The general cost of financial fraud.

[413x]

It's always eye opening when on a tech forum people are falling foul of what should really be clear scams.

I now see more and more warnings making BTs via my bank about fraud.

I see people
-on Facebook groups saying "I've bought this from scamsite.com, is it legit"
-ebay sales on accounts with a seller often with "-0" on thier name with 0 feedback, 20 identical High value items with generic pics all selling.
-people wiring money to strangers for goods to be posted despite it being, what I thought was, common knowledge 'only pay in cash on delivery.


As someone who is fairly saavy to this stuff I accept not everyone is the same. But it seems like education really doesn't sink in. And people cannot resist a "bargain".


Banks seem pretty good at covering people. But is this a problem in itself? No risk?

For example PayPal, they basically cover anything, and I'm sure the scammers successfully take this money and it cannot be collected by PayPal.



So what is the cost? And will. Purchase protection be diluted? Surely these costs cannot grow indefinitely?
These costs are. Obviously passed onto us, much like insurance premiums for cars etc.



Can nothing be done to stem the tide?
At what point does it become crippling to the likes of PayPal?
Or can banks huge profits and paypal's fees continue to swallow this?


(this thread may have been triggered by another recent thread .)

 

[413x]

I've seen afew on TV lately when parents get distressing wattsapp messages that their sons daughters are in trouble ,need money urgently, scam follows

My mum got a text from 'her son' (a fraudster trying his luck)

Read something like.
"it's your son I need some cash, this is my new number"


My poor mum isn't in a good way and nearly fell for it.
Unfortunately she didn't think to message my number and check. She said 'is this alex'. Obviously now he knew she had a son. And my name.


The scam continued wanting a few thousand .luckily I have never asked for money and she checked with my step dad. Step dad knew it was a scam. But he didn't fully understand. He thought "my number was hacked".


I had to explain it was likely just a scammer trying numbers and waiting for bites. It was nothing to do with my number. He had either guessed my mums or found it on a dark Web database.


Had she been on her own, or I had asked for money before she may have sent it.

He had an extended conversation with my mum apparently.

 

[413x]

Facebook allow so many scam ads. It's kind of disgusting.

You can report all day long but nothing happens. They should be liable for people paying on them.

The word "sponsored" does add legitimacy. I don't fully understand why it isn't dealt with. I know FB makes good cash from them. Which should be the opposite

 

[413x]

I work for one of the biggest banks in the world on the credit card fraud and chargebacks team.

Can confirm most people are just incredibly reckless with their money. I think they believe that no matter what they do with their credit card that they will be reimbursed. Most of the time that is not true.

I think a lot of it boils down to greed, the amount of disputes i get where they think they are getting a bargain and the websites they order top end items from for just over a tenner "What a great deal i thought" are atrocious. I am literally puzzled as to how they get sucked in.

Indeed it is down to the individual to take responsibility for themselves. Certainly not the banks or government or big social ID etc garbage.

This was my feeling too.

I am in the lego fans group on Facebook. Its several times a week you will see people saying

"is this legit".

Dodgy url
Price 90 percent cheaper than rrp
Others telling them its a scam

"I've bought it, if it goes wrong I can get a chargeback"


It's a guaranteed scam. But no risk to the buyer.