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In the UK if the funds cannot be recovered the bank takes the loss for push fraud. https://www.which.co.uk/consumer-rights/advice/what-to-do-if-you-re-the-vict
by graemep 2y ago
In the UK if the funds cannot be recovered the bank takes the loss for push fraud.
https://www.which.co.uk/consumer-rights/advice/what-to-do-if-you-re-the-victim-of-a-bank-transfer-app-scam-aED6A0l529rc https://www.which.co.uk/consumer-rights/advice/what-to-do-if...
It has made banks very nervous about transfers as even payments to a legitimate business can be part of a a fraud (e.g. buy gold and hand it over to the fraudster for "safe keeping") and people have complained they have had problems making legitimate transfers.
- Symbiote 2y agoIt seems unfair to other customers of the bank to require the bank to "return" 75% of the money. This should be a matter for business insurance.
- graemep 2y agoSmall businesses will often not have business insurance, and private individuals will not. I doubt insurance covers this sort of thing though. ti is quite annoying getting "is this a fraud?" warnings on every transfer - even small amounts to my kids!
- Ekaros 2y agoOh, that really explains some stories I have heard about cars. That banks simply refuse some purchases from more independent sellers. Sometimes the fraud detection and avoidance can go too far.
- graemep 2y agoI did not know about it as a problem with cars, but it makes sense that it is. It is likely to come up a lot with private sales. Banks are unlikely to let the seller deposit cash (because of money laundering rules), so if they do not allow a payment by transfer its going to become impossible.