(Last Updated On: March 24, 2022)

RSN™ Special Report: UK Victims May Get Reimbursed

Transfer ScamScam A Scam is a confidence trick - a crime -  is an attempt to defraud a person or group after first gaining their trust through deception. Scams or confidence tricks exploit victims using their credulity, naïveté, compassion, vanity, irresponsibility, or greed and exploiting that. Researchers have defined confidence tricks as "a distinctive species of fraudulent conduct ... intending to further voluntary exchanges that are not mutually beneficial", as they "benefit con operators ('con men' - criminals) at the expense of their victims (the 'marks')". A scam is a crime even if no money was lost. Victims Could Be Reimbursed – Great News For Scam Victims In The U.K.

Portions by SkyNEWS

Victims of bank transfer fraudFraud In law, fraud is intentional deception to secure unfair or unlawful gain (money or other assets), or to deprive a victim of a legal right. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensation) or criminal law (e.g., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities), or it may cause no loss of money, property, or legal right but still be an element of another civil or criminal wrong. The purpose of fraud may be monetary gain or other benefits, for example by obtaining a passport, travel document, or driver's license, or mortgage fraud, where the perpetrator may attempt to qualify for a mortgage by way of false statements. A fraud can also be a hoax, which is a distinct concept that involves deliberate deception without the intention of gain or of materially damaging or depriving a victim. could receive compensation under proposed new rules – though it remains unclear who will pay.

Bank account holders who are tricked into transferring money to fraudsters could be entitled to reimbursement if they have acted with the “requisite level of care” under proposed new rules.

Latest figures show consumers lost £92.9 Million to authorized push payment (APP) scamsScams A Scam is a confidence trick - a crime -  is an attempt to defraud a person or group after first gaining their trust through deception. Scams or confidence tricks exploit victims using their credulity, naïveté, compassion, vanity, irresponsibility, or greed and exploiting that. Researchers have defined confidence tricks as "a distinctive species of fraudulent conduct ... intending to further voluntary exchanges that are not mutually beneficial", as they "benefit con operators ('con men' - criminals) at the expense of their victims (the 'marks')". A scam is a crime even if no money was lost. in the first half of 2018 – but unlike victims of other types of fraud such as credit or debit card scams, they are currently not entitled to be repaid by payment providers.

A body set up to address the issue has now proposed changing this, though it has yet to resolve who will pay for the compensation in cases where banks have also acted with due care.

It Follows Campaigns By Consumer Groups For Banks To Shoulder More Of The Burden In Such Cases

A new voluntary code to address the issue has been drafted by a steering group set up by the Payment Systems Regulator (PSR).

It aims to make it harder for criminals to commit APP fraud, set out how consumers can be vigilant and give them greater protection and support from banks.

“Importantly, the code proposes the principle that where a consumer has met their requisite level of care, they should be reimbursed,” the group said. However, the report has not been able to resolve who will pay for the compensation in cases where “no bank or other payment service provider involved in the payment journey has breached their own level of care”.

The steering group said it would work to consider and identify “a sustainable funding mechanism through which to reimburse consumers in such a scenario”.

Unfortunately, Such A System Of Reimbursements Will Ultimately Be Paid For By The Consumer In Higher Fees!

It will also try to resolve other aspects of how the process will work, including how to settle disputes between banks and other payment service providers.

A Final Version Of The Code Is Expected By Early Next Year (2019)

Ruth Evans, independent chair of the steering group, said: “This is a unique initiative bringing together the industry and consumer groups to set out how best we can tackle this issue – and really help those people who’ve become victims of these devastating crimes.” She said the report “marks an important step towards greater and more consistent protection for consumers and stronger standards for how banks and other payment service providers will prevent this type of fraud happening in the first place”.

The PSR said the report was a “positive step forward” and that in a further move it was planning to consult on new requirements for banks which would help to prevent APP scams.

Industry body UK Finance said it was committed to ensuring consumers were better protected from fraudsters and had invested millions in security systems as well as introducing new standards on helping victims and supporting law enforcement.

UK Finance chief executive Stephen Jones said: “It is vital that we get the right outcome for customers and prevent the UK from inadvertently becoming a magnet for fraudsters, while ensuring innocent victims and customers are not penalised for the criminalCriminal A criminal is any person who through a decision or act engages in a crime. This can be complicated, as many people break laws unknowingly, however, in our context, it is a person who makes a decision to engage in unlawful acts or to place themselves with others who do this. A criminal always has the ability to decide not to break the law, or if they initially engage in crime to stop doing it, but instead continues. actions of others.”

UK Finance chief executive Stephen Jones

UK Finance chief executive Stephen Jones

He said it was clear that new regulation was needed rather than just a voluntary code.

“This will ensure that consumers and financial institutions can be certain in what circumstances victims will be compensated and how this compensation is funded in circumstances where all parties have acted reasonably in making the payment,” Mr Jones said.

At this moment it is not clear if victims will be able to files for transfer that happened prior to the new rule taking effect or now.

Be sure to follow RSN for more news about this topic!

Society of Citizens Against Romance Scams


RSN Team

a division of SCARSSCARS SCARS - Society of Citizens Against Relationship Scams Inc. A government registered crime victims' assistance & crime prevention nonprofit organization based in Miami, Florida, U.S.A. SCARS supports the victims of scams worldwide and through its partners in more than 60 countries around the world. Incorporated in 2015, its team has 30 years of continuous experience educating and supporting scam victims. Visit www.AgainstScams.org to learn more about SCARS.
Miami Florida U.S.A.

 

What are the warning signs of wire transfer fraud?

Know how to recognize the warning signs of wire transfer fraud:

  • Someone that you have never met in person is asking for money. This is the biggest red flag for fraud. If you’re in a long-distance relationship with someone you’ve never met in person, be wary of possible fraud, if they start asking for money. The reality is: fraudsters are professionals and they’ll do whatever it takes to get their hands on your cash. When it comes to that new love, overseas inheritance or investment opportunity, it’s worth the cost of the plane ticket to ensure it’s legit. If you can’t meet them in person, you should think twice before sending your money.
  • You receive an email that claims you’ve won a jackpot but you have to pay fees before you can receive the prize. The reality is: the fraudsters are the ones hitting the jackpot. If it sounds too good to be true, it probably is.
  • You see an ad online for a great deal, but you’re required to transfer the money right away to receive the product. The reality is: the product doesn’t exist and they just want your money.
  • While many people use wire transfers to pay for luxury items, it’s worth checking the reputation of the seller, if you’re transferring a large sum.
  • You get a job as a mystery shopper but they send you a check for more than what you’re owed. You’re asked to send the excess funds back via wire transfer. The reality is: this is just a clever way to steal your cash, as the check is probably fake.
  • You receive an email from someone pretending to be your bank or other service provider saying you need to update your security info. The reality is: as soon as you click the link, you’re vulnerable to malwareMalware Short for "malicious software," this term means computer viruses and other types of programs that cybercriminals use to disrupt or access your computer, typically with the aim of gathering sensitive files and accounts.. Phishing emails that try to steal your information or get you to wire money will often contain a lot of spelling and grammatical errors. The email might not address you by name, and it comes from a suspicious and unrecognizable source. It will probably ask you to provide financial information or to verify it, but if you hover over a URL, you’ll see that it will take you to a suspicious and unknown website. Don’t click on any links within these emails; instead, just delete them and blockBlock Blocking is a technical action usually on social media or messaging platforms that restricts or bans another profile from seeing or communicating with your profile. To block someone on social media, you can usually go to their profile and select it from a list of options - often labeled or identified with three dots ••• the sender.
  • You receive an email or a phone call that claims the IRSIRS The Internal Revenue Service (IRS) is the revenue & tax service of the United States federal government responsible for collecting taxes and administering the Internal Revenue Code (the main body of federal statutory tax law.) It is part of the Department of the Treasury and led by the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States. The duties of the IRS include providing tax assistance to taxpayers; pursuing and resolving instances of erroneous or fraudulent tax filings; and overseeing various benefits programs. Visit www.IRS.gov to learn more. wants you to pay back taxes, and you need to transfer your money or you’ll be arrested. The reality is: the IRS will formally contact you by mail rather than by phone, and they won’t be asking for your payments by credit card or by wire transfer either.

 


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FAQ: How Do You Properly Report Scammers?

It is essential that law enforcement knows about scams & scammers, even though there is nothing (in most cases) that they can do.

Always report scams involving money lost or where you received money to:

  1. Local PoliceLocal Police The Local Police is your first responder in most countries. In most English-speaking countries and in Europe report to them first. In other countries look for your national cybercrime police units to report scams to. In the U.S., Canada, & Australia, you must report to the local police first. – ask them to take an “informational” police report – say you need it for your insurance
  2. Your National Police or FBIFBI FBI - Federal Bureau of Investigation The Federal Bureau of Investigation (FBI) is the domestic intelligence and security service of the United States and its principal federal law enforcement agency. Operating under the jurisdiction of the United States Department of Justice, the FBI is also a member of the U.S. Intelligence Community and reports to both the Attorney General and the Director of National Intelligence. A leading U.S. counter-terrorism, counterintelligence, and criminal investigative organization, the FBI has jurisdiction over violations of more than 200 categories of federal crimes, including financial fraud. (www.IC3.gov)
  3. The Scars Worldwide Reporting Network HERE or on www.Anyscam.com

This helps your government understand the problem, and allows law enforcement to add scammers on watch lists worldwide.


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Visit our NEW Main SCARS™ News & Information Facebook page for much more information about scams and online crime: www.facebook.com/SCARS.News.And.Information

 

To learn more about SCARS visit www.AgainstScams.org

Please be sure to report all scammers HERE or on www.Anyscam.com

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