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> If they suspect fraud, they aren't allowed to tell you about it. That sounds like bullshit. Why would a mere suspicion of fraud, in the absence of a subpoena
by p-e-w 3y ago
> If they suspect fraud, they aren't allowed to tell you about it.
That sounds like bullshit. Why would a mere suspicion of fraud, in the absence of a subpoena or court/gag order, mean that they aren't allowed to tell the account holder that they are suspecting fraud?
- refurb 3y agoCorrect. Look up the laws on suspicious activity reporting. If they came back and said "oh, we banned you because you made multiple, small transaction to high risk countries", well then you could just not do it next time.
- deleted 3y ago[deleted]
- gambiting 3y agoMonzo have a very informative article about it, explains what this looks like from the side of the bank. They are literally not allowed to tell you, and also the other interesting thing is that they see how skilled fraudsters are at social engineering - the kind of posts that sometime surface here on HN "my bank/google/paypal blocked my account and they won't help me!" - it's not that every one of them is a scam, but fraudsters are incredibly good at writing those across social media and putting pressure on companies to unblock them. https://monzo.com/blog/2019/04/04/why-we-block-freeze-close-monzo-accounts https://monzo.com/blog/2019/04/04/why-we-block-freeze-close-...
- jstanley 3y ago> well then you could just not do it next time. Isn't that what they want?
- 2fast4you 3y agoThey want you to not commit fraud, they also want to catch you if you do
- londons_explore 3y agoAnti money laundering checks are typically very primitive. Things like "Made at least 3 payments in a week to accounts recently created". If they told you what the checks were, you could easily come up with a scheme to not be flagged. What they miss is that all serious criminals know someone who works for a bank and can just tell the criminals what the checks are at that bank.
- refurb 3y agoNo, because if you know enough rules you can still launder money but not set of the alerts.