Follow the money: Are bank scammers about to be stopped in their tracks?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 16 November 2018

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This is Money has relentlessly campaigned to fight online fraud – and in a major victory, Britain's biggest banks are now trialling a new system to trace stolen money. Is the end nigh for scammers?

Editor Simon Lambert and host Georgie Frost talk about bank fraud and our long-running campaign to help protect our readers from the growing crime.

We also talk through new rules to come in early next year that will spell out exactly what banks have to do to help prevent customers falling victim of bank transfer scams and why we launched our Beat the Scammers section in 2016.

Elsewhere, if you are in the market for a credit card, one of the more eye catching is Virgin Money's offering which could get you a trip to New York with its new bumper sign-up offer – but what's the catch?

We also run the rule over Vanadium, the metal which has seen its price soar substantially in recent year.

We also talk about the property market and how estate agents – especially across London and the South East - have come under pressure since the Brexit vote, which has triggered a considerable slowdown. This has seen Foxtons announcing branch closures this week.

And rather than the gloom and doom predictions of a potential house price crash, Simon asks: are house prices preparing to go on something of a run?

Transcript

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0:00.0	Welcome to This Is Money podcast in partnership with NS&I. I'm your host Georgie Frost and alongside me today is editor Simon Lambert.
0:08.6	And coming up, a major victory for This Is Money in the fight against online fraud.
0:13.5	As Britain's biggest banks trial a new system to trace stolen money, is the NNI for scammers?
0:19.5	Also, as we come up to peak seasonal shopping madness,
0:22.9	now is a busy time for credit card applications, but have we just seen the most generous
0:27.5	sign-up bonus in years? No, it's not a tranquiliser, so what is vanadium, and why is it such a
0:33.7	hot topic for investors? And as London-focused estate agents increasingly feel the impact
0:39.1	of a slowdown, Simon asks, rather contrarily, does the 18-year property cycle predict the next
0:45.2	move for house prices is a boom? Don't forget, you start up to date with all the latest
0:49.5	breaking money news, just go to this ismoney.com.uk or download the app.
0:59.0	This is Money, brought to you in partnership with Ennis and I. For a gift your little ones will appreciate even when they're not so little. Give them premium bonds at ns and I.com.
1:04.0	But first, This Is Money is famous for its campaigning work on behalf of readers. Most recently, as you will have heard in our podcast, it was parking sharks and parents losing out on state pensions.
1:14.2	But back in 2016, Simon and the team launched their Stop the Bank scammers campaign.
1:19.8	And this week, we got something of a victory for the thousands tricked into transferring cash online to fraudsters.
1:26.2	Britain's biggest banks announced this week that they're trialling a new system,
1:29.6	which allows them to see where this money ends up.
1:32.6	They can therefore act quickly to freeze it,
1:35.2	so victims should have a far greater chance of getting it back.
1:38.3	It doesn't stop there, though.
1:39.6	Banks are also working with telecoms giants on a new system
1:42.8	to stop scam text messages getting through.
1:45.8	And we're expecting new rules to come in early next year
	...

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