Scam Special: Game Changing New Fraud Rules

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 2 November 2024

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

In a special programme broadcast live from the Atrium in Quay House at MediaCityUK, Paul Lewis discusses a momentous change in the way banks treat customers who have money stolen from their bank accounts by what is called Authorised Push Payment Fraud.

In 2023 a record number of people lost hundreds of millions of pounds to thieves who tricked them, manipulated them and then drained their bank accounts.

On October 7th new rules will come into force which mean nearly all transfers will be covered, so that victims will be refunded in the vast majority of cases up to a limit of £85,000.

Money Box gets hundreds of emails from people who've lost money to scams and frauds and this will be life changing for those who find themselves a victim of this kind of crime.

To mark this change, the team will be joined by a panel of experts and people who've lost thousands of pounds in these sort of scams.

Presenter: Paul Lewis Reporter: Dan Whitworth Researchers: Catherine Lund and Jo Krasner Studio Producer: Sarah Rogers Studio Managers: Pete Smith, Matthew Dempsey and Cameron Ward Editor: Jess Quayle

(First broadcast 12pm Saturday 5th October 2024)

Transcript

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0:00.0	You are about to listen to a BBC podcast and I'd like to tell you a bit about what goes into making one.
0:06.5	I'm Sadata Sese, an assistant commissioner of podcasts for BBC Sounds.
0:11.2	I pull a lot of levers to support a diverse range of podcasts on all sorts of subjects,
0:16.0	relationships, identity, comedy, even one that mixes poetry, music and inner city life.
0:22.4	So one day I'll be helping host develop their ideas, the next fact-checking, a feature,
0:28.3	and the next looking at how a podcast connects with its audience, and maybe that's you.
0:33.6	So if you like this podcast, check out some others on BBC Sounds.
0:39.5	BBC Sounds, music, radio podcasts.
0:43.6	Hello, welcome to this special Moneybox podcast. I say that because it's being recorded live in the glass atrium of Key House at Media City, UK, the home of the BBC in the Northwest. And I can look up five
0:56.2	stories and see, yes, blue sky. And that suits our mood because we're here with all our guests
1:01.9	and the whole team just two days before a momentous change in the way banks treat customers
1:07.0	who have money stolen from their accounts by what's called authorised push payment fraud.
1:12.3	And for once, it's good news. So our whole podcast is dedicated to what that change will mean
1:17.6	and how it will work when it begins on October the 7th. Push payment frauds a big business.
1:23.6	UK finance, the bank's trade body, says in 2023, a record 23,000 people had nearly £460 million stolen by thieves,
1:35.1	who used what I often call psychological warfare to trick people into believing their money is at risk,
1:42.3	promising to protect it, and then, of course,
1:45.3	nick in it. Until now, some banks have been reluctant to reimburse all their victims for all
1:50.8	their losses, but from Monday, October the 7th, new rules should mean almost all victims will
1:57.0	get almost all their money back, usually, within a week. Moneybbox gets hundreds of emails from people who've had money stolen this way,
2:04.2	and it's not just money they lose.
2:05.9	They're robbed of their peace of mind, their self-confidence, even their mental health.
	...

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