The increase in cases of Fraud in the UK is always a cause for concern. Some in society will always look to try and separate us from our hard-earned money and they will try increasingly ingenious ways to do it. One of the most common types is money laundering. This is when ill-gotten gains from theft either of property that has been “fenced” for the cash, or directly out of someone’s account, are then put back into a legitimate account to make the money look “clean”. To combat this banks and financial institutions employ AML ID VERIFICATION from the likes of https://www.w2globaldata.com/an-idiots-guide-to-aml-kyc-id-verification.
In the past, simpler security systems meant that fraud was also easy to do. However, access to bank accounts was also limited to passbooks and withdrawal of money meant that you had to physically go into the branch to get it out. Counter staff knew their customers so they began to recognise people and patterns of behaviour.
The use of email and fake phone calls, with fraudsters posing as someone from the HMRC or our Bank, has meant that we have to be on our guard at all times. The rules to remember are very straightforward. Don’t give out bank account details unless you have called the bank yourself. Staff are trained to give you time and they should never rush you or demand payment there and then. Finally, if the offer seems too good to be true then it probably is.