Bank repeatedly cancelling money transfer to a different bank

Daliah

masonic said:

kaMelo said:

It is much easier and considerably less costly for banks to block first and then make you jump through hoops, indeed it is how the FOS expects banks to act. They consider that inconvenience for everyone is the trade off in protecting the minority of customers, whom they think should bear no responsibility whatsoever for their actions, who fall for so called "sophisticated scams" despite there being nothing sophisticated about them.  Get used to it, banking is now more onerous that it was for everyone because a minority simply didn't bother to check.

Two cases in point, I could list dozens of them;
https://www.financial-ombudsman.org.uk/decision/DRN-2628594.pdf
https://www.financial-ombudsman.org.uk/decision/DRN-2977004.pdf

If you think the banks are going to care giving out £25-£50 to placate upset customers who've had payments blocked then think again, the consequences of letting payments through are far more substantial.

Thanks, very interesting. If someone started a thread here about potentially making such "investments" I'm certain they would have received helpful responses that would have identified each case as a scam. There are plenty of past threads that do just that. There is clearly quite a challenge in educating people about the finer points of checking the FCA register and thinking critically in general.

It's not only uneducated / uninformed people who are involved in those scams. In a fair and growing number of cases, the 'victims' are in cahoots with the fraudsters, and even more so now that we have the voluntary reimbursement code, and discussions about making reimbursement mandatory.

masonic

Albermarle said:

I heard someone on the radio, saying that the number of fraudulent transactions of any kind was minute in % terms compared to the number of overall transactions . So operationally it was difficult to always spot the needle in the haystack so to speak.
A quick google search , seems to indicate that there are about 3 million fraudulent transactions a year of all types , of which around 10,000 are of the type detailed in the links above . The majority of these 3 M transactions are more minor credit card type issues .

The actual number of consumer bank transactions in UK each year is 35 Billion . 

Not making any excuses for banks but puts things in some kind of context I guess.

It's an interesting analysis, but clearly a higher value transaction should carry more weight, and arguably low value transactions could be ignored entirely, along with CoP verified payees in the sender's name, and long established payment relationships. If you eliminate all of those, I wonder what numbers you'd be left with.

Daliah

Albermarle said:

I heard someone on the radio, saying that the number of fraudulent transactions of any kind was minute in % terms compared to the number of overall transactions . So operationally it was difficult to always spot the needle in the haystack so to speak.
A quick google search , seems to indicate that there are about 3 million fraudulent transactions a year of all types , of which around 10,000 are of the type detailed in the links above . The majority of these 3 M transactions are more minor credit card type issues .

The actual number of consumer bank transactions in UK each year is 35 Billion . 

Not making any excuses for banks but puts things in some kind of context I guess.

The latest annual figure I remember about UK APP fraud is £355m in the first half of 2021 alone. Still peanuts on the grand scale of things but there is zero excuse for why banks should be defrauded of this amount of money. 

masonic

Daliah said:

Albermarle said:

I heard someone on the radio, saying that the number of fraudulent transactions of any kind was minute in % terms compared to the number of overall transactions . So operationally it was difficult to always spot the needle in the haystack so to speak.
A quick google search , seems to indicate that there are about 3 million fraudulent transactions a year of all types , of which around 10,000 are of the type detailed in the links above . The majority of these 3 M transactions are more minor credit card type issues .

The actual number of consumer bank transactions in UK each year is 35 Billion . 

Not making any excuses for banks but puts things in some kind of context I guess.

The latest annual figure I remember about UK APP fraud is £355m in the first half of 2021 alone. Still peanuts on the grand scale of things but there is zero excuse for why banks should be defrauded of this amount of money. 

And let's not lose sight of the fact that ultimately a large part of that cost will be passed on to consumers.