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Putting an end to bank text scams.
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Old 11-01-2019, 15:21   #1
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Putting an end to bank text scams.

There's a light at the end of the tunnel.

https://www.which.co.uk/news/2018/12...pporters110119
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Old 11-01-2019, 16:26   #2
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Re: Putting an end to bank text scams.

Quote:
This year we found one in three people had been sent a scam text in the last six months
I must be in the other 2 out of 3 group, I have never had one of these.
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Old 11-01-2019, 17:22   #3
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Re: Putting an end to bank text scams.

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Originally Posted by Paul M View Post
I must be in the other 2 out of 3 group, I have never had one of these.
Admittedly neither have I but there must be a lot who have.
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Old 11-01-2019, 18:00   #4
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Re: Putting an end to bank text scams.

tbf, the bank text scams were 16% of the 1 out of 3, which makes the likelihood of that particular scam of around 5%.
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Old 11-01-2019, 22:12   #5
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Re: Putting an end to bank text scams.

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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Old 11-01-2019, 22:36   #6
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Re: Putting an end to bank text scams.

Quote:
Originally Posted by daveeb View Post
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.
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.
Quote:
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.
They'll just use phone companies that aren't part of the scheme to send the texts.
Quote:
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.
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.

Last edited by nomadking; 11-01-2019 at 22:47.
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Old 11-01-2019, 22:53   #7
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Re: Putting an end to bank text scams.

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Originally Posted by nomadking View Post
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.
They'll just use phone companies that aren't part of the scheme. to send the texts.

You're quite correct nk, I rather jumped in there as I've got a bit of an issue with the way the banks go about their business. I still maintain the banks could have electronic transfers of cash from one account to another happen instantaneously (not talking about direct debits), there's no reason for it not happening other than that they get to hold the money for a few days to their benefit. They're pretending that the delays in days of old due to the process of administrating paper transactions still apply.
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Old 11-01-2019, 23:14   #8
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Re: Putting an end to bank text scams.

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Originally Posted by daveeb View Post
You're quite correct nk, I rather jumped in there as I've got a bit of an issue with the way the banks go about their business. I still maintain the banks could have electronic transfers of cash from one account to another happen instantaneously (not talking about direct debits), there's no reason for it not happening other than that they get to hold the money for a few days to their benefit. They're pretending that the delays in days of old due to the process of administrating paper transactions still apply.
What transfers are you talking about that take days? I find they take seconds.


Apart from rules that specify how much liquid assets(ie cash) they have to hold at any point in time, there is little they can do with it. They can hardly issue a new 25 year mortgage to somebody using that money.


Even with direct debits and standing orders, the money doesn't leave your account in advance. It's just that the request has to be made in advance.
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Old 11-01-2019, 23:26   #9
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Re: Putting an end to bank text scams.

Quote:
Originally Posted by nomadking View Post
What transfers are you talking about that take days? I find they take seconds.


Apart from rules that specify how much liquid assets(ie cash) they have to hold at any point in time, there is little they can do with it. They can hardly issue a new 25 year mortgage to somebody using that money.

Your first point : For example I transferred some money electronically from one joint bank account to another owned by me and mrs daveeb, it took about four days to take effect.


Your second point : Could you clarify how much cash a bank is allowed to hold ? I would have thought it is adding to their capital and so earning them money. It might only be a relatively small amount but multiplied out by the number of customers doing a similar transaction it becomes significant.
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Old 12-01-2019, 00:32   #10
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Re: Putting an end to bank text scams.

Quote:
Originally Posted by daveeb View Post
Your first point : For example I transferred some money electronically from one joint bank account to another owned by me and mrs daveeb, it took about four days to take effect.


Your second point : Could you clarify how much cash a bank is allowed to hold ? I would have thought it is adding to their capital and so earning them money. It might only be a relatively small amount but multiplied out by the number of customers doing a similar transaction it becomes significant.
It is a percentage of assets. Still not a lot they can do with it because it will still disappear from their control in a very short period.


The transactions in the fraud cases occur instantly. If they took a few days, the fraud wouldn't work as people would quickly figure out something was amiss.


Money Advice service.

Quote:
Payments made using Faster Payments will sometimes be received immediately after leaving your account, but can sometimes take up to 2 hours.
This option is free, available 24 hours a day and typically used in online banking, mobile apps, over the phone or in branch.
...
You could also use:
  • Bacs payments. These take up to three working days to clear. Find out more on the Pay your way website.
  • CHAPS (Clearing House Automated Payment System). Payments will go through on the same day, as long the transfer is made by a certain time. Find out more on the Pay your way website
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Old 12-01-2019, 12:26   #11
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Re: Putting an end to bank text scams.

Good info nk !
I can only assume that our specific banks have a bottleneck somewhere as payments can sometimes take several days. I can (as you say) transfer funds between for example different accounts in the same building society that occur instantly.
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Old 12-01-2019, 16:43   #12
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Re: Putting an end to bank text scams.

Bank transfers should be pretty instant.

I have multiple accounts (with different banks) and all my transfers between them happen within seconds.

They sure as hell should never take days, perhaps you need a new bank.
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Old 12-01-2019, 16:49   #13
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Re: Putting an end to bank text scams.

My bank says upto 2 hours but they're pretty well instant bank to different bank. (Natwest vs HSBC both directions)

Maybe it takes a bit longer to go from bank to Bsoc?
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Old 12-01-2019, 19:50   #14
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Re: Putting an end to bank text scams.

OK thanks all, I might have to get on to the banks involved and ask why one transaction in particular took so long (heero has in fact already mentioned those banks in question).
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