POUND NOTES
NEARLY A THIRD OF BURGLARY VICTIMS ‘HAVE BEEN TARGETED MORE THAN ONCE’
NEARLY a third of burglary victims say they have been targeted more than once, a survey by Nationwide Home Insurance has found. Two-thirds (66%) of burglary victims said it happened during the evening or night.
SCAM VICTIMS TO GET MORE POWERS TO COMPLAIN ABOUT BANKS’ HANDLING OF CASES
SCAM victims who have been tricked into transferring money directly to a fraudster will soon have stronger powers to complain about the bank that received the money – not just their own bank.
The new rules being introduced by the Financial Conduct Authority (FCA) come into force on January 31.
Under the rule changes, the bank receiving money from a victim of this type of scam, known as authorised push payment (APP) fraud, will have to take the victim’s complaint on if one is made to them about how they are handling the situation.
If, after complaining, the scam victim is still unhappy with the way the receiving bank has handled their case, the new rules will allow them to escalate their complaint to the Financial Ombudsman Service (FOS).
NEW ANTI-MONEY LAUNDERING TECHNOLOGY HELPS PINPOINT SUSPECT ACCOUNTS
NEW anti-money laundering technology which ‘joins the dots’ to make it easier to track the flow of illicit cash through banks and building society accounts has been launched.
The initiative analyses billions of transactions, bringing together payments data from multiple banks to help fraud teams pinpoint potential mule accounts – where people are involved in suspected illegal activities – and see where the money has been siphoned off to.
The technology has been developed by Vocalink, a Mastercard company, and the launch was announced by the faster payments team at Pay.UK, which works to ensure that the systems underpinning banking transactions are safe and resilient.
■ FINANCIAL FACT: The Bank of England’s gold vaults hold more than 400,000 bars of gold.