A Proposal from SCARS to Reduce Bank Wire/Money Transfer Fraud
By SCARS Editorial Team – Society of Citizens Against Relationship Scams Inc.
A Proposal To Reduce App Fraud In The Banking Industry
SCARS introduces a new proposal for the banking industry to help stop Wire Transfer Fraud/Scams (Authorized Push Payment Fraud) at the point of contact.
Almost all deterrents and education programs have failed to stop victims from sending money to criminals. Something more is needed. In the UK the bank employees call the local police to talk with victims and this has proven very effective, but that will not work in the United States. This proposal, we believe, addresses all the issues in a process already compliant with U.S. law.
Scammers employ sophisticated psychological tactics to manipulate and deceive and control their victims. They exploit the victim’s emotions and trust to coerce victims into taking immediate action, like making a bank wire transfer. By preying on vulnerabilities and using these very effective psychological techniques, scammers can override rational thinking and cloud judgment, causing victims to act against their self-interest. Recognizing the deep level of manipulation and control that victims are under, means that whatever the solution it must factor in victim psychology.
According to Dr. McGuinness, Managing Director of SCARS: “We surveyed a thousand victims to explore options that would have stopped them from sending money. We found that using fear of legal consequences was the most effective of the alternatives.” He added “by creating an intervention process based upon the idea of telling them the true consequences of what could happen, that it has the potential to stop the victims from sending their money to the criminals. While this is not a warm and fuzzy approach, this would be effective because it completely strips away the manipulation in most cases by its very bluntness!”
We looked for something that could be done both in the physical branch and even online. This proposal is the solution we found.
Here is our SCARS proposal for something that could be implemented quickly at very low cost, which in our experience with millions of scam victims, we believe will be effective in U.S. financial institutions.
To view the proposal: Banking Industry Proposal (againstscams.org)
-/ 30 /-
What do you think about this?
Please share your thoughts in a comment below!
More ScamsNOW.com Articles
SCARS LINKS: AgainstScams.org RomanceScamsNOW.com ContraEstafas.org ScammerPhotos.com Anyscam.com ScamsNOW.com
reporting.AgainstScams.org support.AgainstScams.org membership.AgainstScams.org donate.AgainstScams.org shop.AgainstScams.org
youtube.AgainstScams.org linkedin.AgainstScams.org facebook.AgainstScams.org
Leave A Comment