Is bank transfer safe, as seller?

Stevie_Palimo

glentoran99 wrote: »

You are ignoring faster payments, its within two hours (usually immediate) this is not the same as chaps

Basically another word for faster payment in the banks terms and although worded differently they the same thing.

glentoran99

Stevie_Palimo wrote: »

Basically another word for faster payment in the banks terms and although worded differently they the same thing.

its not though, I have an option of faster payments or chaps, Chaps has a fee attached, faster payments is free,


Chaps is a different set up when sending money

theonlywayisup

CHAPS and Faster Payment are not the same thing. Faster Payments is what most of use for our online bank transfers. CHAPS is more commonplace with property sales/purchase. CHAPS has a high fee, usually £25 or so. FP is generally free, although it does cost the bank but invariably they absorb the charge elsewhere. Both are same-day transfers. BACS on the other hand is not a same day option.

Stevie_Palimo

It all boils down to the same thing and is moving money from one account to another, The vast majority of people would not use or really see chaps payments and although I may have worded it incorrectly it is retracting from the question here that is what can be done about payments going into an account, Answer is nothing can really be done unless it is a cheque, This is a general rule of thumb before you decide to come back with yet more details that have no baring on the topic.

theonlywayisup

Stevie_Palimo wrote: »

This is a general rule of thumb before you decide to come back with yet more details that have no baring on the topic.

A question was asked in post 9 (by the new OP) asking what the differences were. The reply was incorrect.

So it is very relevant to the topic.

forgotmyname

I still have that niggling doubt as to what will happen if the transfer was fraudulent?

Low risk I know, but say your on holiday and someone looks after your house and somehow manages to find your secret passwords and transfers money to another account or uses it to buy something off ebay.

Who loses?

What if your account was secure as far as you were aware and the other person unknown and a different part of the country? (more of a spyware/malware issue).

But who loses the money?

I can see the money being reclaimed. But am I wrong?

soolin

forgotmyname wrote: »

I still have that niggling doubt as to what will happen if the transfer was fraudulent?

Low risk I know, but say your on holiday and someone looks after your house and somehow manages to find your secret passwords and transfers money to another account or uses it to buy something off ebay.

Who loses?

What if your account was secure as far as you were aware and the other person unknown and a different part of the country? (more of a spyware/malware issue).

But who loses the money?

I can see the money being reclaimed. But am I wrong?

The loss will be down to the owner of the account unless they can prove bank negligence. It is very clear cut, it is up to the owner to keep their log in details safe, if they don't do that then the bank Is not liable for any losses. Banks are trying to push more elaborate schemes now for using online banking, the new Smile one is so convoluted I can barely get into my own account. If however I left my password, memorable numbers, dates etc openly available to be stolen then it would not be the fault of the bank.

I also don't think the ombudsman could be persuaded that a bank was liable for a person allowing his PC to become infected. However, in that was the case, or if the bank had been hacked (as has happened) then the bank is liable .

forgotmyname

The issue would be proving where the breach occured though.

Could have been the account holders PC or it could have been a lucky breach of the banks system or inside info. How to prove/disprove where it occured?

You think the account holder would be liable for the loss even if they could prove there were out of the country at the time?

I know its a very slim chance and the most likely cause would be them clicking a fake link in an email and giving scamers the login info.

I had a paypal scam yesterday... It looked so good i even clicked the login link to see where it was going to take me. Not littered with dear customer but it had my name, and the correct paypal one not the ebay one. eg i use pete for one and peter for the other.

Someones on the ball, but they still seem to have issues with their spell checkers

soolin

forgotmyname wrote: »

The issue would be proving where the breach occured though.

Could have been the account holders PC or it could have been a lucky breach of the banks system or inside info. How to prove/disprove where it occured?

You think the account holder would be liable for the loss even if they could prove there were out of the country at the time?

I know its a very slim chance and the most likely cause would be them clicking a fake link in an email and giving scamers the login info.

None of this matters, if a person allows a scammer or anyone into their bank account then it is their fault, the account holder doesn't have to prove it wasn't them - that's not the point . I don't think a bank can be held liable for a person falling for a phish or leaving all their log in details where someone can steal them.

If a user has their account compromised then it is their issue unless the bank can be found to be at fault, and therefore liable.

glentoran99

My account was compromised by some sort of virus, £400 was transferred out, the bank refunded it to me within hours