‘Banks won’t act over our £113,700 fraud loss’

The Daily Telegraph - Your Money - - FRONT PAGE -

As watch­dog ad­mits to an epi­demic of ‘trans­fer fraud’, banks do noth­ing to help the vic­tims. By Amelia Mur­ray

Amother and daugh­ter from Kent have told Tele­graph Money of their hor­ror at dis­cov­er­ing they had been tricked into send­ing £113,665 to a crim­i­nal – in­stead of to a so­lic­i­tor who was deal­ing with their home pur­chase.

The fraud was dis­cov­ered only a fort­night ago and Nikki and Jill Douth­waite – along with their six cats and two dogs – are now liv­ing with friends. They can­not buy the £182,000 Cam­bridgeshire bun­ga­low they were ex­pect­ing to move into.

Within days of their shock­ing dis­cov­ery Bri­tain’s pay­ments watch­dog – the Payment Sys­tems Reg­u­la­tor – fi­nally ad­dressed the wide­spread prob­lem of “trans­fer fraud” in a long-awaited re­port that set out ten­ta­tive pro­pos­als to help vic­tims such as the Douth­waites. But the pro­pos­als, which are un­likely to be manda­tory or ret­ro­spec­tive, were quickly con­demned as be­ing “too lit­tle, too late”. Even if they were in force to­day it is un­likely ly they would as­sist in cases like the Douth­waites’, ex­perts said. d.

Trans­fer fraud, which banks some­times re­fer to o as “push payment scams”, ”, usu­ally in­volve the vic­tim m be­ing tricked ei­ther over the phone or through email mail in­ter­cep­tion into mak­ing g pay­ments to the ac­counts of crim­i­nals.

Be­cause the vic­tims au­tho­rised the pay­ments, the banks in­volved claim no li­a­bil­ity. As much as £100m was lost through such fraud re­quest at­temp Barcl re­ceiv frau su Santa be­for follo ema £50 tran

Con­tin

Hacked: Agi Gam­ski was scammed out of £74,000 when her com­pany’s email was breached. See page 3

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