BANK customers tricked into transferring money to a fraudster could find it easier to get their money back, under new plans announced today.The Payment Systems Regulator (PSR) has been looking into such scams over concerns victims conned into transferring money by bank transfer to a fraudster have no legal right to get their money back.Figures published by UK Finance show in the first six months of the year more than 19,000 victims were a target of the scams – known as authorised push payment (APP) scams – involving a total amount of over £100 million.The problem was highlighted by consumer group, Which?, who launched a “super complaint” over the issue.Last year, The Sun Online reported how one saver lost her entire life savings of £17,500 after being duped by fraudsters who convinced her they were working for Natwest.Today’s plans aim to make it harder for fraudsters to commit such crimes and make sure banks follow best practice and help victims … [Read more...] about Bank transfer scam victims will find it easier to get money back under new plans
How bank transfer money
FACEBOOK is the app that does everything.And while it already features everything from locations to safety alerts, users of the Messenger add-on on their phone will soon also be able to send money via the app. Here's what you need to know.To use the feature, Facebook Messenger users need to enter their debit card details into the app, this then enables them to instantly transfer money via a message.Facebook say that all card details are encrypted and protected with "bank level" security.When it comes to sending a payment, all users need to do is tap the "new payments" icon and enter the amount that they wish to transfer to their pal.To receive money you'll need to set up a debit card on your account.You can only make a payment using the Messenger App, on Apple or Android handsets - and there's a limit of £250 per transaction.The new feature even comes with an assistant, designed to make sending money even simpler.Virtual assistant "M" is on hand to recognise when you and a friend … [Read more...] about How does Facebook Messenger payments work, has it launched in the UK and is it a secure way to transfer money?
BANK transfer scammers are conning people out of £5.5million and victims have no way of getting the cash back.In just two weeks since Which? launched an online scams reporting tool more than 650 people have told the consumer group about how they've lost cash to transfer scams.The largest single loss reported to Which? was £395,802, with most people losing £1,200 on average.The consumer group has been gathering evidence for a "super complaint" it made in September to regulators about bank transfer fraud.It wants to see banks take more responsibility when people are tricked into making bank transfers to fraudsters.Annette, from north London, lost her life savings of £17,500 earlier this year after con artists convinced her they worked for NatWest and that she needed to transfer the balance of her account to a different one - which unbeknown to her was their own and had nothing to do with the high street bank.The 55-year-old told The Sun Online she was called by … [Read more...] about Woman conned out of £17,500 life savings in bank transfer scam as Which? claims reports are ‘tip of the iceberg’
YOU'LL soon be able to transfer money to friends using Facebook Messenger.The social media giant today announced that it is rolling out the service in the UK over the next few weeks.All you have to do is link your debit card to your Messenger account, tap "pay", enter the amount of money and press send.You'll then be asked to enter a special payment pin, set up to protect your money.Once you've entered your pin, the cash is then transferred into your mates' account - a bit like PayPal but better because its direct to your own bank.To receive money you'll need to set up a debit card on your account.You can only make a payment using the Messenger App, on Apple or Android handsets - and there's a limit of £250 per transaction.You may need to download the latest version of the app for it to work.But is it safe? Credit card details are encrypted and protected with bank level security, as well as a team of anti-fraud specialists who monitor payments, according to Facebook.It says cases … [Read more...] about Facebook messenger now lets you transfer money to friends
Russian anti-virus software firm Kaspersky Lab said Monday that hackers gained access to banks' computers through phishing schemes and other methods and then patiently spend months learning the banks' systems, taking screen shots and even videos of employees using their computers. The hackers, thought to be Russian, Chinese and European, have been active since at least the end of 2013 and have infiltrated more than 100 banks in 30 countries, according to a report to be presented Monday at a security conference in Cancun, Mexico. It is not known exactly how much the hackers have stolen, but it is likely to be anywhere between $300 million and $1 billion. The attacks may also still be ongoing. Kaspersky's principal security researcher Vicente Diaz told the Associated Press news agency that the online bank robbers were able to program ATMs to dispense cash at specific times and set up fake accounts and transfer money into them. The hackers also avoided alert systems by limiting their … [Read more...] about Hackers steal up to $1 billion from banks
School fees, weddings, funerals, a house for elderly parents, or the Sugar Feast at the end of Ramadan - there are countless reasons for people in the diaspora to send money back home to their families. Often they have to send it quickly, and that's where Western Union and MoneyGram come in. For countries like India and Nigeria, which are among the largest recipients, overseas transfers are the most important source of capital. In 2016, $440 billion (395 billion euros) was transferred worldwide, according to official records. Additionally, about half of that sum was also moved via unofficial paths, for example, by traveling family members, or the hawala system, which is a popular and informal method of transferring money in Muslim countries. Africans living in Germany alone wire an estimated 1.2 billion euros per year to relatives and friends in their homeland. That's about 20 percent of total economic output in countries such as The Gambia, Lesotho and Comoros. Charity … [Read more...] about Opinion: Migrant money transfers or development aid?
German unification in 1990 marked the end of the German Democratic Republic (GDR). East joined with West Germany and the assets of the GDR's ruling Socialist Unity Party (SED) went into the hands of the privatization agency for eastern Germany, the so-called Treuhandanstalt. But the SED leadership by no means kept all of its funds within German borders. For years now, the German government has been trying to track down this money. Shortly before reunification, the East German parliament or Volkskammer set up an independent commission called UKPV to review the assets of the parties and mass organizations of the GDR. UKPV now operates within the German interior ministry. According to a UKPV spokesman, it is impossible to specify precisely just how much money has disappeared. "Certainly, a great deal was moved and there will be a lot that will never be revealed," said the spokesman, who asked not to be named in line with German government policy. The end … [Read more...] about The Hunt for East German Money
British startup TransferWise, founded by two Estonians, announced that it had achieved $1 million worth of currency transactions since it began operations in January 2011. Unlike banks, which charge a percentage of the amount transferred when internationally wiring money, the online company takes a flat fee of one euro or one British pound for each transfer. Taavet Hinrikus, one of TransferWise's cofounders and one of the original employees at Skype, told Deutsche Welle that TransferWise aims to "disrupt" the currency exchange market beyond the pound-euro, euro-pound exchanges it currently makes and by executing transfers for private as well as business customers. Deutsche Welle: Tell me how TransferWise differs from a bank. I have a bank in Germany, and I want to send money to the UK, what do I do normally? Taavet Hinrikus, a co-founder at TransferWise, previously worked at Skype Taavet Hinrikus: Normally you would go to your bank, … [Read more...] about UK startup chips away at banking transfer fees
Details of all international money transfers to or from European bank accounts are now readily available to US anti-terror investigators. The agreement allows the US to access information gathered by the Society for Worldwide Interbank Financial Telecommunication (SWIFT) about bank transfers within Europe. Provisionally signed into force by the interior and justice ministers of the 27 European Union member nations, the agreement is meant to serve as a nine-month stop gap, until the EU and US agree on concrete anti-terror policies with regard to sharing data. However, the move has been slammed by members of the European Parliament, who must approve the new law for it to remain in effect. The vote is scheduled for next week. "The European Council's legal service advised against the law," left-leaning MEP from the Netherlands Sophie in 't Veld told Deutsche Welle. "They say the legal basis is all wrong, but this advice is being kept confidential by the council." In 't Veld has … [Read more...] about EU lawmakers slam bank data deal with US
"Oil is the life blood of North Korea's effort to build and fund a nuclear weapon," said US ambassador to the United Nations (UN) Nikki Haley after the UN Security Council voted to apply new sanctions against the communist country Monday in New York. Washington would like to cut off oil exports to Pyongyang altogether but has been repeatedly thwarted by Russian and Chinese opposition. Moscow, which is fundamentally opposed to tough sanctions against North Korea, feels it deserves credit for single-handedly watering down legislation so far. Thus, there will be no oil embargo. Instead, the latest UN Resolution places limits on the delivery of petroleum products such as gasoline and diesel fuel effective from October 1. From 2018 onwards North Korea will only be allowed to import about two million barrels of foreign oil each year. Depending on which estimates one uses, that would mean a 10-to-50 percent reduction in foreign oil imports. Until now, China was thought to be North Korea's … [Read more...] about How North Korea survives on an oil-drip from Russia