Would you reveal your bank details in public?

Fingerbobs

And another thing: why don't bank account numbers include a checksum?

grumbler

Most do.....

Hazzanet

Fingerbobs wrote: »

And another thing: why don't bank account numbers include a checksum?

Pages upon pages of mathematical goodness and checksum weightings for your delectation here: http://www.vocalink.com/products/payments/customer-support-services/modulus-checking.aspx

nobodysdriving

what I am very 'uneasy' about is giving my 'long number' (ie 'the number') of my credit card, the expiry date AND the 3 numbers from the signature strip to anyone over the phone etc when doing distance ordering.
'that' I am uneasy about, also giving my card for someone to walk off to put it through a machine, they could note my details inclusive of security number.

mmmmhhhhhh

colsten

Agree, that can be a bit scary. Though you still can get your money back if any unauthorised payments are taken from your card.

Fingerbobs

Hazzanet wrote: »

Pages upon pages of mathematical goodness and checksum weightings for your delectation here: http://www.vocalink.com/products/payments/customer-support-services/modulus-checking.aspx

Well I'll be a monkey's uncle.

robatwork

reclusive46 wrote: »

The name isn't generally checked.

Is that correct - I could maliciously/mischievously setup a direct debit to any account that I only know the number/sort code of?

Seems highly open to abuse.

Archi_Bald

robatwork wrote: »

Is that correct - I could maliciously/mischievously setup a direct debit to any account that I only know the number/sort code of?

Seems highly open to abuse.

That is a very strange question to ask, as more often than not you would know the name of the person the sort code and account number belong to as well. This information has, for example, been printed on cheques for decades, and billions of cheques have been handed over without any significant DD fraud taking place.

You could indeed fraudulently set up a DD on somebody else's account, as you can criminally break into somebody's house or car, or steal tins of baked beans in Asda. It might be your kind of thing, and you might enjoy being on the run from prosecution.

If you set up a DD in somebody else's name, you either must be working for a firm that has a DD licence, or the money goes into your own account if you can figure out how to do that. In either case, it will be very straight forward to trace the fraudster, and the victim has the DD guarantee on their side.

Mind you, nobody ever said all fraudsters are clever so some dumbo might well try it for some shortlived satisfaction.

grumbler

Archi_Bald wrote: »

If you set up a DD in somebody else's name, you either must be working for a firm that has a DD licence, or the money goes into your own account if you can figure out how to do that. In either case, it will be very straight forward to trace the fraudster, and the victim has the DD guarantee on their side.

Mind you, nobody ever said all fraudsters are clever so some dumbo might well try it for some shortlived satisfaction.

In fact, it's next to impossible to trace the person who sets up a DD to some company.

As I said above, I can imagine a fraudster setting up a charity, then setting small DD payments to this charity from random accounts. Yes, 99% of them will be cancelled, but 1% will slip unnoticed and will keep draining accounts for years.

Not to mention people that can set up fraudulent DDs for fun or revenge.

The system is fundamentally flawed.

Archi_Bald

grumbler wrote: »

The system is fundamentally flawed.

I seem to remember you said this before. If you are so convinced that something needs to be done about it, you should be going to the banks, the FCA, your MP etc etc to see that it gets changed to a foolproof system proposed by you.

They would, however, most likely want to see a Business Case for any change so for starters you would need to provide the facts around how much gets fraudulently squirreled from people's accounts by DD. Please post your findings here, too.

You would be the hero of the banks if you can prove they are paying out too much under the DD guarantee and haven't noticed it yet.