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Name-checking fraud prevention system has already reduced bank transfer scams by 31%, says Lloyds It alerts those sending money if recipient’s name doesn’t match account details Lloyds was the first bank to roll it out in full with other banks doing so now It said it had seen a 31% drop in fraud among those … Read more
The Financial Ombudsman said banks’ approach to fraud claims ‘effectively reversed’ the idea victims should be refunded Britain’s banks are relying on generic warnings, making decisions not based on evidence and not properly explaining why scam victims should not be refunded, a damning review of an anti-fraud code said. A code designed to better protect … Read more
Watch out for these two coronavirus scams that could trick ANYONE: Police warn of fraudsters trying ‘to take advantage of the public’ Scam text messages have appeared claiming to be from government and HMRC The Government text appears below a legitimate coronavirus warning It told the recipient they owed £35 after being caught leaving the … Read more
An anti-fraud measure designed to help protect customers from losing hundreds of millions of pounds to bank transfer scams is set to be delayed until 30 June due to coronavirus. The UK’s six largest banks were supposed to roll out a system called Confirmation of Payee by 31 March, but the payments regulator has extended … Read more
Fraudsters made over 1,000 attempts a month at phone banking scams, HSBC reveals.. and it keeps a scammer voice library in case they try again The bank identified 17,000 fraudulent phone calls in 2019 This was more than double the number in 2018, with one month seeing 1,800 It said it had prevented access to … Read more
Blameless fraud victims were handed back £41.3million by banks in the second half of last year, new figures reveal, as the percentage winning back some money doubled. But in a sign of the mounting risk to people’s finances losses to bank transfer and impersonation scams rose 29 per cent last year to £455.8million. The introduction of … Read more
Metro Bank has come under fire for not introducing a new fraud prevention scheme, despite last year signing up to a code which said banks ‘should’ bring it in. The bank, which launched a decade ago, said it had ‘no current plans’ to implement a system called Confirmation of Payee, designed to alert anyone making … Read more
A couple had £25,000 in savings cleared from their account while travelling in South America after one of their phone numbers was ported without consent. The pair, who wish to remain anonymous, slammed their phone company three stating it does not take security seriously enough, effectively helping ‘facilitate’ so-called ‘Sim swap’ scams. They contacted This is Money … Read more
Would you spot a small fraud on your bank statement? As a report suggests half wouldn’t be able to, here’s how to protect yourself Those aged 18-24 were the least likely to be able to spot fraud It comes as the number of card transactions has increased and dropped in value Research raises concerns about … Read more
Banks will next week enter a milestone agreement that will see every blameless fraud victim refunded all of their stolen money. It spells a landmark victory for Money Mail following years of campaigning for those tricked out of life-changing sums. But, today, as figures from consumer lobby group Which? reveal fraudsters are stealing £674 a … Read more