Fraudulent Transaction. NatWest say "phone on Monday"

TiddlyPom

I saw a transaction on my online banking statement today for some £62 odd that I had not made, dated 4th February with the funds already gone.
I telephoned and tried to report this as a fraudulent transaction that I had not authorised and was told this was a POS transaction, they do not yet have details of the merchant and it was made with an old card that expired some time ago and had been cancelled. Despite this, they say they can do nothing until Monday when their system MAY have more details of the merchant and I can then contact the fraud team and they will make a decision whether to give me my money back!

They were unable to provide an answer when I asked what was to prevent the same "merchant" to put through multiple other transactions between now and Monday leaving me in debt.

I am on a very much reduced income and this has left my bank account with less than £10 in it.

Is this usual procedure with NatWest? Is there anything else I should be doing between now and Monday? I'm obviously a little worried and not convinced NatWest aren't taking it seriously. The person I spoke to said the transaction looked a little "odd".

Derivative

TiddlyPom wrote: »

I'm obviously a little worried and not convinced NatWest aren't taking it seriously. The person I spoke to said the transaction looked a little "odd".

With due respect, 62 quid is not an amount to have them pulling out their top investigators.

Do you have any bills coming out before Monday?

If not, why worry?

TiddlyPom

I don't expect top investigators. My understanding was that when fraud was reported, they acted on that report. I obviously feel rather vulnerable to additional transactions between now and Monday.

I have no bills to pay, but have been unable to do planned food shopping etc and the amount gone is a lot of money to me.

I think it is natural to worry when something like this has happened, you've been left out of pocket, inconvenienced and the bank don't seem to take it seriously. I had expected a rather more robust approach to reported fraud.

stclair

Unless the retailers name is shown on the statement the transaction has not been fully completed yet. Therefore the transaction may disappear over the next few days.

If you think its fraud have you arranged for a stop to be placed on your card?

You can call the fraud team on 0845 300 3983 ( Monday to Friday 8-8, Saturday 8-6 and Sunday 9-5)

http://www.natwest.com/global/security/security-advice/report-resolve-fraud.ashx

Derivative

TiddlyPom wrote: »

the bank don't seem to take it seriously

Why do you think they're not taking it seriously? Because it's not been resolved instantly?

What vulnerability do you have to extra transactions? They are not taking your money, they are taking the bank's money. If the payments are fraudulent, you will not be responsible for them.

TiddlyPom

stclair wrote: »

Unless the retailers name is shown on the statement the transaction has not been fully completed yet. Therefore the transaction may disappear over the next few days.

If you think its fraud have you arranged for a stop to be placed on your card?

You can call the fraud team on 0845 300 3983 ( Monday to Friday 8-8, Saturday 8-6 and Sunday 9-5)

But it would be normal for an uncompleted transaction to "hold" money like this? Transaction is dated Monday, yet funds have been debited. Yes. I asked for existing card to be cancelled, but if they have put through this transaction on an old card to this stage, is there anything to stop others being put through?

Anthorn

The way it works is the funds are claimed by the payee which put the funds on hold and then the payee has to take the funds. If they don't take the funds within a period then the funds are released back into your account. All the bank will have at this time is the amount and not the name of the payee which they will need in order to investigate it. Amongst other things they will want to know if you have a prior relationship with the payee which will bring up the question of you making a mistake and you did in fact authorised the payment and have forgotten about it.

I'm concerned about the card used being defunct which brings up the possibility that the payment is the result of a continuous payment authority which has not been removed. In that case you are up the creek without a paddle.

Hominu

An uncompleted transaction can reserve money (make unavailable to you) for anything upto 14 days. The bank can't refund an uncompleted transaction as no funds have yet been taken.

innovate

You have a right to an immediate refund if you did not authorise the transaction provided that

• Natwest cannot prove you authorised the transaction – though they cannot simply say that use of your password, card and PIN conclusively proves you authorised a payment; or
  .
• Natwest cannot can prove you are at fault because you acted fraudulently or, because you deliberately, or with gross negligence, failed to protect the details of your card, PIN or password in a way that allowed the transaction.

Source: http://www.fsa.gov.uk/pages/consumerinformation/product_news/banking/know_your_rights/solving/index.shtml

Sounds Natwest believe they have sufficient reason to claim one of the above reasons for not giving you an immediate refund.

However, sometimes you get a different answer from their CS if you call again and get to talk to another person. If you are 100% sure of your case (are you?), call again, and if they don't give you an immediate refund, insist that you raise a formal complaint. Make a note of the complaint number, because you will need it if they have not sorted the matter to your satisfaction within 8 weeks. You can then take your case to the FOS for a final decision.

innovate

TiddlyPom wrote: »

..... it was made with an old card that expired some time ago and had been cancelled.

what happened to that card? Did you physically destroy it?

Is it possible the payment is a recurring payment that you authorised sometime in the past?

stclair

Immediate refund over the weekend you wont stand a chance.

Their is a possibility the transaction could be genuine the best people to speak to will be the fraud team they will be able to tell you who the transaction is too and maybe jog your memory.

Plus telephone banking do not have access to all systems over the weekend. Therefore they are possibly kind of correct telling you to call back on Monday,

What they should have done is give you the fraud teams number for you to call direct when they are available.

Im presuming its not fraud and is infact a recurring transaction you have forgotten to cancel.