Very Sad - But Should The Bank Pay?

[barry1010]

I loathe all forms and conartists and scammers, preying on the weak, gullible and sometimes, greedy. I feel for the man and his wife in this article, but should the bank pay?

If someone hands over hard cash to a scammer, it is gone for ever.

https://www.dailymail.co.uk/money/experts/article-11005797/SALLY-SORTS-lost-52-000-Bitcoin-scam.html

[FatticusInch]

No, they should not.
The people in the story are in their late 70’s/early 80’s, why go dabbling in crypto currency at their time of life?
The bank can’t legislate for stupidity so in my mind they’re not culpable.

[Ken4155]

No, the bank shouldn't pay - not even the half they have promised to do.
They contacted this gent and advised him not to send anymore money unless he was sure it was genuine. The guy ignored their warning and continued to send the scammers more money. Greed. Got what he deserved.

[New Judge]

Agreed.

If the bank meets this loss it will be met by their other customers and shareholders. If I was one of those I would not be too happy. This was utter stupidity on the part of the two victims.

[Peter Pedant]

I get scam calls at least once a day!

he 'applied' to Wise, which is authorised and had come across a scammer pretending to be Wizzy, on a look a like site, and the fella wazzed off with the lu-lu

"push" because Wise ( well they would, wouldnt they) said they cdnt find any contact from him...( hence he must have done initiaited)

cautionary tale we can all learn from - Banks are quite good at intervening with sudden large transfers

[barry1010]

I think it encourages reckless behaviour, believing the banks will repay your money if it goes belly up.

I made a bank transfer to a new payee yesterday and had at least two warnings about scams and had to confirm I was sure I wanted to go ahead - the payment was for £13. What more can a bank do? The final warning took up the screen, was in large letters and very clear.

[Redhelen72]

I agree the bank should not pay.
I have to jump through hoops to transfer money - even to myself in another bank!

[naomi24]

//I have to jump through hoops to transfer money - even to myself in another bank! //

Me too.

No, the bank shouldn't pay.

[Redhelen72]

I don't know about others but there are warnings everywhere about scammers and I know we often tell our elderly relatives about scammers too - if its kosher they will happily put it in writing for you.

[ToraToraTora]

No I don't think so, like all scams it relies on the greed of the mark, this is no different. I would not invest in something I don't understand. I do understand Crypto and I still give it a wide berth. This one is almost certainly just a ponzi scheme anyway nothing to do with Crypto.

[pimplyteen]

2 pensions coming in every month, and 50k in saving at their time of life and looking to make more. stupid!

[Smowball]

Completely agree! Like PP I get endless scam phone calls and emails, and like Barry I also made a payment to a new payee yesterday - it was only £23 - yet my bank sent me at least 3 security checks before it authorised it.