So our refusal to make people take the slightest measure of personal responsibility is going to cause even more hassle for people going about their daily lives.
regprenticer on
Banks are already trigger happy with large or multiple payments to the extent that it’s pointless even trying to use your own money.
Recently I’ve
– Been stuck at JFK airport at 11pm after my bank blocked my card for trying to buy 4 travel cards. They let me buy 2 then the card stopped working.
– Had to use a debit card to pay for flights after my credit card refused a large transaction without explanation
– have my bank tell me to *try again in ten minutes* when I’ve got *3 minutes left* to buy Taylor Swift tickets and another 100,000 people are in the queue.
– left unable to make almost any purchases on holiday after my phone was water damaged and I couldn’t complete the 2FA on anything.
As the article says our banks are bored of mildly inconveniencing us by monkeying with small purchases and now want to really screw us by jeopardising big purchases like buying a car or a house.
biosolendium on
Grim, the entire point of Faster Payments was near-instant bank transfers made on demand of the payor.
Alaskan_Pipeline666 on
Doesn’t this new rule change fall flat at the first ‘get out clause’ i.e., ***unless a victim ignores warning messages from their bank***?
You’ll be doing that by brushing past the pop ups your App or however you are accessing your account tries to warn you. As long as Banks have made a reasonable attempt to develop their systems as such, 55yr old divorcee Brenda won’t be covered for sending silly amounts of money to a Pakistani scam artist pretending to be Julio Iglesias.
RainbowRedYellow on
I wish banks introduced changes I actually wanted like blacklisting companies from taking money from my account because they’ve made is impossible to cancel a subscription.
Narcuga on
I couldn’t see in the article but what is a “large payment”? 1k? 5k? 10k?
aembleton on
Its a shame they couldn’t do something like block it up to four days if it is a large amount going to an account outside of the UK, or going to a crypto site. Then UK to UK transfers can continue unabated and at the point where it is being removed get blocked in case anyone who sent money into that account needs it reversed.
dickiebow on
I get this is to help with fraud as they have to cover a good percentage of loses, but I hate the way banks treat the money you have in your account as their money. If you try to access it they treat you like a criminal trying to nick it from their vault.
G_Morgan on
Banks to be handed new powers to make me switch to their rivals.
matthew47ak on
Can’t wait for banks to decide what I can do with my own money
TheOnlyNemesis on
As always with things like this, this isn’t banks trying to be a pain in the ass.
From October they are being held liable for fraud transactions through them. This means they have to do something because the costs to them not to do something will be huge. Don’t blame the banks, blame the idiots who ignore all the warnings and red text and multiple layers of confirmation the banks had already put in.
Banks are being hit 100000’s time a day , they will never tell the public because they are scared for their shareholders.
Its their own fault they make it too easy, because the general public are inherently stupid.
They cant make it too secure otherwise they would have to hire 10,000 more staff in their call centers because of people screwing up constantly.
I would imagine the tipping balance for that is being reached and the shareholders are suddenly seeing their profits fall and are getting squirmy.
Its now easier to hit a banks set up than hit a armored Bank Van and less chance of getting caught.
You can easily hit 10k+ an hour skimming rfid’s from cards without even taking your hands out your pockets.
Its passed from the internet to massive gangs operating almost untouched on out high streets
The scammers are the least of their worries that’s small chump change in comparison
dcrm on
Banks already have enough power that they use irresponsibly.
Still-Status7299 on
I transferred 10k and it got held over the weekend, then got called on the Monday to get asked some questions and 2FA before the funds got released
Fair enough they’re doing extra checks, I was reassured
JustLetItAllBurn on
Ha, I remember being phoned by HSBC for a long conversation when moving some money around and had to go through a massive ticklist of “Are you a complete fucking moron?” questions before they’d allow it.
aeon_ace_77 on
People are being pushed to use less cash and to rely on bank cards. And banks are given powers to stop people using their own money.
You only need to look at that to see how much of a problem it is and hence the reason more powers are needed by the banks.
EccentricDyslexic on
Scammers are getting very aggressive and sophisticated and banks will have to pay for customers idiocy no matter what. So they have been given more powers to question where money is going rather than just letting it happen.
DashH90Three on
Does that include their own large payments. Somehow I doubt it
19 Comments
So our refusal to make people take the slightest measure of personal responsibility is going to cause even more hassle for people going about their daily lives.
Banks are already trigger happy with large or multiple payments to the extent that it’s pointless even trying to use your own money.
Recently I’ve
– Been stuck at JFK airport at 11pm after my bank blocked my card for trying to buy 4 travel cards. They let me buy 2 then the card stopped working.
– Had to use a debit card to pay for flights after my credit card refused a large transaction without explanation
– have my bank tell me to *try again in ten minutes* when I’ve got *3 minutes left* to buy Taylor Swift tickets and another 100,000 people are in the queue.
– left unable to make almost any purchases on holiday after my phone was water damaged and I couldn’t complete the 2FA on anything.
As the article says our banks are bored of mildly inconveniencing us by monkeying with small purchases and now want to really screw us by jeopardising big purchases like buying a car or a house.
Grim, the entire point of Faster Payments was near-instant bank transfers made on demand of the payor.
Doesn’t this new rule change fall flat at the first ‘get out clause’ i.e., ***unless a victim ignores warning messages from their bank***?
You’ll be doing that by brushing past the pop ups your App or however you are accessing your account tries to warn you. As long as Banks have made a reasonable attempt to develop their systems as such, 55yr old divorcee Brenda won’t be covered for sending silly amounts of money to a Pakistani scam artist pretending to be Julio Iglesias.
I wish banks introduced changes I actually wanted like blacklisting companies from taking money from my account because they’ve made is impossible to cancel a subscription.
I couldn’t see in the article but what is a “large payment”? 1k? 5k? 10k?
Its a shame they couldn’t do something like block it up to four days if it is a large amount going to an account outside of the UK, or going to a crypto site. Then UK to UK transfers can continue unabated and at the point where it is being removed get blocked in case anyone who sent money into that account needs it reversed.
I get this is to help with fraud as they have to cover a good percentage of loses, but I hate the way banks treat the money you have in your account as their money. If you try to access it they treat you like a criminal trying to nick it from their vault.
Banks to be handed new powers to make me switch to their rivals.
Can’t wait for banks to decide what I can do with my own money
As always with things like this, this isn’t banks trying to be a pain in the ass.
From October they are being held liable for fraud transactions through them. This means they have to do something because the costs to them not to do something will be huge. Don’t blame the banks, blame the idiots who ignore all the warnings and red text and multiple layers of confirmation the banks had already put in.
[https://www.fitchratings.com/research/banks/fraud-reimbursement-costs-are-likely-to-rise-for-uk-banks-18-01-2024](https://www.fitchratings.com/research/banks/fraud-reimbursement-costs-are-likely-to-rise-for-uk-banks-18-01-2024)
Banks are being hit 100000’s time a day , they will never tell the public because they are scared for their shareholders.
Its their own fault they make it too easy, because the general public are inherently stupid.
They cant make it too secure otherwise they would have to hire 10,000 more staff in their call centers because of people screwing up constantly.
I would imagine the tipping balance for that is being reached and the shareholders are suddenly seeing their profits fall and are getting squirmy.
Its now easier to hit a banks set up than hit a armored Bank Van and less chance of getting caught.
You can easily hit 10k+ an hour skimming rfid’s from cards without even taking your hands out your pockets.
Its passed from the internet to massive gangs operating almost untouched on out high streets
The scammers are the least of their worries that’s small chump change in comparison
Banks already have enough power that they use irresponsibly.
I transferred 10k and it got held over the weekend, then got called on the Monday to get asked some questions and 2FA before the funds got released
Fair enough they’re doing extra checks, I was reassured
Ha, I remember being phoned by HSBC for a long conversation when moving some money around and had to go through a massive ticklist of “Are you a complete fucking moron?” questions before they’d allow it.
People are being pushed to use less cash and to rely on bank cards. And banks are given powers to stop people using their own money.
How big of a problem APP fraud/ scams are is all public knowledge, the PSR publish the data each year from all the major banks.
https://www.psr.org.uk/information-for-consumers/app-fraud-performance-data/
You only need to look at that to see how much of a problem it is and hence the reason more powers are needed by the banks.
Scammers are getting very aggressive and sophisticated and banks will have to pay for customers idiocy no matter what. So they have been given more powers to question where money is going rather than just letting it happen.
Does that include their own large payments. Somehow I doubt it