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How Atm Fraud Nearly Brought Down British Banking

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As a student in London in the 1980's I rented a room/shared a house off an IT bloke who worked for a major UK Bank.

His sole job(at nights) within his 'team' was to recover 100's of Millions of pounds that were 'lost' in each day's 'transactions'.

He used to tell me sometimes how much they had recovered that night and sometimes it was well into the £100's of Millions!!

And you trust your bank??

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I was reading an article (in The Mail) the other day about banking fraud. All the onus was handed to the victims who were given an awful time by all and sundry banks, debt collection agencies etc. In one case a new tenant collected the victim's name from unforwarded mail. It wasn't exactly an organised attempt at crime just low grade proletarian criminality. Two things that struck me:

The victim was told that nothing could be done about the perpetrator, since its not illegal to use a different name. Well, this is just sloppy policing. It is illegal to use for fraud and they had clear evidence that this was happening. Even after the woman had been identified she still continued to establish more credit under the other persons identity.

The other thing was that as I understand it, a bank or credit agency has to get a few forms of ID under money laundering regulations. This includes things that are easy, like utility bills, but it also includes things like passports. If the people who set up those account have not provided sufficient evidence of identity ie. passport, drivers liscence then the bank has in fact broken the law by providing an account or credit card. Secondly if the bank has established an account for without sufficient evidence of identity and then passed information to Experian etc. then they are criminally negligent under requirements for permission to exchange information under Data Protection Act.

I would suggest that by passing on the onus to the individual victim to prove their innocence the Banks are just distracting from their own sloppy practices which may in some cases (maybe quite a few) amount to criminal negligence.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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