A Solution To Banking Scams?

Daliah

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.

If it sounds to good to be true, it is almost certainly a scam.

UKMAN1969 said:

The banks lose 100’s of millions of £’s every year due to this type of fraud/scam, I have sent many emails to the bank bosses but never even had a reply.

Can you detail what precisely "this type of fraud/scam" is?

If it is "the end of scam phone calls, emails, texts, websites", are you sure the banks are the ones who are in a position to implement it? For example, how would banks technically prohibit fraudulent phone calls, emails, text and websites? That's assuming they actually have the legal right to do so, which they obviously do not currently have.

Who are "the banks"? All UK banks? All UK banks and Building Societies? All UK banks, Building Societies and e-money institutions? Crypto providers?

born_again

masonic said:

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.

I don't think so... 


>>>In the first half of 2020, a total of £207.8 million was lost to authorised push payment (APP) fraud. Losses to unauthorised fraud in contrast fell by eight per cent in the first half of this year to £374.3 million, with the banking and finance industry preventing £853 million of attempted unauthorised fraud. This was equivalent to losses seen in the same period in 2019. <<<

https://www.ukfinance.org.uk/policy-and-guidance/reports-publications/2020-half-year-fraud-report

Ergates

born_again said:

masonic said:

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.

I don't think so... 


>>>In the first half of 2020, a total of £207.8 million was lost to authorised push payment (APP) fraud. Losses to unauthorised fraud in contrast fell by eight per cent in the first half of this year to £374.3 million, with the banking and finance industry preventing £853 million of attempted unauthorised fraud. This was equivalent to losses seen in the same period in 2019. <<<

https://www.ukfinance.org.uk/policy-and-guidance/reports-publications/2020-half-year-fraud-report

Yes, but what would the costs be of no longer being able to transfer money remotely?   How would you even measure that?

masonic

born_again said:

masonic said:

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.

I don't think so... 


>>>In the first half of 2020, a total of £207.8 million was lost to authorised push payment (APP) fraud. Losses to unauthorised fraud in contrast fell by eight per cent in the first half of this year to £374.3 million, with the banking and finance industry preventing £853 million of attempted unauthorised fraud. This was equivalent to losses seen in the same period in 2019. <<<

https://www.ukfinance.org.uk/policy-and-guidance/reports-publications/2020-half-year-fraud-report

How much does the average bank branch cost to run? A huge number would need to be reopened. Probably kept open for longer hours to cater for the huge increase in demand, including by those working full time and unable to visit during "office hours". I don't know what the ratio of customers to branches (or branch cashiers) was in the 1960s, before the first ATM and the debit card, but it must have been much lower than today.

Edit: Based on the quote in this article, figures from the FCA show that the average bank branch costs £590k per year to run, so it would only take 700 additional branches to wipe out any gains from shutting down online transactions. Over 5000 branches have been closed in the last decade, so if those are all needed again due to a reversal of the trend of people banking more online then maintaining them will cost a lot more than what is being lost to fraud.

Sea_Shell

Surely the only way to avoid banking scams, 100%, is to not use a bank!!

Simples!! 😉

born_again

Ergates said:

Yes, but what would the costs be of no longer being able to transfer money remotely?   How would you even measure that?

Well we managed for decades with no problem.. Sure it is not how we run our lives now. But if people want a foolproof way them history has proved the way.

Would I want to go back to that way.. 100% No. 

Cost wise to banks to reinstate branches and staff would be no where near that amount.