The media is frothing over all of these bank scams lately (looking at you “The Project”).
There’s a lot of associated pearl clutching going on, such as:
Why don’t the banks do more to prevent this!?!?
Well, they could in the sense that nothing is ever perfect, and there’s room for improvement in absolutely anything
Banks should be liable and reimburse the poor consumer!!
Cue citations about the UK where both banks involved in the transfer are each 50% liable etc.
Banks already do reimburse if they’re at fault, so the question is less about reimbursement and more about attributing fault…and the bank’s stance here is pretty clear: you initiated the transaction, we just followed your instructions.
Banks should stop/block transactions to accounts that the customer has never transacted with before!
And then what?
Lets say I’m buying a second hand car of someone I’ve never met before. How is the bank supposed to “authorise” this, over and above my word for it?
I called my bank, they said they could ‘see’ the transaction but they couldn’t do anything to reverse it!?!
Lets say I’ve now successfully purchased that second hand car.
What’s to stop me driving around the corner and immediately asking the bank to reverse the transfer because “scam”? The same reason we don’t accept personal cheques for this sort of exchange…
The consumer can’t possibly be at fault, because the scams are getting so sophisticated
How many years has the advice has been “if you get cold called from <anyone - banks, ATO, Microsoft>, hang up and call back on the number on their website”.
You don’t need to be a technical expert to follow this advice.
tHeY sEnT TeXt MeSsAgEs iN tHe SaMe ThReAd As My BaNk!!!111!!!
I love this one, because to non-technical people it just seems so egregious that a scammer could somehow infiltrate your bank’s message thread.
It’s clearly not that hard to spoof the sending phone number of a text message, and all your phone is doing with message threads is grouping messages by sender.
A scammer only needs to trivially determine what number the bank messages would normally come from.
I totally agree that ultimately people need to take responsibility for their own actions.