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Originally Posted by daveeb
It must be hurting the banks in a big way if they're finally doing something proactive.
A good thing for both parties but contrast that with the time it takes for online cash transfers to happen, i.e. several days, whilst they "mind" the cash. It could and should be instantaneous.
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Not sure what the criteria are, but there are transactions that are instantaneous. It is direct debits and standing orders that have to be done in advance.
Nothing to do with the banks. The issue is with the phone companies.
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The UK's largest mobile providers have pledged to stamp out a
flaw in their systems that allows scammers to hijack text chains
from a person's bank.
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They'll just use phone companies that aren't part of the scheme to send the texts.
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From early next year, banks will be able to register and protect their sender ID on a database. The mobile networks will block any attempt to send a text from that number that doesn’t come from the bank.
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This proposed solution will only work if the phone company of the original source text can be checked to see if it is participating in the scheme. That check would have to be in the message receiving software of the intended victim's phone.