Bank Fraud

Geoff P

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I use mobile banking and check my account daily, being very wary of fraudsters since a friend had been caught out.

Yesterday I noticed a card payment of only £4.84 off my account which I did not recognise. I contacted my banks fraud department as soon as it opened to have the payment checked. My card was immediately cancelled and a new one should be with me by Monday. Luckily I keep a small amount of cash in the house and the wife has her card handy.

The charge was returned to my account within 24 hours and it appears that when the fraudsters have a go at an account they take a small amount in the first instance and if that is not noticed they then go in for more money.

To be on the safe side check your accounts daily and always know what is due to leave your account.
 

TrickyD

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I have rung my bank twice regarding payments to shops not local to me. Turns out some shops put payments through via head offices, one was Argos in Birmingham, another up in Glasgow, hundreds of miles from me, both payments valid.
 

Geoff P

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I have rung my bank twice regarding payments to shops not local to me. Turns out some shops put payments through via head offices, one was Argos in Birmingham, another up in Glasgow, hundreds of miles from me, both payments valid.
Every payment I make I note in my diary so I know exactly what comes out of my account.
 

banksy

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Every payment I make I note in my diary so I know exactly what comes out of my account.
To be honest, I used to laugh when my wife made a careful note of every small sum she charged to a credit or debit card, then she spent ages reconciling every last entry when the statements came through.
It's no laughing matter these days.
 

Arfer Mo

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Last month I had to make a payment to someone for about £1600 my bank froze my account I had to spend some time on the phone to the bank the next day to convince them the payment was genuine and that I hadn't been approached by anyone asking me to transfer money to another account.
 

Wise Owl

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Only money goes into mine so id know straight away. Gerts in charge of Housekeeping and Bill payment (y)(y)
 

warrington63

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I always ask for a receipt when paying contact less even if it's only for a couple of quid.
 

Not Now Kato

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I've been keeping a record of all our transactions in a program called Quicken 2000, (I started with their original Quicken back in 1991 when it was first released for Windows). Sadly, they stopped marketing it in the UK, but the year 2000 version works just fine under Windows 10 and does everything I need.

It identified one fraudulent transaction in all that time - someone cloned one of my wife's cards and we were able to point the Bank to exactly where, a Tesco petrol forecourt. Had it not been for Quicken it probably would have gone unnoticed as it was for wine, and we do order wine on the internet. As per the OP, the Bank stopped her card immediately and issued a new one so the fraudsters couldn't make more expensive transactions.
 

NoCarpPlease

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All of the banks and payment providers (eg cards) have sophisticated payment fraud detection systems.
But they have limitations as they are based on probability rather than certainty.
There are basically two methods:
1. look for payments that are out of pattern for the account
2. look for payment that have similar characteristics as previous frauds.

But unless they block everything there will always be some fraud that gets through.
They have to balance losses (customer refunds for fraud) and costs (contacting customers to confirm a transaction) with customer experience (getting payments blocked when they are genuine).

Personally - I'd far rather that the bank is cautious and blocks a few more genuine transactions ... but i appreciate it may mean increased charges to pay for that service.
 

floatfisher

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To be honest, I used to laugh when my wife made a careful note of every small sum she charged to a credit or debit card, then she spent ages reconciling every last entry when the statements came through.
It's no laughing matter these days.
I've always done that and check entries when the statement arrives or go online and check every now and again between statements. Can't be too careful with all this internet fraud about nowadays.
 

robert d

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Every payment I make I note in my diary so I know exactly what comes out of my account.
Barclays send you a warning every time a transaction is made apart from direct debits , i find that very very good , put it on silent when buying tackle 😁😁😁
 

Wise Owl

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Barclays send you a warning every time a transaction is made apart from direct debits , i find that very very good , put it on silent when buying tackle 😁😁😁
Out of my 4 bank accounts Barclays are the only one to do that, i use them for my Business as as soon as a Client Pays i get a text saying it has landed in my account.
 

robert d

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Out of my 4 bank accounts Barclays are the only one to do that, i use them for my Business as as soon as a Client Pays i get a text saying it has landed in my account.
Yes its a great idea ,feel safer with it
 

squimp

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Out of my 4 bank accounts Barclays are the only one to do that, i use them for my Business as as soon as a Client Pays i get a text saying it has landed in my account.
I have accounts with Nat West and Nationwide.

The latter send me a text with a unique code to verify unusual transactions and have been doing so for several years. It works really well and is a quick way of authorising payments.

In contrast Nat West have until very recently been appalling. They tell you money has been paid out, and then hours sometimes days later they tell you there was an issue and the transaction hasn’t been made....Not acceptable. I’ve been having a running battle with them for years - trying to get them to acknowledge the issue. They have paid me compensation several times because they have been so incompetent. The good news is that they started using a text code system (like N’wide !) about 2 months ago. They also (as of 2 weeks ago!) now use voice recognition for their telephone banking verification system.
 

Wise Owl

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I have accounts with Nat West and Nationwide.

The latter send me a text with a unique code to verify unusual transactions and have been doing so for several years. It works really well and is a quick way of authorising payments.

In contrast Nat West have until very recently been appalling. They tell you money has been paid out, and then hours sometimes days later they tell you there was an issue and the transaction hasn’t been made....Not acceptable. I’ve been having a running battle with them for years - trying to get them to acknowledge the issue. They have paid me compensation several times because they have been so incompetent. The good news is that they started using a text code system (like N’wide !) about 2 months ago. They also (as of 2 weeks ago!) now use voice recognition for their telephone banking verification system.
I got a Code issued when i had a bit of bother with the Halifax but if it means the thieves and Vagabonds are kept at bay im happy.
 

Dave

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I said a few years ago I wouldn't pee on NatWest if they were on fire - a recent issue where my missus is concerned and them just confirmed what I have maintained - do not touch them with a barge pole
 

Yosemite Sam

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I used to have personal and business accounts with Nat West. The personal was terrible, and I closed the account, but I find their business banking very good, and still use it to this day.
 

Dave

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If you have business banking with them, do not whatever you do have any other accounts with them, including a mortgage.
From personal experience, and that of others, if you have business difficulties they will foreclose on your personal accounts and mortgage accounts and leave you high and dry. I was lucky, our mortgage was with another bank that wasn't associated with RBS. They still foreclose on the personal accounts though.
 
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