Banks Blocking Xfers to Probable Off-shore Retail Scammers

Following on from a now closed topic

it appears as with many important aspects of life, our businesses are leading while our government fiddles.

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The Banks are getting the message that they need to do more at their end. They can’t keep paying 1.3 billion dollars of Shareholder’s money because they disregard their CDD and AML obligations.

Westpac agrees to record AUD 1.3bn fine for AML failures - FinTech Futures

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And in case you all think I’m just blowing the horn again on this maybe you can download the following book to your Kindle’s and have a read before we get into another spirited debate.

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Reading the story on this on ITNews, it only covers payments by the bank’s credit and debit cards and some third party ‘wallet’ type facilities . So it is just an extension of CC fraud detection systems the banks have had in place for decades.

Nothing in this about money transfers, and APPs.

I accept that there is plenty of cybercrime in OZ and that it is growing.

However this topic is not about cybercrime in general but whether banks should be responsible for authorised payments made by their customers that go wrong. Before I read a book about it can you tell me if it addresses that particular problem and the issues previously raised in the now closed thread? What are the solutions offered?