Are banks doing enough to track down fraudsters?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 11 August 2017

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

Are banks doing everything that they can to track down fraudsters who con you into transferring them money?

They repeatedly tell us that they are, but one man says that’s not true.

He got scammed, took matters into his own hands and got £20,000 back. How did Gideon Roseman do it? He used his experience as a barrister to follow the money.

So, if he can, why don’t we see more banks doing that?

This is Money’s fraud expert Lee Boyce, who has won thousands of pounds back for readers, discusses whether banks are really doing everything they can.

Also on the agenda in this week’s podcast with Simon Lambert and Georgie Frost is the exchange traded fund (ETF) that lets you invest in cows, coffee and gold all in one place (but would you want to?)

And what you need to know about those bargain-priced ‘Cat D’ second-hand cars you see for sale. What does it mean, why is the system changing and are these previously damaged motors worth taking a punt on if the price is right?

If you like the podcast please subscribe, leave us a review, share it, or just tell your friends the old-fashioned way by word-of-mouth. As someone once said, every little helps.

Transcript

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0:00.0	Welcome to This Is Money Show. I'm Georgie Frost and in the studio with me is editor Simon Lambert and Consumer Affairs Editor Leboisst around up the week's top stories they've been covering on their award-winning website.
0:13.4	And this week, Bad Banks are Back. On what is said to be the 10th anniversary of the financial crisis. The boss of bailed out RBS says
0:22.0	victims of fraud should not expect automatic refunds, but a bank's doing enough to track
0:27.3	down the perpetrators. One man says no and took matters into his own hands. Also, I know
0:32.9	we've heard this before, but is this really the last chance to grab a cheap mortgage? Category D vehicles, a car
0:39.4	crash by or a great deal. We also take a look at the 10 best hybrid cars on sale today,
0:44.8	answer the prayers of anyone who's ever dreamt of investing in cows, I mean who hasn't.
0:50.0	Plus, a favourite of pub quizzes up and down the land, I'm taking a run up to this, philatelists,
0:56.2	Hasley's childhood pursuits made him a millionaire.
1:00.0	Spoiler alert, he's in the studio, so it's very doubtful.
1:02.8	All that and plenty more coming up, don't forget, you stay up today with all the latest breaking money news.
1:06.7	Just go to this ismoney.com.uk or download the app.
1:10.1	But first.
1:14.2	A rather arresting front page of the mail this week.
1:22.4	Sure to make the blood boil, I imagine, lads of anyone who's been the victim of bank fraud, me twice in the last nine months.
1:26.4	Indeed, anyone who hasn't, because let's be honest, we are all at increasing risk.
1:27.9	Well, when asked whether bailed out RBS, which owns, of course, Nat West and has 24 million customers, had a duty
1:33.1	of care to victims, well, the boss, Ross McEwen replied, no. It was not the responsibility of banks
1:40.1	when customers give their account details or money to online scammers, he said, and it would be too costly to cover all the losses. Instead, we need to be more careful. But are the banks themselves doing enough? They repeatedly tell us they are. One scammed man says that is simply not true and he had to take matters into his own hands. Lee, the scamman, Boyce, is here. Thankfully, does Mr. McEwen
2:03.5	have a point? What is going on here? Are we just being careless? Is that the issue?
2:08.5	I absolutely, I laughed so much at that. It was just a one line quote and it said, no. It was just
2:15.1	no. There was no explanation to it. It was not unequivocal.
	...

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