MSE News: New protection for cash transfer scams

Former_MSE_Rosie

A new code of conduct for the way banks treat victims tricked into transferring cash to a fraudster's account will come into force in September to tackle a surge in so-called 'transfer scams'...

Read the full story:
'New protection for victims of cash transfer scams'


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RikM

The thing that puzzled me in cases like this, is how the fraudster managed to set up the receiving account. They can't have given their real details (how dumb would that be). So the receiving bank has failed in it's account set up responsibilities...

SnowTiger

RikM wrote: »

The thing that puzzled me in cases like this, is how the fraudster managed to set up the receiving account. They can't have given their real details (how dumb would that be). So the receiving bank has failed in it's account set up responsibilities...

https://www.moneysavingexpert.com/news/banking/2018/02/new-protection-for-victims-of-cash-transfer-scams:

APP scams occur when someone transfers money from their own bank account to one belonging to a criminal. The lost money is then quickly transferred to numerous other accounts, often abroad, and withdrawn by the crooks.

The bank account is probably controlled by a criminal rather than belonging to one.

societys_child

What next?
If I get cashback from Tesco's and get mugged on the way home, will it be Tesco or the bank the gives me my money back. Just wondering?

Krapsite

Is it time insurance was available for these actions? The ones that surprise ( depress) me are those where a transfer request from a solicitor on house deal gets redirected. I am cynical enough to think that a crook is monitoring the solicitor's emails rather than the individual's.This is because a house sale/purchase is a rare occurrence for most people but a very common one for a solicitor. It stinks to me.I have not moved for over 20 years and the money was transferred by CHAPS in those days. I never had one go wrong and I was Treasurer Management officer at a city council and we did dozens each week. Progress eh?

System

Krapsite wrote: »

Is it time insurance was available for these actions? The ones that surprise ( depress) me are those where a transfer request from a solicitor on house deal gets redirected. I am cynical enough to think that a crook is monitoring the solicitor's emails rather than the individual's.This is because a house sale/purchase is a rare occurrence for most people but a very common one for a solicitor. It stinks to me.I have not moved for over 20 years and the money was transferred by CHAPS in those days. I never had one go wrong and I was Treasurer Management officer at a city council and we did dozens each week. Progress eh?

The solicitor will have liability insurance.

The home mover simply has to pay by cheque (allowing for clearing) or get the account details in writing.

Flobberchops

I'd love to know exactly what form this new "protection" will come under, as (with my cynical hat on) it sounds like an invitation for chancers to do first party fraud.

JuicyJesus

Flobberchops wrote: »

I'd love to know exactly what form this new "protection" will come under, as (with my cynical hat on) it sounds like an invitation for chancers to do first party fraud.

Yup, pretty much.

My personal opinion is that allowing someone to recall a payment they instructed is severely compromising the ability to use Faster Payments as cash transfers. It makes me not want to take them from people if they can just call up and have them taken back and my account blocked for no reason.