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I honestly don't know. That's why I'm surprised the UK actually has provisions for clawing back funds. Maybe they put adequate pressure on the Dubai-based banks

I honestly don't know. That's why I'm surprised the UK actually has provisions for clawing back funds. Maybe they put adequate pressure on the Dubai-based banks to reverse the transfer?

graemep 2y ago
No, the bank just takes a loss if necessary. See my comment above: https://news.ycombinator.com/item?id=43810904 https://news.ycombinator.com/item?id=43810904
- graemep 2y ago
  But it does not apply to international transfers: Apparently international payments are no covered: https://www.financial-ombudsman.org.uk/businesses/complaints-deal/fraud-scams/app-fraud-scams-involving-authorised-payments https://www.financial-ombudsman.org.uk/businesses/complaints... Of course the victims might have transferred to an account the scammer has in the UK
  - luckylion 2y ago
    Falling for a company that doesn't deliver the level of quality it promised seems to stretch the definition of "scam". Is there any requirement of diligence, or can you basically jump on any "100% profit in 3 weeks" scam and get (most of) the money back when it doesn't work out?
    - graemep 2y ago
      No, but in this case I think it does meet the definition of scam. There is a requirement for diligence, but this requires not being "grossly negligent". Even this is waived for people classed as vulnerable (I do not know exactly what that means).