Reply to post: No balance

RSA: Fraud may double as 2017 Oz snap bank transfers cut safety nets

Sirius Lee

No balance

This a doom and gloom article. Where is the balance? The instant payments are intended to foster innovation, better use of capital but there is no mention of the scale of the benefits. Have there been no benefits in the UK? Sure there have. How many parents have help the last minute calls by their progeny to lend them funds to avoid overdraft payments? Just a very small example. Or holding on to assets rather than let banks retain them longer than is necessary 'to combat fraud'.

Even at it's peak 2014 (and bearing in mind the figures are for the *whole* of the UK banking sector) the fraud amounts to GBP60m. A drop in a vast ocean of profits never mind revenue. The actuaries are not going to be worried about 'spikes' like this when they've got losses associated with regular business practices like (mis)selling PPE insurance and libor to be concerned about.

Also, over this time frame banks will have been exposed to other means to defraud them like glaring holes in fundamental software components. Any word on how much of the recent fraud is due to these issues. The article doesn't even suggest such issues may even exist let alone contribute to the problem. No, everything is due to NPP.

So I'm not at all clear what the purpose of this post is. Just a bleat from some with a grudge maybe?

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