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Banks to compensate scam victims

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  • Banks to compensate scam victims

    Many of the major banks are to contribute to a fund to pay full compensation to consumers who are unwittingly scammed into allowing fraudsters access to their bank accounts.
    I wonder if this will include or be extended to those consumers unwittingly scammed by fraudsters operating in and around the timeshare industry?
    Via much information on websites and forums on the internet, the banks have the ability to work out who the scammers around timeshare are and as such have a duty of care to protect their customers from fraudsters not just the ones seeking out personal bank details but also the ones who dupe timeshare consumers into purchasing products that are never delivered or not fit for purpose.

  • #2
    Further to the above info. It seems from media sources that a number of major banks have combined and set aside £40 million in an effort to help relieve the hardship caused to consumers who have inadvertently allowed scammers to fool them into parting with sums which last year amounted to £145 million. Of this £31 millions were recovered which is just over 21%. Should the trend continue then the 27.5% payback which derives from the "new" $40 million is only going to relieve the problem by 6.5 %. The conclusion you may come to from this information may lead you to believe that the banks derisory effort is simply a token gesture given the small effect it would seem to be likely to have on the major problem.


    • #3
      What should be happening is that the root problem should be addressed. The scammers should be taken out of the equation and then there would be no need for the banks to provide compensation funding.
      Banks would be better off creating a self imposed levy and the funds derived could go directly into Action Fraud, thus giving them the wherewithal to pursue, prosecute and jail more scammers.
      It is no good the government imposing the levy as it would go into the treasury and therefore eventually elsewhere and not to where it is directly intended. (Just like our road tax and petrol revenues go elsewhere... Not forgetting where our National Health Insurance Contributions go either)
      The only problem I can see to this is that as above with the road tax and health insurance, the government would then cut their funding to Action Fraud, but as they complain of not having enough to fight fraud anyway that should matter little.


      • #4
        I feel that there is an opportunity in this initiative. It is just a matter of opening the correct avenues of communication. Finding the correct or right people to talk to is one problem. Actually getting to meet and talk to them is another obstacle to be overcome. I intend to try to solve these two problems in the near future with a little help from others in my network.


        • #5
          I think I read somewhere or heard somewhere that this initiative by the banks will cease very shortly. No doubt they will have run out of the £40 million. Perhaps this will lead to them recognizing the extent of the problem and create something which allows them to exercise due diligence when scammers attempt or are allowed to open bank accounts.
          An obvious clue is when numerous bank transfers are being deposited in suspected accounts.

          I cannot understand why lots of indivduals asking for bank transfers to go into a particular account has never seemed to set alarm bells ringing at the banks. It would certainly smack of black balaclavas to me were i working in a bank.
          Last edited by mavo; 27-02-2020, 01:35 PM.