cb25
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Post by cb25 on Jul 26, 2019 11:04:03 GMT
We're working with the authorisites to detain the purpotrator suspected of this fraud and recover the funds for lenders. Financial crime is something that affects us all and we take it very seriously. We have evaluated what can be learned from this incident and have already implemented some proceedural changes to help reduce the risk of fraud. We will upadate the affected lenders in due course. Perhaps you could raise some funds to buy a spell-checker 
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Nomad
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Post by Nomad on Jul 26, 2019 11:26:22 GMT
We're working with the authorisites to detain the purpotrator suspected of this fraud and recover the funds for lenders. Financial crime is something that affects us all and we take it very seriously. We have evaluated what can be learned from this incident and have already implemented some proceedural changes to help reduce the risk of fraud. We will upadate the affected lenders in due course. Perhaps you could raise some funds to buy a spell-checker How unprofessional! I have no plans to even look at that platform.
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optimist
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Post by optimist on Jul 27, 2019 12:38:35 GMT
We're working with the authorities to detain the perpetrator suspected of this fraud and recover the funds for lenders. Financial crime is something that affects us all and we take it very seriously. We have evaluated what can be learned from this incident and have already implemented some procedural changes to help reduce the risk of fraud. We will update the affected lenders in due course. Hi Danraj. Thank you for getting back to us regarding your efforts of recovery. It is reassuring to know what is undertaken in recovering debt, whether fraudulent or not. I was wondering whether you have an answer to my previous question: As I understand it, RBS is a provider of an admin service, the admin is the chargeable bit and the rating/appraisal of loans is free. Thus defaults are our responsibility. I am wondering therefore, whether the chargeable service RBS offers includes performing the ID check and thus whether RBS are responsible for doing this effectively?
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09dolphin
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Post by 09dolphin on Jul 27, 2019 19:39:52 GMT
Those providing a "free service" still have a degree of responsibility in preventing fraudulent activity which can affect lenders.
With the information provided it is difficult to know to what degree ReBS have a responsibility. However they will be aware of the potential for fraudulent requests and I would assume they will have taken steps to verify legitimate requests for funds. If the fraudster has, for instance, "hacked" or taken over an email account of the company it is difficult to see what more ReBS could have done. Equally if they have done little or nothing to confirm the identity of the borrower and their relationship to the company they are clearly liable.
Hope this helps
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09dolphin
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Post by 09dolphin on Jul 27, 2019 19:54:51 GMT
As an afterthought. The "introducer" may also have some liability as FS could have relied on their checks to prevent fraud. It depends on what ReBS formally requires from them and this is something we just don't know.
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optimist
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Post by optimist on Jul 28, 2019 15:50:54 GMT
I suspect you're right about liability and would like RBS' official response - I wrote two emails but have had not heard back yet.
Plenty could be done to verify ID
A letter could be posted to the business and home address(s) of the business owner confirming that the loan process is starting. There is another director listed on companies house with a correspondence address. Tricky to hack royal mail to three addresses. The company's chartered accountants are unlikely to be in on a scam for £30K and are likely to be able to verify ID of the company owners - they're listed publicly
A RBS person could visit the business premises, check passports and driving licences, require one or more bank transactions from account(s) in the borrower's name, visit the bank or chartered accountants with the borrower so they confirm ID.
Addresses, telephone numbers, email addresses etc should only come from central sources (company website, company house records etc) never from what's provided by the borrowwer.
RE RBS' liability, Insurance should be taken out to cover liabilities, DD should keep the premiums down. Failing all of the above, outsource it to a company that will take on the liability - I expect a legal firm might do this
Hacked email accounts should not get a look in this isn't a 99p ebay purchase
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Post by zengecko on Aug 14, 2019 5:40:55 GMT
Is there a reason that this loan is not included in the 'Est. Loss' calculation on my dashboard? Seems to me that my net return figure will be overstated as this isn't included.
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Post by danraj on Aug 26, 2019 18:17:08 GMT
Using the data provided, police have identified a suspect. This instance involved a case of ID theft and falsified documents.
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