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Last month a watchdog for the money transfer and finance industry had stated that banks need to raise security for their customer to protect them from all money transfer scams. Banks are being scrutinised for not doing enough when customers are being cheated to send money overseas.
Typically, the kind of thing that the watchdog giant Which? was referring to is the most notorious of the money transfer scams known commonly as 419. Simply put, the victim is told to transfer a certain sum of money to an individual in expectation of a larger sum of money. The circumstances in which the victim transfers money is usually, as far as they known, is legitimate.
The Payment Service Regulator (PSR) claims that banks are now coming together to share intelligence and an element of transparent security to avoid money transfer crimes being carried out.
PSR has also identified potential evidence suggesting that banks can do more to target fraudulent payments or outgoings. Evidence suggest that banks can and should do more in identifying accounts that are victims to these crimes sooner rather than later.
Which? has mentioned and addressed that unlike many other forms of payment, Bank transfer to the fraudster means you are not legally obliged to get your money back from the bank. Banks however do offer what’s called consumer protection, but a staggering 1 in 6 customers did not know they are not covered from these scams by default.
The PSR has actioned members of the banking and finance industry to develop a best practice standard in which both the victims bank and the bank can follow in the case of fraudulent behaviour.
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