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Showing results for tags 'fraudulent transaction'.
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CAN MY BANK LEGALLY GO INTO MY ACCOUNT AND TAKE MONEY WITHOUT MY CONSENT??? I recently had £400 transferred into my account from someone also in lloyds tsb, they were paying back money they had loaned from me and it was more convenient to transfer from their account to mine. Once the transfer was complete, they called me to let me know. I checked using phonebanking and sure enough, they had made the transfer and the £400 was in my account. A few days later, i went to draw out cash from the cash machine and there were no funds in my account. Upon checking, i was told by my bank that they had gone into my account and taken the money as the it was claimed the transfer was fraudulent. Basically, the person who made the transfer, made sure i checked that the money was in my account, when they were satisfied i had done this, they simply called lloyds, claimed the transfer was fraudulent and requested the money be put back into their account.....and lloyds did this. When i called them regarding the matter, they told me i had to sort it out with the other person in question...as if it had nothing to do with them. Surely this cant be legal for them to just go into my bank and take money without first contacting me over the matter. Ive looked everywhere for information to say if this is legal or not but cant find anything that gives me a straight answer. Can anyone at all help ??
- 2 replies
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- authorisation
- bank account
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You might have heard/read that the Banks have attempted to have an Academic research paper removed frpm the public domain for claimed 'security reasons'. Each newspaper has taken its own viewpoint, but you might like to look at some of the research yourself and look at the conclusions. http://www.cl.cam.ac.uk/~sjm217/papers/oakland10chipbroken.pdf Of greatest interest is the preamble where Chip & PIN is shown simply to be a tool NOT to assist consumers, but the banks - by replacing a verifiable signature with a PIN code that can be entered by anyone. The background to the implementation of the system is also interesting, in that having been developed more than 10 years ago, it is locked in a time-warp of its designers and not easy upgradable. The banks have been the winners, able to reject claims that as a PIN had been entered, the cardholder is automatically liable because he MUST have disclosed it. The research paper also reveals initial cards (known as 'yes cards' because the card itself would confirm the PIN was correct, without any requirement for a data connection to the card processor) - meaning the goods would be out the door long before a problem with the users account was flagged. Read, Enjoy - but remember this if you need to dispoute a transaction.
- 13 replies
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- card security
- chip & pin
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