Banks to Blame for eBay vehicle fraud losses

Banks responsible for eBay car fraud losses

Banks' failure to train group of workers is fuelling a rise in fraud and ensuing in customers losing big sums, a leading expert in banking crime has claimed. "Cost-slicing exercises" and under-resourced fraud departments within banks are to blame, said Andrew Goodwill, founding father of The Goodwill Group, a fraud consultancy. He said: "Certain kinds of fraud are rising speedy and banks are not prioritising the safety of their customers."

"It's the banks' responsibility to correctly log, inspect and act upon instances of pronounced fraud." He cites the developing variety of cases in which losses from fraud could have been restrained or averted had banks acted more fast following tip-offs from customers or different groups.

Timing is vital when reporting scams - in most cases the fraudsters will attempt to drain the account inside hours of the fee being made. The type of fraud in which losses are normally finest - and wherein instances are on the upward push - is called "bank trasnfer fraud".

Here, harmless financial institution customers are tricked through criminals into transferring large sums to fraudster's debts. The transactions regularly contain automobiles or property. Banks are able to wash their palms of the problem, blaming clients for having accredited the transfer. This is in spite of repeated calls from this newspaper and client organization, Which?

for banks to invest greater in shielding their clients from fraud. Numerous readers have stated a list of errors made by way of banks when fraud is first pronounced. One sufferer observed the bank wrongly denied there were finances final inside the fraudster's account. Another located he changed into being surpassed from branch to department only to have the incident incorrectly logged.

In numerous cases banks have been warned that they may be operating accounts owned by using recognised fraudsters, however the banks even so permit further transfers from harmless customers to be paid into the ones debts. Another repeated theme is the failure of banks to talk efficaciously with each different once fraud is suggested. Read more here: https://www.telegraph.co.uk/personal-banking/savings/banks-blame-ebay-vehicle-fraud-losses/