Bank Transactions Should be Delayed to Protect the Vulnerable, Says Report

By Gary Cutlack on at

An organisation looking at ways to reduce banking fraud -- particularly among elderly and vulnerable groups -- says there should be an option to enforce a delay on the processing of all large transactions, with the mooted system including a notification being sent to an elected carer of family member to make sure that grandad really was trying to transfer £10,000 into an online casino wallet.

The idea comes from the Chartered Trading Standards Institute, which says banks should try a bit harder to stop people with conditions like dementia from making poor choices unaided, with such a system of delays also helping lessen the potential for such folk to be defrauded by the sort of scumbags who would do such a thing.

As well as enforcing a processing delay, the CTSI says there should be a much clearer opt-in process for allowing the sharing of data -- and permission to do so should expire every 12 months -- to stop those with a history of fraud from being shopped around on aggregated lists of people likely to fall for future rip-offs.

CTSO boss Leon Livermore said: "We believe that banks and charitable organisations can do more without the need for legislation and that these relatively straightforward asks would lead to a dramatic reduction in detriment." [BBC]

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