Fraud epidemic: antidote urgently required

Financial Times LogoFinancial Times1 mo ago

Fraud epidemic: antidote urgently required

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An English-speaking population, wide adoption of online banking and our faster payments system are the “holy trinity” for organised criminal gangs, who can rapidly route stolen cash across international borders.

Most signed up to a “no fault” code in 2019 pledging to refund the “innocent victims” of fraud — a judgment call some seem incapable of making.

Currently, the ombudsman is over-ruling banks’ decisions not to refund in around 75 per cent of cases — an unacceptably high number — but the huge backlog of fraud causes means it takes nine months for it to get to complaints.

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Article Details

Author / Journalist: Claer Barrett

Category: MarketsFinanceInvesting

Topics: Media Finance Social Banking Online Financial Fraud Criminals

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-29, 08:30:12

News Timezone: GMT -5:00

News Source URL:

Language: English

Reading Time: 8 minutes read

Article Length: 1297 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 19886

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About Financial Times

Financial Times Logo

Main Topics: MarketsFinanceInvesting

Official Website:

Update Frequency: 15 posts per day

Year Established: 1888

Headquarters: United States

News Last Updated: 11h ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #3

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