Banks to Blame for eBay vehicle fraud losses

Banks in charge for eBay automobile fraud losses

Banks' failure to teach body of workers is fuelling a rise in fraud and ensuing in clients losing massive sums, a leading professional in banking crime has claimed. "Cost-cutting physical activities" and below-resourced fraud departments inside banks are accountable, stated Andrew Goodwill, founder of The Goodwill Group, a fraud consultancy. He stated: "Certain varieties of fraud are rising fast and banks aren't prioritising the protection of their customers."

"It's the banks' responsibility to properly log, look into and act upon instances of suggested fraud." He cites the growing range of cases in which losses from fraud could have been restrained or avoided had banks acted extra quick following tip-offs from customers or different organizations.

Timing is essential when reporting scams - in most cases the fraudsters will try and drain the account inside hours of the fee being made. The type of fraud in which losses are typically greatest - and where instances are at the rise - is called "bank trasnfer fraud".

Here, innocent bank clients are tricked by using criminals into moving big sums to fraudster's bills. The transactions frequently involve motors or belongings. Banks are able to wash their fingers of the hassle, blaming customers for having authorised the switch. This is despite repeated calls from this newspaper and customer group, Which?

for banks to make investments extra in protective their clients from fraud. Numerous readers have stated a list of mistakes made by way of banks whilst fraud is first mentioned. One victim located the bank wrongly denied there were finances remaining in the fraudster's account. Another determined he become being handed from department to branch simplest to have the incident incorrectly logged.

In several instances banks were warned that they're operating accounts owned by means of recognized fraudsters, but the banks having said that permit in addition transfers from innocent customers to be paid into the ones bills. Another repeated theme is the failure of banks to talk efficaciously with each other as soon as fraud is said. Read more here: https://www.telegraph.co.uk/personal-banking/savings/banks-blame-ebay-vehicle-fraud-losses/