Despicable UK Banks Want to Hold Fraud Victims Liable

Despicable UK Banks Want to Hold Fraud Victims Liable

Editor: Vladimir Bajic | Tactical Investor

The following article makes for a compelling read and so I thought I would highlight an excerpt of this article before getting to the story at hand:

” Greed and recklessness continue to govern the markets; nothing was learned from the 2008 financial crisis. Hence, history is destined to repeat itself and this might occur a lot faster than most anticipate.  Fitch states that Subprime Auto bond delinquencies are at a 20 year  high. The number of individuals who are more than 60 days late on their auto payments surged 11.6% year over year; this brings the current delinquency rate to 5.16%.  During the financial crisis of 2008, the delinquency rate peaked off at 5.04% according to fitch.    Next subprime Crisis: Auto Bond delinquencies


This Video Illustrates that the new chip and Pin system is highly vulnerable and because banks deem it to be full proof, so those whose accounts are compromised will have no recourse.

Victims of bank fraud may have to foot the bill themselves, under proposals being discussed in Whitehall.

Banks, police and mandarins are in secret talks over rules that would hold customers responsible if a fraudster raids their account.Victims would be told it is their fault if their computer software is out of date, they use the same password for several online accounts – or if they are tricked by con artists into giving details.

Currently, banks are supposed to cover all fraud losses unless they have proof the customer was ‘grossly negligent’. The new rules could prevent vast numbers of victims claiming a refund.

Last night experts branded the proposal a scandal. Marc Gander, founder of the Consumer Action Group, said: ‘The City regulator has been very clear that banks must compensate customers who fall victim to fraud if it was not their fault.  Full Story


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