Corona Virus - the financial fallout
Money Box
BBC
4.2 • 825 Ratings
🗓️ 14 March 2020
⏱️ 32 minutes
🧾️ Download transcript
Summary
The financial fallout from the Corona Virus pandemic. Making sense of the help available.
And the Chief Financial Ombudsman, Caroline Wayman, tells us that the banks warnings are not good enough and that they need to do much to stop people becoming victims of so-called "push payment fraud". We report on a "never seen before" fraud that lead to a ninety-one year old losing his life's savings. The criminals used the victim's driving licence to set up an account in his name, but under their control. They stole £90,000 over five months. When he became suspicious he contacted his bank but they refused to refund him.
Presenter: Paul Lewis Reporter: Dan Whitworth Researcher: Darin Graham Producer: Alex Lewis Editor: Emma Rippon
Transcript
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| 0:47.3 | Hello, in this Moneybox podcast, we look at the financial fallout from the coronavirus pandemic. |
| 0:51.8 | What cash help might there be and how will your creditors react if you can't pay your bills? |
| 0:54.8 | And we have more on a story from last week's podcast about the nine-year-old girl who spent £3,000 of her dad's money, making gifts to so-called |
| 1:01.1 | celebrities on TikTok. But before that, we start with 91-year-old Moneybox listener John. He |
| 1:07.6 | had his life savings of £90,000 stolen over five months by thieves who pretended they |
| 1:13.2 | were investing his money. His bank, Santander, allowed five large payments to be made starting in May |
| 1:19.5 | last year. When John became worried he might have been the victim of a fraud, he contacted |
| 1:24.6 | Santander. I think I felt slightly numb, you know, this can't be happening to me. |
| 1:29.2 | Pretty distressed. |
| 1:31.1 | I contacted the bank on the same day as I had contacted the FCA right away. |
| 1:38.2 | This is from the fraud investigator, and I gave the details. |
| 1:42.9 | She said, well, I'm sorry, I have to tell you, |
| 1:47.3 | I don't seem much prospect of getting any money back. |
| 1:51.5 | Then I got a letter. |
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