John Bertrand MD at Tec 8 Limited
UKFinance1 announces a saving of £32million in fraud in the first half of 2021 with bank branches, building societies and Post Offices working with the police through the Banking Protocol rapid response scam process. Noting the scheme had led to 934 arrests since 2016, an average of 190 per year. This is good, traditional police work coordinated ...
21 September 2021 /payments /regulation Online Banking
In the Scamdemic, investigations by journalists are a source of inspiration by helping many clients receive compensation from banks who initially refused fraud reimbursement. At the point of banks saying no to a rebate, the bank scam team trot out with the excuse of their standard lines , ‘We contacted the payee bank and were unable to recover fun...
31 August 2021 /payments /crime Exposing Financial Crime
UK e-commerce spending hit a record £10 billion in July 2021. The year-to-date online spending was £65 billion, up 18% y-o-y and 56% on 2019. Following this trend online fraud rate for faster payments and account take over fraud for 2021 could be £1 billion. If this trend continues the monthly running rate could top a £100 million by early 2022. ...
27 August 2021 /payments /crime Banking Strategy, Digital and Transformation
‘Twas in another lifetime, one of toil and blood and online fraud When blackness was a virtue the road was full of mud I came in from the wilderness, a creature void of form Come in, she said I'll give ya shelter from the scamming storm Bob Dylan, with thanks, Deposit fraud occurs when money in the form of electronic or paper payment is put into a ...
25 August 2021 /payments /crime Trends in Financial Services
Police have been authorised to employ 20,000 to assist in combating of crime. One of their first targets is domestic burglary, which we can agree is a horrible crime causing financial and emotional deep distress. Last year there were 268,000 victims of domestic burglary in England and Wales, and part of the 19% decline in total crime excluding fra...
09 August 2021 /payments /crime Banking Strategy, Digital and Transformation
The quote "Nietzsche said order comes out of chaos" is from the movie Blazing Saddles, not Nietzsche” sums up the history of crypto currencies. Nothing, as Erica shows us in Crypto Wars, is as it seems, and the fleecing of investors has been par excellence. Involving all parties in the supply chain. From the creators of the many different...
16 July 2021 /inclusion /crypto Digital Bank Transformation
Sending money to non-enabled CoP bank accounts could have an adverse effect on your bank balance. A well-advised approach before paying someone with any bank that is not using Confirmation of Payee (CoP) should use a credit card. Bank accounts are only covered by a voluntary reimbursement code signed by 12 banks. These banks on average reimbursed ...
13 July 2021 /payments /regulation Banking Strategy, Digital and Transformation
APP (Authorised Push Payments) and taking control of bank accounts are 54% of the £1.26 billion fraud in 2021. Given the sheer volume of scams being generated, 70% of people with mobile phones have receive a text message claiming to be, for example, from Royal Mail requesting a small payment for parcel delivery. These scams, as they expand, could m...
04 July 2021 /payments /crime Banking Strategy, Digital and Transformation
‘To CoP, or not to CoP, that is the question Whether 'tis nobler in the mind to suffer The slings and arrows of outrageous scams, Or to take arms against a sea of fraudsters And by opposing end them delay’ Bank/PSP (Payment Service Provider) not offering Confirmation of Payee (CoP) could be aiding and abetting fraudsters. CoP links the name of the ...
14 June 2021 /payments /crime Banking Regulations
The effects of fraud are not merely financial. As with other crimes against the person, victims suffer deep emotional distress – people have been known to commit suicide. The victim-blaming approach taken by banks is often a bigger contributary factor to their trauma than the actual financial loss causes people deep trauma. In the new world of op...
22 April 2021 /payments /regulation Fintech
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