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Fraud victim robbed of £28,000 per hour in UK bank transfer scam

According to a study conducted by which?, clients incur losses of £4.7m a week or £28,203 an hour – more than the equivalent of the UK average salary of £25,971.

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Between July 2019 and June 2021 a total of £854 million was lost

A watchdog has revealed Britons are being scammed of £28,000 an hour in bank transfer scams.

But only 42% of scam victims get their money back, according to What?

Analysis of UK Finance figures shows that between July 2019 and June 2021 a total of £854 million was lost in 306,573 cases Bank transfer cheat of which £495 million has not been repaid.

According to the study, customers incurred a loss of £4.7m a week or £28,203 an hour – more than the equivalent of the average UK salary of £25,971.

What? is asking the government to move to mandate the current voluntary regulation for reimbursement for authorized push payment fraud (APP), in an effort to get fair treatment for customers who quit. out of pocket through no fault of their own.







Customers have suffered a loss of £4.7m a week or £28,203 an hour
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Call the current system a “return lottery”, which one? says it is “inconsistent” and does not provide “promised protections to victims”.

It reveals details of a scam in which an 80-year-old man lost £3,600 in a sophisticated scam with pensioner fraudulently parting with cash believing his son needed the money rush to pay the bills.

ID fraud on WhatsApp tricked the elderly man into transferring money from Santander, then refused to refund him despite his age and the scammer’s elaborate web of scams.

What? joined his fight and since then he has been fully reimbursed.

The consumer champion says there has been a disturbing increase in the number of these “mom and dad scams,” in which crooks pose as family members in need and manipulate Vulnerable victims transfer funds to fraudulent accounts.

Rocio Concha, which one? Director of Policy and Advocacy, said: “Despite the huge loss of money due to hourly wire transfer scams, the low return rates are based on inconsistent and unfair decisions by banks. found that the voluntary code did not provide the promised protections to victims.







People have been warned not to share sensitive personal details online
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“While mandatory reimbursement commitments are a huge win for consumers, it is important for governments to put in place the right legislation to ensure victims are treated fairly and consistently.

“Regulators must also ensure that they are ready to put in place and enforce mandatory reimbursement rules by the time this legislation is passed.”

“We sympathize with all those who fall victim to the criminals who commit these scams,” Santander said.

It was added after a review of the case marked by which one? it gave “full refunds of the funds transferred as part of the scam.”

A spokesperson for trade body UK Finance said: “The banking and finance industry is committed to preventing fraud from happening in the first place, investing billions of dollars in innovative technology to protect customers and working closely together. Work closely with government and law enforcement to target the criminal gangs responsible.

“Banks have refunded millions of pounds to customers since the voluntary code APP was introduced. We have long called for a regulatory code, backed by law, to ensure that consumer protections are applied consistently. At the same time, given the scale of the fraud challenges posed, it is important that other sectors, including online companies, do more to help protect the public. “

HM Revenue and Customs (HMRC) has today warned Britons not to share sensitive personal information online over fears they could become victims of tax fraud.

It revealed scammers are targeting social media users with “risk-free” tax refund offers in exchange for borrowing their identities for bogus claims.

Simon Cubitt, head of cybercrime at HMRC, said: “People need to think extremely carefully before they enter into a settlement like this.

“Participants risk becoming victims of blackmail, threats of violence and wider abuse of their personal information, as criminals seek to further exploit them.

“I urge anyone who may be aware of these dishonest attempts to recruit individuals into crime to report them to us.”

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https://www.mirror.co.uk/money/fraud-victims-robbed-28000-per-26417102 Fraud victim robbed of £28,000 per hour in UK bank transfer scam

Fry Electronics Team

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