Good news about banking (at last)

BBC News https://www.bbc.co.uk/news/business-45900955 reports on an improvement in online banking, by which (from next year) a paying bank will have to check not only the receiving bank's sort code and account number for the recipient but also the name of the recipient. All being well, this might reduce the odious frauds.

BBC News https://www.bbc.co.uk/news/business-45900955 reports on an improvement in online banking, by which (from next year) a paying bank will have to check not only the receiving bank's sort code and account number for the recipient but also the name of the recipient. All being well, this might reduce the odious frauds.

Don't hold your breath, the criminals will, as we post on here, be making plans to defeat the new system even before it comes into operation.

Angel1.

Its just a shame that these online services aren't reliable.

28th Sep: HSBC and TSB outages: Customers locked out of online banking

http://www.cityam.com/263969/hsbc-and-tsb-outages-customers-unable-access-accounts

21st Sep: RBS, Natwest and Ulster Bank rocked by Friday morning outage

http://www.itpro.co.uk/it-infrastructure/31961/rbs-natwest-and-ulster-bank-rocked-by-friday-morning-outage

 

All being well, this might reduce the odious frauds.

It won't do anything about the same frauds where the target is asked to withdraw their money in cash so that a courier from the bank can come to collect it and 'pay it into a safe new account'.

Also if the scammer sets up an account in the same name as the victim, how will the originating bank know that the second account isn't a legitimate one.

Personally I'm amazed that anyone still falls for this scam. There can't be many people left that don't know that if 'your bank' rings you and tells you that your account is under threat and you need to transfer it all into another account, not only will you not see the money again but your bank won't refund you as you voluntarily gave your money away to a third party.

Trouble is, every time a banking scam is 'foiled,' a new one crops up, even more ingenious than the last. No such thing as 'safe as the bank of England' any more.

Banks are not safe, but what's the alternative?

Trouble is, every time a banking scam is 'foiled,' a new one crops up, even more ingenious than the last. No such thing as 'safe as the bank of England' any more.

 

Banks are not safe, but what's the alternative?

My bank guarantees my funds are safe because they cover 100% the cost of any fraudulent transaction, should my account be compromised. I thought this was common practice. I am talking about online banking in particular.

Goods news regarding banks would be any of the following..

1)Half decent interest rates

2)Half decent borrowing rates (inc mortgage)

3)No daft penalty charges that can cripple late payers with charges on top of chargers

All that announcement is, is something that should have been implemented long ago and the fact it wasn't there since day 1 is an embarrassment to the system.

Trouble is, every time a banking scam is 'foiled,' a new one crops up, even more ingenious than the last. No such thing as 'safe as the bank of England' any more.

 

Banks are not safe, but what's the alternative?

Banks are perfectly safe. If the account holder is stupid enough to undermine its security, then there is not much you can do.

My bank guarantees my funds are safe because they cover 100% the cost of any fraudulent transaction, should my account be compromised. I thought this was common practice. I am talking about online banking in particular.

Would they cover you if you were fraudulently convinced to transfer your money into another account?

Would they cover you if you were fraudulently convinced to transfer your money into another account?

I don't really know about that and I am sure I don't really need to know as that will never happen in my case. The only transfers I deal with are within my bank and my family, anybody who goes out of those boundaries do so at their own risk, in my opinion.

The new Goldman Sachs bank account.."Marcus" is a good deal at the moment.

I don't really know about that and I am sure I don't really need to know as that will never happen in my case.

Don't be so sure.

A couple of years ago a police superintendent who ran an anti fraud unit was conned into doing exactly that because the fraudster referred to the guy's first ever bank account that he had opened in Southampton as a student 30 years before.

He had actually forgotten about it and thought that the only way anyone could ever know about it was if they were genuinely calling from his bank. He lost £40,000.

It can happen to any of us.