also a Panorama episode, which is on iPlayer already (and on old-fashioned telly tonight or tomorrow depending on where you are in the UK):
Literally received a phishing email from a scammer claiming to be Revolut in the last hour!
Didnāt they let the fraudsters sign in on another device without a selfie video - something which has since been fixed?
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Not sure whey the bbc are calling Monzo a e money account.
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They probably think itās still a top-up payment card. A lot of people think that.
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Revolut states that they take fraud āincredibly seriouslyā and have invested heavily in fraud detection and prevention. Not sure how much truth is in their statement.
do they? They correctly refer to Revolut as that, and make it clear that they donāt yet have a banking licence, but Iām pretty sure that in the programme Monzo is referred to as a bank.
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This can be true; they have; and it is effective.
But people being negligent and giving sensitive details away, passcodes etc and a passage into their accounts; thereās only so much a bank can do: the rest is on the customer.
Society is negligent because they expect money back without consideration to their own mistakes. No accountability for their actions and itāll never change until all banks just stop saying no.
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They might but youād expect the BBC to get it correctā¦
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Thereās a balance to be struckā¦ if you blame the customer entirely, there is no incentive for the banks to improve systems. If you blame the bank entirely, thereās no incentive for the customer to look after their own money.
Iām actually not sure that banks saying ānoā would stop this completely. Lots of fraud succeeds because customers are caught at vulnerable moments (in this particular case, she was alone in her office, and tired the morning after she ran an ultramarathon). Indeed, if you make customers completely responsible for their losses, youāre likely to create a state of anxiety that would itself leave them vulnerable to being exploited. Also, if you look elsewhere, at road accidents for examples, we all know about the risk of death and injury, but people still crash cars, speed, donāt wear seatbelts, text and drive, drink and drive, etc every day. Clearly, these risks arenāt enough to stop bad driving, and I donāt think the occasional person losing their life savings would make everyone suddenly wake up to fraud.
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Do you remember during Covid they had to put up signs on how to wash your hands properly? People are idiots
I can only assume that the BBC wants the bank to design their fraud prevention systems to cater for the most stupid idiot at the cost of everyone else
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Itās very easy to scoff at how stupid scam victims are. But the scams are quite sophisticated, and caught on a bad day a lot of sensible and intelligent people can find themselves the victim.
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I donāt deny that - but the case in the BBC is an idiot with a few details left out to make him look smarter and Revolut look vulnerable
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Someone created a new thread but that was merged into this
Canāt wait to pay more taxes aka shafted.
What?! Five whole percent? Is that what crowdfunders will pay?
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Apparently the success fee only applies on investments made on, or after 1st April 2021. So I assume that misses all the Monzo rounds.
They must have seen all the cash about to be made by Revolut and Monzo crowdfunders and thought - we should be entitled to some of that!
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Yeah. The attraction to invest and try to make more money with money you have already earned is about to dramatically reduce with cap gains tax rate. Why take the risk anymore? Assumr it will hit crowdcube (and the economy) hard
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Doubt it will hit the economy, as only a small percentage of shares are owned by individuals and some of those are likely held for dividends more than growth. EIS, SEIS and investment ISAs will still exist too (we assume).
It does hit non-EIS crowdfunding in particular, but thatās a fairly minor issue in the context of the economy