Nationwide bank transfer fraud

arcon5

They can't just stop a bank transfer to protect from fraud being committed. Otherwise I could come buy your £5k car. Transfer you money, drive away then get my money back on route back home.

This is between you and seller.

[Deleted User]

Freeofdebts wrote: »

I am completely devastated by Nationwide policy on consumer protection as there is none!
On Nov 14th I made a bank transfer of £6000.00 to a bitcoin trader who didn't give me the Bitcoin but kept the money for herself. I made the bank transfer at 2.15 I quickly called but was kept on the phone for 40 mins I finally made it through at 3.08 asking to stop the payment as there has been a fraud. They said they could not do anything about it. I have to call action fraud which I did I complained more than once I also went to Barclays who were more helpful but said that it is Nationwide who has to make the request they refused to do it. Barclays were appalled at Nationwide. Barclays are now looking into the matter but according to Nationwide I am the only one to blame and they cannot do anything about it and also told me that if I went to the financial ombudsman I would be told the same thing. How can this be that there is no protection for the consumer and how can they get away with that. Is there anything I can do?

Thank you

Sounds like a good life lesson learned.

NotRichAtAll

Nationwide are correct when they say

according to Nationwide I am the only one to blame

Foolish person.

Hermione_Granger

Bank transfer is liked by reputable businesses as they can receive payments very quickly after they have been sent, unlike cheques, there is no clearing period, there are no fees for receiving money this way and unless the money was sent fraudulently without the account holders knowledge & permission, once received, the money is generally safe from being recalled and can be used immediately.

Unfortunately, all of the above points are why dodgy businesses and scammers like to be paid by bank transfer as well which is why paying this way is only suitable if you know and trust the person you are paying or it is a reputable business (and not one with no contact details, in fact, no details of any sort).

J_B

Freeofdebts wrote: »

Hi
I suggest that if you do not have anything positive or constructive please keep your judgment for yourself. I was purchasing a good and I said it on the transfer which I never got. I asked Nationwide to stop it straight away and they didn't.

Please keep unconstructive comments for yourself

Freeofdebts wrote: »

Is there anything I can do?

Would 'NO' be considered unconstructive?

George_Michael

Myfixtrade.com "testimonials"
https://www.myfixtrade.com/client-testimonies/

Tccpenny.com "testimonials"
https://www.tccpenny.com/client-testimonies/

Same names and identical wording apart from the company name.
In fact, the only real differences between the two websites are the names of the [STRIKE]scammers[/STRIKE] companies and the photographs used.
Fairly professional looking websites but it only took a few minutes to find out that there is something dodgy going on.

meer53

The good thing to come out of this is the the OP won't be stung again like this. Shame it meant them losing £6k but it could have been worse.

stuartJo1989

George_Michael wrote: »

Myfixtrade.com "testimonials"
https://www.myfixtrade.com/client-testimonies/

Tccpenny.com "testimonials"
https://www.tccpenny.com/client-testimonies/

Same names and identical wording apart from the company name.
In fact, the only real differences between the two websites are the names of the [STRIKE]scammers[/STRIKE] companies and the photographs used.
Fairly professional looking websites but it only took a few minutes to find out that there is something dodgy going on.

Aye, and I'm worried about the fact that the company appears to have a VERY unsecure members list...

https://www.tccpenny.com/members

If that's correct, we can see how many people have paid and how much!

(I suspect that the owner of the site has set up a few test members which may be inadvertently linked to their real ID)

That being said, on the website the user dashboard has an option to "Withdraw funds" - I would be eager to know whether OP has done this or not!! If the company are using a manual system to display recent deposits then it may not appear on the account for a day or so, and OP could well have prematurely panicked here...

arcon5

What even is a bitcoin? Looking it up it looks like some form of money exchange scheme... But what makes it so valuable over something like PayPal that you'd deposit 6k...

stuartJo1989

arcon5 wrote: »

What even is a bitcoin? Looking it up it looks like some form of money exchange scheme... But what makes it so valuable over something like PayPal that you'd deposit 6k...

It is basically a virtual currency.

I think there are two elements to it:

1. The currency is virtually untraceable, so you can buy stuff and people don't know that you bought it.

2. The value of Bitcoin is currently skyrocketing (I suspect it is a false market because of how much people are pushing Bitcoin trading recently). It currently costs £6725 to buy one bitcoin, whereas a month ago it was around £4,400

http://www.xe.com/currencycharts/?from=XBT&to=GBP&view=1M

If the trader is legitimate, it could potentially be a decent short term investment (high risk though because there's no physical good).