A Solution To Banking Scams?

Ergates

RG2015 said:

However, posting here will help them to get a very good idea of the reaction they will get wherever they go.

Telling people to chase their dreams, when their dreams are patently obviously preposterous isn't doing them any favours, it's just encouraging them to waste their time and efforts.

RG2015

Ergates said:

RG2015 said:

However, posting here will help them to get a very good idea of the reaction they will get wherever they go.

Telling people to chase their dreams, when their dreams are patently obviously preposterous isn't doing them any favours, it's just encouraging them to waste their time and efforts.

I think the reverse is true.

Telling them their idea is rubbish will only encourage them to continue.

Ergates

RG2015 said:

Ergates said:

RG2015 said:

However, posting here will help them to get a very good idea of the reaction they will get wherever they go.

Telling people to chase their dreams, when their dreams are patently obviously preposterous isn't doing them any favours, it's just encouraging them to waste their time and efforts.

I think the reverse is true.

Telling them their idea is rubbish will only encourage them to continue.

Whilst I don't necessarily disagree in principle - I suspect the OP is so utterly convinced in the genius of their idea nothing will dissuade them - I feel we should at least try to bring some reality to the table.   It's a bit like if someone declared they have irrefutable evidence that the earth was flat and asked where they should take their proof.

eskbanker

Ergates said:
It's a bit like if someone declared they have irrefutable evidence that the earth was flat and asked where they should take their proof.

The answer to that being to post on this thread, populated as it is by at least one mad conspiracy theorist!

https://forums.moneysavingexpert.com/discussion/6300596/saving-the-nations-gbp-pound-currency-the-energy-crisis#latest

Zanderman

grumiofoundation said:

Ergates said:

UKMAN1969 said:

2 years ago I come up with a simple solution to end bank fraud/scams, meaning the end of scam phone calls, emails, texts, websites.

...

I am not anything to do with banks or finance etc, I am a normal bloke doing a normal job.

You might not like to hear this but - You have no experience in or knowledge of: banking, banking processes, banking IT systems, existing anti-fraud systems; avenues of fraud attacks; relevant legislation; etc, etc.  Given that, the chance that you've actually come up with a solution to end fraud is pretty much 0%.  It'd be about as likely as someone with no medical or biological sciences background coming up with a cure for cancer in their shed.  Or, perhaps more accurately, coming up with a cure for all diseases.

If someone with a lifetimes experience in the relevant sectors and technology made the same claim they'd be met with massive skepticism - nobody is going to take your claims seriously.

I'd disagree with that. 
How many people do you know with for example cancer cell lines in their shed? 
Whereas most people have a computer and a bank account...?

Not saying I believe the OP has a viable solution to banking scams but I'd wager there is a much greater chance than if they claimed they had found a cure to cancer or any other disease. 

There are, actually, loads of people and somewhat dodgy outfits with no biological background claiming to have cancer cures - it's a huge area of quackery and quite lucrative for those immoral enough to take on the gullible and frightened.  Perhaps one or two of them are on to something (though I doubt it) and, as I understand it, some of the inventors really believe their cancer 'cure' is real.  When it obviously isn't - otherwise the medical profession would be using it.  It's not about cancer lines in the shed, it's about crystals, pyramids, potions, quack diets etc.

The analogy seems fine to me. The banking business might seem, to a lay person, easy to invent scam-proof systems for, but without knowing how the banking systems work, and what constraints there within it (a lot of legacy systems glued shakily together) they are probably kidding themselves.  Again, if was that easy to be scam-proof, the banking systems would have done it - I hardly think they like their customers being scammed and, often, having to pay for the outcomes themselves.  

born_again

It's very easy to stop money transfer fraud & Card fraud.
Banks stop supplying cards & no longer do money movement online.

The problem is selling the idea to the public.. Even though it has been used for hundreds of years, but the vast majority do not seem to want to go back to it....

Many scams are not helped by the fact that the public wants money moving straight away. At least when it took 3 days. There was a very good chance of stopping or getting money back. Now the fraudsters have moved the money out as soon as it hits the account & is long gone.

Sensory

born_again said:

It's very easy to stop money transfer fraud & Card fraud.
Banks stop supplying cards & no longer do money movement online.

The problem is selling the idea to the public.. Even though it has been used for hundreds of years, but the vast majority do not seem to want to go back to it....

Many scams are not helped by the fact that the public wants money moving straight away. At least when it took 3 days. There was a very good chance of stopping or getting money back. Now the fraudsters have moved the money out as soon as it hits the account & is long gone.

I highly doubt fraud didn't exist before the age of cards and the internet. As a species, humans have a capacity for ingenious efficiency, matched with a capacity to reign themselves in (laws and regulations). Exploiting a system to derive full advantage for oneself, is either clever if it's legal (e.g. multiple switch bonuses, cash recycling, tax avoidance), or devious and malicious if not (scams, tax evasion).

masonic

Scammers will always adapt to barriers put in their path. It is just a case of stringing the victim along for long enough to move their money out of reach, and routing it in different ways should there be difficulties with one of their methods. We now have cryptocurrencies, and even gift cards that can be bought in a shop and the redemption code shared with the scammer to sell on various marketplaces. Both are commonly used in preference to getting the victim to do a bank transfer in contemporary advanced fee fraud and refund scams. Obviously both should raise big red flags, but presumably people are falling for them if they are being used.

born_again

Sensory said:

I highly doubt fraud didn't exist before the age of cards and the internet. As a species, humans have a capacity for ingenious efficiency, matched with a capacity to reign themselves in (laws and regulations). Exploiting a system to derive full advantage for oneself, is either clever if it's legal (e.g. multiple switch bonuses, cash recycling, tax avoidance), or devious and malicious if not (scams, tax evasion).

Just not at the same levels, or with the same ease 😢

Card and transfer scams are where the money is to be made by these groups. As it is anonymous & they can target thousands of people at the same time. From anywhere in the world.

Once they have to show their faces. There is a much higher chance of being caught.
To do it face to face requires far higher level of skill & greater risk, with less reward.

masonic

born_again said:

Sensory said:

I highly doubt fraud didn't exist before the age of cards and the internet. As a species, humans have a capacity for ingenious efficiency, matched with a capacity to reign themselves in (laws and regulations). Exploiting a system to derive full advantage for oneself, is either clever if it's legal (e.g. multiple switch bonuses, cash recycling, tax avoidance), or devious and malicious if not (scams, tax evasion).

Just not at the same levels, or with the same ease 😢

Card and transfer scams are where the money is to be made by these groups. As it is anonymous & they can target thousands of people at the same time. From anywhere in the world.

Once they have to show their faces. There is a much higher chance of being caught.
To do it face to face requires far higher level of skill & greater risk, with less reward.

Suspect the cost of banks moving back to a counter-only service would be greater than the amount lost to fraud. I don't think I could live in that world, having to queue up at the counter to withdraw cash for my weekly in person spending, and post cheques to pay for online shopping.