Transpact_com

Secure Online Escrow & Mini-L/C Solution.
UK FSA Authorised & Regulated.
Full Security for Buyers.
Full Security for Sellers.

[Transpact_com @Transpact_com]

@Nathanheath0 Congratulations on your bbc website story today. Please contact https://t.co/ESVFcHbBO5 for important information about the story.

[Transpact_com @Transpact_com]

@paullewismoney Thanks Paul.

Banks grooming their customers - by phoning customers and not requiring the customer to call back via 159 - is one of the 3 leading causes of fraud !

Also some banks groom by sending texts or emails with phone numbers or links - something criminals can easily copy.

[Transpact_com @Transpact_com]

@paullewismoney Paul,
Under FCA Handbook rules, if Tide did not do enough to prevent the (APP) fraud , then the victim is entitled under those rules to take their complaint against Tide to the Financial Ombudsman Service (FOS) - if Tide reject the complaint.

FOS normal uphold such complaints !

[Transpact_com @Transpact_com]

@Moneybox But it's wrong!!

Also immediately contact and claim against payee's bank - they are as or more likely to reimburse you

And remember, CRM is a voluntary scheme - some say in favour or banks

Mandatory stronger FCA Handbook rules already protect you in most cases - so beware CRM!

[Transpact_com @Transpact_com]

@bbcdanw But APP fraud payments to foreign bank accounts ARE covered by FCA Handbook protection (for the payer's bank only, not the payee's bank)

And if your bank did not do enough to prevent the fraud, then you are covered under FCA Handbook rules

Lloyds in this case did do everything.

[Transpact_com @Transpact_com]

@bbcdanw @financialombuds No Dan @bbcdanw
No, No, NO

- Take your case to payee's bank NOT via CRM!

As the victim, you have a right to make a complaint to the payee's bank. And a right to reimbursement if that bank did not do enough (as will invariably be the case)

Why did you miss the main protection?

[Transpact_com @Transpact_com]

@bbcdanw @financialombuds True, but not JUST your bank.
Also make a complaint to the payee's bank, and then go to the FOS !

As that bank banked the fraudster (or an account-mule), and mostly will not have done everything they could to have prevented the fraud - so are liable to you for reimbursement.

[Transpact_com @Transpact_com]

@bbcdanw Dan, This is often nonsense !

The CRM has many loopholes.
The FCA Handbook rules place the onus on the banks (payer and payee) to prove they did enough to prevent the fraud.

Under the CRM, if you are also at fault, you can get zero.
Under the FCA rules, you are still protected!

[Transpact_com @Transpact_com]

@bbcdanw @HMICFRS No Dan @bbcdanw - No, No, NO

Where is d) the payee's bank ???

Because as the victim, you now have a right to make a complaint to the payee's bank. And a right to reimbursement if that bank did not do enough (as will invariably be the case)

Why did you miss the main protection?

[Transpact_com @Transpact_com]

@bbcdanw The banks are better because of the stringent FCA Handbook rule changes from 31/1/19

These changes impose reimbursement liability on the bank where either the payer's bank or the payee's bank did not do enough to prevent the fraud

CRM introduction may be irrelevant in contrast

[Transpact_com @Transpact_com]

@bbcdanw The rules in the CRM you refer to are in many cases loopholes which will remove the victim's protection.

Whereas under mandatory FCA Handbook rules, the victim is already protected if either the payer's bank or the payee's bank did not do enough to prevent the APP fraud !

[Transpact_com @Transpact_com]

@bbcdanw So sad that BBC Moneybox is misleading the public.

The FCA Handbook rules from 31/1/19 already mandate and make banks liable who do not do enough to prevent any APP fraud.

The voluntary CRM protection is much weaker than the FCA rules in most cases.

Why mislead the public ?

[Transpact_com @Transpact_com]

@paullewismoney And if the description given is accurate ('derelict building which is not maintained'), then this may well be a fraudulent hotel booking.
Complain to your bank as a case of APP fraud - and go to Financial Ombudsman if they refuse.
(If description is exaggerated, then not fraud)

[Transpact_com @Transpact_com]

@paullewismoney Just to elucidate - Tide could have introduced Confirmation of Payee (CoP).

It chose not to.

The fact that the PSR did not mandate CoP yet is irrelevant - Tide was free to have introduced CoP if it wished.

[Transpact_com @Transpact_com]

@paullewismoney Exactly.
CRM is irrelevant as i) only for consumers, and ii) is rubbish compared to mandatory FCA reimbursement rules already in place (nearly all cases).

FCA rules say if firm did not do enough - liable.
Lack of Confirmation of Payee = 'Did not do enough'.
QED

[Transpact_com @Transpact_com]

@AshleyJBaptiste @AshleyJBaptiste,

Can you amend the BBC web-piece to inform readers that they can use escrow by FCA authorised firms to fully protect themselves against the fraud detailed

Since 2009, escrow by FCA authorised firms has safeguarded payment for millions of £'s of car transactions

[Transpact_com @Transpact_com]

@paullewismoney Close Paul @paullewismoney, and acceptable.

But better would be:

A user of past data to mathematically predict future cost

[Transpact_com @Transpact_com]

Paul - this is a failure of UK Press & Media.

Under FCA rules from 2019, banks (both payer and payee bank) are ALREADY liable to be taken to Financial Ombudsman if they did not do enough to prevent fraud.

So non-CoP banks already liable !!!

You need to make this known to all !

[Paul Lewis @paullewismoney]

@_mike_chambers_ @ThePSR Simple. Make every bank that hasn’t done so liable for customers’ losses. @MetroBank_Help is refusing to refund one customer £30,000 despite not implementing CoP.

[Transpact_com @Transpact_com]

Paul - this just shows that Confirmation of Payee is so successful and necessary.

Now fraudsters are forced to use the next weakest link - grooming

Grooming is much harder, so many less victims.
When banks cease phoning customers (and require call-back) grooming will also cease

[Paul Lewis @paullewismoney]

Since Confirmation of Payee was introduced theft from bank accounts using grooming of victims has soared. It’s a good thing of course but not enough.