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Britons have lost £1billion to bank transfer fraudsters in just three years, research shows
Security measure called 'confirmation of payee' due to be introduced this month
This checks the name of the payee matches the identity listed for the account
Just the six biggest banking groups have been told to offer scheme by March 31
By SEAN POULTER CONSUMER AFFAIRS EDITOR FOR THE DAILY MAIL
PUBLISHED: 00:00, 17 March 2020 | UPDATED: 00:06, 17 March 2020
Customers have lost £1.1billion to bank transfer fraud in three years – prompting calls for laws to be introduced to ramp up protection.
Consumer group Which? said banks are failing thousands of victims who have been tricked into transferring cash, often by criminal gangs posing as banks, police or even the taxman.
A security measure called confirmation of payee (CoP), which checks the name of the payee matches the identity listed for the account, is due to be introduced by March 31.
Customers have lost £1.1billion to bank transfer fraud in three years ¿ prompting calls for laws to be introduced to ramp up protection. The Mail is campaigning for checks to protect ordinary people¿s bank accounts being emptied in the fraud epidemic [File photo] +2
Customers have lost £1.1billion to bank transfer fraud in three years – prompting calls for laws to be introduced to ramp up protection. The Mail is campaigning for checks to protect ordinary people’s bank accounts being emptied in the fraud epidemic [File photo]
But only the six biggest banking groups have been told to sign up to the voluntary scheme by this date.
Which? said all groups should be made to sign up and warned the RBS Group, which includes Royal Bank of Scotland, NatWest and Ulster Bank, and HSBC, which includes First Direct, had not confirmed a date for implementing CoP.
It said voluntary schemes are no longer sufficient and called for legislation to make CoP mandatory.
In this time of dread, we must all be good Samaritans:...
The Mail is campaigning for checks to protect ordinary people’s bank accounts being emptied in the fraud epidemic.
Gareth Shaw, of Which?, said: ‘It is vital for all banks to commit to basic name-check security. If the banks fall short of making these commitments... these initiatives must be made mandatory by Government.’
Trade body UK Finance said the industry is committed to protecting customers but agreed ‘a voluntary agreement alone is not enough’.
Security measure called 'confirmation of payee' due to be introduced this month
This checks the name of the payee matches the identity listed for the account
Just the six biggest banking groups have been told to offer scheme by March 31
By SEAN POULTER CONSUMER AFFAIRS EDITOR FOR THE DAILY MAIL
PUBLISHED: 00:00, 17 March 2020 | UPDATED: 00:06, 17 March 2020
Customers have lost £1.1billion to bank transfer fraud in three years – prompting calls for laws to be introduced to ramp up protection.
Consumer group Which? said banks are failing thousands of victims who have been tricked into transferring cash, often by criminal gangs posing as banks, police or even the taxman.
A security measure called confirmation of payee (CoP), which checks the name of the payee matches the identity listed for the account, is due to be introduced by March 31.
Customers have lost £1.1billion to bank transfer fraud in three years ¿ prompting calls for laws to be introduced to ramp up protection. The Mail is campaigning for checks to protect ordinary people¿s bank accounts being emptied in the fraud epidemic [File photo] +2
Customers have lost £1.1billion to bank transfer fraud in three years – prompting calls for laws to be introduced to ramp up protection. The Mail is campaigning for checks to protect ordinary people’s bank accounts being emptied in the fraud epidemic [File photo]
But only the six biggest banking groups have been told to sign up to the voluntary scheme by this date.
Which? said all groups should be made to sign up and warned the RBS Group, which includes Royal Bank of Scotland, NatWest and Ulster Bank, and HSBC, which includes First Direct, had not confirmed a date for implementing CoP.
It said voluntary schemes are no longer sufficient and called for legislation to make CoP mandatory.
In this time of dread, we must all be good Samaritans:...
The Mail is campaigning for checks to protect ordinary people’s bank accounts being emptied in the fraud epidemic.
Gareth Shaw, of Which?, said: ‘It is vital for all banks to commit to basic name-check security. If the banks fall short of making these commitments... these initiatives must be made mandatory by Government.’
Trade body UK Finance said the industry is committed to protecting customers but agreed ‘a voluntary agreement alone is not enough’.
This wouldn't be in the news if it didn't need to be. think about that.
The bread n circuses wouldn't have been touched if it wasn't to serve an agenda
All of this is a load of utter nonsense
The bread n circuses wouldn't have been touched if it wasn't to serve an agenda
All of this is a load of utter nonsense
The fraud level is going through the roof as are unsolved thefts and burglaries. We are constantly given inadequate advice on avoiding crime but the efforts to find and punish criminals (other than those who offend the pc police) have almost stopped. My strategies are:
Have a computer with personal records that is NEVER connected to the internet and have all your devices password protected.
Keep the absolute minimum amount of money in your current bank account and move any surplus to a savings account that has no cards attached.
Be well insured in case.
Have a computer with personal records that is NEVER connected to the internet and have all your devices password protected.
Keep the absolute minimum amount of money in your current bank account and move any surplus to a savings account that has no cards attached.
Be well insured in case.
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