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A discussion on two college students breaking into a bank computer trying to transfer money

Share via Email Going, going, gone … most online banking fraud victims never see their money again.

So when Ross Anderson says he has never banked online — and has no plans to do so primarily because the customers carry the risks of fraud — the rest of us might want to take notice. Until recently it would have been unthinkable to suggest consumers should consider ditching online banking, so much a part of the financial world has it become.

  • This made the crime figures go down;
  • So when Ross Anderson says he has never banked online — and has no plans to do so primarily because the customers carry the risks of fraud — the rest of us might want to take notice;
  • The banks for their part have changed the rules so that most of the frauds reported to them are seen as customers attempting to defraud the bank;
  • Victims question how a payment to themselves can be considered authorised if it goes to someone else;
  • Victims question how a payment to themselves can be considered authorised if it goes to someone else.

Basically, the banks used the move online as an opportunity to dump the fraud risk on the customer. This made the crime figures go down.

So you think you’re safe doing internet banking?

The banks for their part have changed the rules so that most of the frauds reported to them are seen as customers attempting to defraud the bank. He would be loath to give up internet banking as he has come to rely on it, but says it needs major reform to make it fit for purpose.

Faster payments allow people to move significant sums instantly, but also allow fraudsters to do the same. Many people believe that if an account name is their name then a transfer is safe, but it is not.

How the scams work

Banks do not match account names with account details, a loophole used by fraudsters to con people into shifting money into another account they believe is theirs. As Guardian Money revealed following a spate of complaints, you can put Mickey Mouse into an online transfer and the money will still be moved into the account.

An FOS spokesman says: Banks are continually developing their systems to ensure consumers are as secure as possible from fraudsters.

  1. As Guardian Money revealed following a spate of complaints, you can put Mickey Mouse into an online transfer and the money will still be moved into the account.
  2. Banks are continually developing their systems to ensure consumers are as secure as possible from fraudsters. Faster payments allow people to move significant sums instantly, but also allow fraudsters to do the same.
  3. This made the crime figures go down.

The more people know about the risks of fraud and how to protect themselves, the less likely they are to become a victim. You are told your credit card or bank account has been accessed by fraudsters, or that your computer has been hacked and you will lose internet access for several days.

In many cases the scammer tells you to ring off then call the bank again using the number on the back of your card.

But they hold the line open, so when you dial you go straight back to them. TalkTalk customers were conned when rung by people quoting their own account numbers and other personal details back to them, warning them that their computer was infected by a virus.

Their accounts were emptied after their computers were taken over remotely. Victims question how a payment to themselves can be considered authorised if it goes to someone else.

  • Their accounts were emptied after their computers were taken over remotely;
  • Until recently it would have been unthinkable to suggest consumers should consider ditching online banking, so much a part of the financial world has it become;
  • He would be loath to give up internet banking as he has come to rely on it, but says it needs major reform to make it fit for purpose;
  • The banks for their part have changed the rules so that most of the frauds reported to them are seen as customers attempting to defraud the bank.