Banks to put four-day hold on suspicious payments

[Gunk]

When I bought the camper I wanted to do a baking transfer of a large sum and, que surprise, the app blocked it.

I had this a couple of years ago when I tried to buy a used BMW, in the end I just paid with Apple Pay on their machine when I picked it up.

 

[Gillstay]

Are you saying old people can't be fraudsters?

No, just that its traditional to have a younger hungrier one.

 

[PaulSB]

As I understand it this change increases the length of time for investigating suspicious payments by three days. It doesn't increase the likelihood of a payment being declined. Nothing to worry about in my view.

https://www.theguardian.com/money/2...fort-to-beat-scams?CMP=Share_AndroidApp_Other

I've bought two cars using a card. I still find it surprising I can spend that much with a card without a bank check but that's a different matter.

 

[sevenfourate]

It gets harder to spend, justify and sometimes prove money is yours to spend these days. HSBC and First Direct have previously regularly asked me ‘Where did you get this Money from’ [I had a reassessment of investments some time ago - and moved around some largish amounts ]. Each time I told them I’d rather not say - thinking it’s really none of your business ! I expected to be questioned further / investigated etc - and had legitimate proof if required…..I thought I’d just be semi awkward because I could. They processed all of them in the end.

On the flip side - the small Town where I work only has one bank left I think (Barclays): and one of my co-workers wife went in to withdraw £5k to pay for some work on their house. The Bank flatly refused I believe and wouldn’t hand it over until they came back with an official quote on headed paper with a VAT no on it.

Is every bank now an offshoot of the tax man and HMRC ? I mean £5k wouldn’t buy anything like a new car, would barely cover a top quality Sofa set, certainly wouldn’t cover a new kitchen. It takes sone saving sure - but it’s really not that much these days. And they wanted proof of his spending in order to hand over his own money 😳

 

[Regular.Cyclist]

I sent £6,000 to buy a watch from someone a couple of years ago. The funds were sent via my bank’s app.

The bank put a stop on the payment, initially refusing to send it, and I spent nearly 90 minutes on the phone with someone from their fraud team detailing all the due diligence that I had done. Eventually they sent the money and I got my watch. I guess we will need to wait and see what this latest change does for us.

 

[Psamathe]

I've just received an e-mail from my bank (a genuine one) notifying me that they are introducing new procedures to protect against APP Fraud.

It's a savings account so maybe less impact on day-to-day but in future they'll only transfer funds into or out of my one nominated bank account. They are introducing additional procedures and verification around changing the nominated account as well as using CoP.

Ian

 

[NorthernSky]

i think for the extra hassle it will be a good thing if it helps someone losing a load of money
as long as we can prepare for it and plan that it might take a bit longer. the banks need to give us clear instructions when the restrictions will kick in, how to deal with it

 

[Drago]

I resent the extra hassle simply besause other people are less careful or more gullible.

As often happens in the UK, the sensible folk get to suffer for the idiocy of others.

 

[Dadam]

I actually had a very illuminating discussion with Barclays about this at the time - essentially they admitted that they block pretty much ALL transactions (of any size) from the accounts of elderly customers to new payees and all are followed up with a phone call to confirm there's no scamming with the account holder who has to go through full security (I don't know what age this starts from 65/70?).

Problem with that is it reinforces unsafe behaviours and probably increases the overall likelihood of fraud!
There's no way I'm giving security info to some random who phones me and claims to be from the bank.

 

[Fastpedaller]

Problem with that is it reinforces unsafe behaviours and probably increases the overall likelihood of fraud!
There's no way I'm giving security info to some random who phones me and claims to be from the bank.

I'm the same. When I had a pension about to mature (in the next month) I had a 'phone call from the pension company. They started by saying "we are 'phoning about your pension". I immediately said "sorry, but I'm not discussing this, if you are from the pension company (I didn't state the company name) can you please send anything in the post. They agreed, and 2 days later I had correspondence through the post - and a grumpy "there' I told you it wasn't a scam" from the Wife. I declared I'd still done the correct thing (it could have been a scam) and it didn't make any difference, as I still had over 20 days to declare my pension decision. The question (I should have asked in writing) was why they'd phoned me 2 days before - was it to try and get me to buy a pension product? I'm pretty sure (in hindsight of course) it was them (unless insider info to crooks) but I'd still take the same precautions.

 

[teeonethousand]

I think it’s more to do with stopping scammers/grifters etc rather than tax. Given the increase in scams, laundering through vulnerable people, AI technology, Deep Fake etc then multiple checks are inevitable. I suspect it will only get better/worse depending on your point of view.

I know some people that I thought of as sensible fall for some very daft things …it happens to ordinary folk.

 

[Moodyman]

I think it’s more to do with stopping scammers/grifters etc rather than tax. Given the increase in scams, laundering through vulnerable people, AI technology, Deep Fake etc then multiple checks are inevitable. I suspect it will only get better/worse depending on your point of view.

I know some people that I thought of as sensible fall for some very daft things …it happens to ordinary folk.

Not just ordinary , but to extraordinary folk too.

See this - ceo of a bank scammed.

https://inews.co.uk/inews-lifestyle/money/saving-and-banking/major-bank-ceo-scammed-2920408

 

[Beebo]

Bank staff find £250k transferred to rogue traders. Sometimes it’s good that they check where the money is going.

https://www.bbc.co.uk/news/articles/c2034r0pe4no

 

[presta]

HSBC and First Direct have previously regularly asked me ‘Where did you get this Money from’

My money has come from lots of different places, how would I tell which pound is which?

 

[Ming the Merciless]

When I bought the camper I wanted to do a baking transfer of a large sum

Were you paying in stale bread or Fortune cookies? Very suspicious !