£2.75m a day stolen by fraudsters - MSE News

Former_MSE_Callum

Scammers stole more than £500 million from UK bank customers in the first half of 2018, the equivalent of around £2.75 million a day...

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'£2.75m a day stolen by fraudsters'

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shortcrust

Part of me thinks "how awful!'" but the other part wonders if the transfer of wealth away from stupid and/or greedy people isn't 100% a bad thing.

SnowTiger

Loving the idea that there's 'authorised' and 'unauthorised' fraud.

The BBC's article about this mentions:

[Gareth Shaw, of the consumer group Which?,] welcomed plans by the Payments System Regulator to introduce a reimbursement scheme for victims of APP fraud.

We'll all be footing the bill for 'authorised' fraud, making us all victims I guess.

Nasqueron

SnowTiger wrote: »

Loving the idea that there's 'authorised' and 'unauthorised' fraud.

The BBC's article about this mentions:



We'll all be footing the bill for 'authorised' fraud, making us all victims I guess.

I guess they have to separate cases where someone legitimately transfers money through being conned from cases where say a logger is on the machine allowing someone to get onto banking and transfer it away

wizk1

shortcrust wrote: »

Part of me thinks "how awful!'" but the other part wonders if the transfer of wealth away from stupid and/or greedy people isn't 100% a bad thing.

I've recently succumbed to what's defined here as unauthorised fraud and had my credit card cloned simply by using it the way anyone else would do.

I'd argue that neither makes me stupid nor greedy.

ywlgy

shortcrust wrote: »

Part of me thinks "how awful!'" but the other part wonders if the transfer of wealth away from stupid and/or greedy people isn't 100% a bad thing.

Sometimes criminals being smart and banks not doing their stuff right do not mean people are stupid and/or greedy.

One example, card cloned and the bank allows fall back transaction

[Deleted User]

I'm surprised its not more considering how gullible some people can be.

Ectophile

It doesn't help that the government have effectively decriminalised small-scale fraud.


The police will not investigate fraud, and will refer people to Action Fraud.


The one thing Action Fraud will not do is take any action on fraud. They will just log it in their filing system.

eddddy

SnowTiger wrote: »

The BBC's article about this mentions:

[Gareth Shaw, of the consumer group Which?,] welcomed plans by the Payments System Regulator to introduce a reimbursement scheme for victims of APP fraud.

We'll all be footing the bill for 'authorised' fraud, making us all victims I guess.

I think the logic behind this is that currently the banks have no liability for 'authorised' fraud - so they have little motivation to help prevent it.

But if the banks are made liable - they will help find ways to reduce it.


A simple example might be introducing systems that block online payments, where account names are clearly different...

e.g. If I make an online payment to:
Account name: HMRC
Account no: 01234567
Sort code: 10-11-12

But the account name for that account/sort code is actually "Mr Reginald Kray", a computer system should be able to do some 'fuzzy matching' on the name and flag that as an issue.