Banks not liable in most vishing fraud, says Ombudsman

[Conniff]

People who are the victims of so-called "vishing" scams cannot always rely on their bank to compensate them, a study has suggested.

 

In nearly two-thirds of cases the Financial Ombudsman Service (FOS) found that banks were not responsible for victims' losses.

 

It looked at 200 examples of the telephone fraud, in which account holders lost up to £100,000 each.

 

But it ruled that the bank was liable for those losses in only 37% of cases.

 

In 63% of them, consumers were left without compensation, having, in effect, given their own money away.

 

As a result it is warning that account holders need to be much more aware of the risks.

 

"We really want to share what we are seeing in the complaints we handle, and encourage people to get talking about scams with their friends and relatives so they become more alert to the risks," said Caroline Wayman, the chief ombudsman.

 

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[Conniff]

I can't see how this can ever bee the banks fault. Yes, a sudden transfer of money from your account when you havent' done so before might be suspicious, but it does happen.

 

What happens if you make a legitimate transfer but lose what the transfer was for because the bank didn't make the transfer and it took a few days to contact you so the other party pulled out as an immediate transfer was required. There would be whinging at the banks for that.

[Old Cogger]

Banks should stop any large transfers, mine did when a pretty large (to me large amount) was credited to my account and I tried to purchase a £1,000+ item they stepped in to check security with me. so it can be done!!!!!!!!!!!!!!!!

[Conniff]

Banks should stop any large transfers, mine did when a pretty large (to me large amount) was credited to my account and I tried to purchase a £1,000+ item they stepped in to check security with me. so it can be done!!!!!!!!!!!!!!!!

 

Yes, but if immediate payment was required for that £1,000+ item but the bank stopped the payment while they checked with you, you would have lost that item.

[mikeymack2002]

Account holders can always ask for a security protocol that if a large sum (figure) is subject to withdrawal then they can call the account holder... Used it for years...