes said details. bank approves transaction.
That is how it works.

As far as any bank goes, a company requesting payment has card holders authority to do so. Untill they know otherwise.....

What do you want a bank to do. Contact a customer everytime they make a transaction?

bendipa

dalesrider wrote: »

Customer enters card no over internet. Retailers processes said details. bank approves transaction.
That is how it works.

As far as any bank goes, a company requesting payment has card holders authority to do so. Untill they know otherwise.....

What do you want a bank to do. Contact a customer everytime they make a transaction?

The op didn't mention using a credit card. He just said money had been taken from his bank account. It could have easily been a bill payment to 'Tech Giants' which is why I asked the question. If so someone has managed to login to his bank account which is potentially even more serious.than a credit card fraud as you can always stop a credit/debir card or reverse a cc transaction before it becomes due for payment where fraud has occurred. Anyway to pay by credit card online, isn't it normal practice nowadays to have to register and login to a retailer's website before you can pay by this means?