According to the Payment Strategy Forum (PSF), which is handling the implementation for the banks and building societies, the “confirmation of payee” system should largely eliminate both problems. Account holders will still not have to enter the intended recipient’s name, but will continue to enter the sort code and account number as they do currently – crucially, however, they will then receive a message matching the sort code and account number with the specific account holder – such as “John Smith Builders”. … [Read more...] about Banks act to stop transfer scams and errors
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Hannah Nixon, managing director of the new regulatory body, acknowledged scamming was a growing problem. “Tens of thousands of people have, combined, lost hundreds of millions of pounds to these scams, but the data we have seen so far is incomplete. We need a concerted and coordinated industry-wide approach to better protect consumers, and we need it to start today,” she said. … [Read more...] about Bank scam victims left high and dry by regulator, says Which?
Former first lady Laura Bush, former President George W. Bush, former President Bill Clinton, former Secretary of State and first lady Hilary Clinton, former President Barack Obama, former President George H. W. Bush, former first lady Michelle Obama and current first lady Melania Trump pose for a group photo at the funeral ceremony for the late first lady Barbara Bush at St. Martin's Episcopal Church on April 21, 2018 in Houston, Texas … [Read more...] about George H.W. Bush, 41st President of the US dead at 94: Cold War warrior, who spent a lifetime in high public office and ruled an American political dynasty passes away in Texas eight months after his beloved wife Barbara
It has been a dream for fraudsters. In the worse cases, the crooks intercept an email between a house buyer and their solicitor. So let’s say your solicitor is Blodgett and Blodgett, and you get an email from them saying they’ve moved their account from Barclays to Lloyds, but the account you pay to is still called Blodgett and Blodgett. … [Read more...] about Why won’t our banks take a simple step to stop fraud?
“However, the report does recognise the benefits of enhanced coordination and in particular the work of the Consumer Protection Partnership and National Trading Standards, which has shown that trading standards can have a significant impact on a regional and national scale. We stand ready to support the government and work with our partners to implement the recommendations in the report.” … [Read more...] about UK failing to keep up with online consumer fraud, NAO warns