In the meantime, thousands of people have seen their financial lives shattered by frauds, or simple human error, that could so easily have been avoided. I wrote a Guardian news story titled “Banks act to stop transfer scams and errors”, which detailed the radical change banks are taking to tackle “ballooning fraud” and “fat finger” problems. Three years on, the banks are saying the change is now going to take effect by the end of March this year. So what is this simple step that the banks were talking about three years ago, but which is still “coming soon”? In reality, the sort code and account name belong to the fraudster, and the bank never matches it against the Blodgetts’.

Source: The Guardian January 25, 2020 06:56 UTC