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  • FIRST POST
    • MSE Rosie
    • By MSE Rosie 28th Feb 18, 4:43 PM
    • 74Posts
    • 35Thanks
    MSE Rosie
    MSE News: New protection for cash transfer scams
    • #1
    • 28th Feb 18, 4:43 PM
    MSE News: New protection for cash transfer scams 28th Feb 18 at 4:43 PM
    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'


    Click reply below to discuss. If you haven!!!8217;t already, join the forum to reply.
Page 1
    • RikM
    • By RikM 3rd Mar 18, 7:37 PM
    • 601 Posts
    • 322 Thanks
    RikM
    • #2
    • 3rd Mar 18, 7:37 PM
    • #2
    • 3rd Mar 18, 7:37 PM
    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
    • By SnowTiger 3rd Mar 18, 8:06 PM
    • 3,272 Posts
    • 2,239 Thanks
    SnowTiger
    • #3
    • 3rd Mar 18, 8:06 PM
    • #3
    • 3rd Mar 18, 8:06 PM
    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...
    Originally posted by RikM
    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 The lost money is then quickly transferred to numerous other accounts, often abroad, and withdrawn by the crooks.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
    • By societys child 3rd Mar 18, 9:53 PM
    • 5,198 Posts
    • 5,734 Thanks
    societys child
    • #4
    • 3rd Mar 18, 9:53 PM
    • #4
    • 3rd Mar 18, 9:53 PM
    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
    • By Krapsite 4th Mar 18, 4:02 PM
    • 7 Posts
    • 4 Thanks
    Krapsite
    • #5
    • 4th Mar 18, 4:02 PM
    • #5
    • 4th Mar 18, 4:02 PM
    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?
    • Heng Leng
    • By Heng Leng 4th Mar 18, 7:11 PM
    • 4,526 Posts
    • 1,416 Thanks
    Heng Leng
    • #6
    • 4th Mar 18, 7:11 PM
    • #6
    • 4th Mar 18, 7:11 PM
    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?
    Originally posted by Krapsite
    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
    • By Flobberchops 5th Mar 18, 2:07 PM
    • 726 Posts
    • 524 Thanks
    Flobberchops
    • #7
    • 5th Mar 18, 2:07 PM
    • #7
    • 5th Mar 18, 2:07 PM
    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.
    I work for a UK bank, but any comments made on this forum are solely my personal opinion. Caveat Emptor!
    • JuicyJesus
    • By JuicyJesus 5th Mar 18, 3:26 PM
    • 3,073 Posts
    • 3,218 Thanks
    JuicyJesus
    • #8
    • 5th Mar 18, 3:26 PM
    • #8
    • 5th Mar 18, 3:26 PM
    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.
    Originally posted by Flobberchops
    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.
    urs sinserly,
    ~~joosy jeezus~~
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