Banking fraud or Financial fraud is a huge problem for banks like Welcome. Due to the complete reliance everyone now has on the internet for instantaneous financial transactions the scope of the fraudster is incredible. From petty crime of cloning a single card through to stock market or interest rate manipulation it is all there for the fraudsters to take their pick as the banks try and play catch up.
Fraud and fraud against banking clients has grown considerably over recent years. With the reliance on the internet to run our daily lives it has sadly left us exposed to fraudsters who are able at the push of a few buttons to commit fraud on an unprecedented scale.
Fraudsters in the good old days had to normally show their face in order to commit any form of financial crime. It was rare that they didn’t at some point come into touch with a victim. Whether it was a case of picking someone’s pocket for card details or entering a bank or financial institution like Welcome and pretend not only face to face, but also with forged documents that they were someone else.
Have you lost money in a Welcome account fraud?
Fraudsters had to be extremely clever or incredibly opportunistic and lucky. They had and needed skill to beat the defences of the banks to commit fraud. They needed to have invested time and money, having planned their crime. The banks had many processes in place that were robust and difficult to compromise. The banks largely due the technology several years ago being rudimentary compared to today were a difficult nut to crack and fraud, that was certainly around didn’t affect so many. Banks protected their clients, their financial standing and their money.
Now frauds can happen to large groups individuals by the mere click of a button. The banks have lapped up the cost savings that technology has introduced but still rely on historic client protection which is woefully inadequate. In fact the banks and financial firms have adopted their normal sloped shoulder strategy to deal with clients frauds. Deflecting the problem and the loss back to the client. This is wrong, where they exploit their size and power to obtain monetary advantage by not doing what is right and resolving claims for fraud by refunding monies. More importantly they should be combating this financial crime. Sadly there is no evidence to suggest they are winning this battle. With criminals being able to manipulate huge numbers of potential victims in one go without being checked it is hard to see how banks will indeed catch up.
Card fraud is still an enormous problem and is growing as the requirement to sign for payment as identification is all but consigned to the history books. Even PIN numbers seems to becoming ‘old skool’. So not only is it harder to track our own finances by the very nature of how we conduct it, via contactless mediums or without paper, it is more difficult to establish and confirm transactions, as how do we prove it wasn’t us!
The answer is the banks and financial firms like Welcome are responsible for protecting clients. There are rules established to protect clients of firms which the banks seem to have forgotten, turned a blind eye or arrogantly rule against. If you have been a victim of any form of bank fraud we can certainly look at helping. We have and will represent clients to obtain to the refund of monies taken from them as a result of fraud all on a no win no fee basis.