NatWest lets customers set own limit for online transfers - The ...

It hoped that this extra step would give customers a chance to consider why they were being asked to transfer a large sum of money. SkiptomaincontentSkiptonavigationAdvertisementNewsOpinionSportCultureLifestyleShowMoreShowMoreNewsWorldnewsUKnewsCoronavirusClimatecrisisEnvironmentScienceGlobaldevelopmentFootballTechBusinessObituariesOpinionTheGuardianviewColumnistsCartoonsOpinionvideosLettersSportFootballCricketRugbyunionTennisCyclingF1GolfUSsportsCultureBooksMusicTV&radioArt&designFilmGamesClassicalStageLifestyleFashionFoodRecipesLove&sexHealth&fitnessHome&gardenWomenMenFamilyTravelMoneyMakeacontributionSubscribeSearchjobsHolidaysDigitalArchiveGuardianPuzzlesappGuardiancontentlicensingsiteTheGuardianappVideoPodcastsPicturesNewslettersToday'spaperInsidetheGuardianTheObserverGuardianWeeklyCrosswordsSearchjobsHolidaysDigitalArchiveGuardianPuzzlesappGuardiancontentlicensingsiteBusinessEconomicsBankingMoneyMarketsProjectSyndicateB2BRetailNatWestGroupThisarticleismorethan7monthsoldNatWestletscustomerssetownlimitforonlinetransfersThisarticleismorethan7monthsoldDefaultlimitwillbecutto£5,000adayinattempttostoppandemic-fuelledriseinpaymentscamsCustomerswillbeabletochoosetoraiseorlowerthedailylimitPhotograph:HannahMckay/EPACustomerswillbeabletochoosetoraiseorlowerthedailylimitPhotograph:HannahMckay/EPAHilaryOsborneThu13May202117.53BSTLastmodifiedonThu13May202122.32BSTNatWestcustomerswillbeabletosettheirownlimitonhowmuchcanbetransferredfromtheirbankaccountonlineinamovedesignedtoprotectthemfromfallingvictimtoscams.Thebankistocutthedefaultlimitononlinetransfersfrom£20,000to£5,000adayformostaccountholders,butwillletthemdecideiftheywanttosetithigherorlower.TheCovidpandemichasfuelledfraudwithagenciesincludingthepoliceandtradingstandardswarningagainstarangeofscamsdesignedtogetholdofaccountholders’detailsorpersuadethemtotransfercashbetweenaccounts.AccordingtothebankingindustrytradebodyUKFinance,£479mwaslostin2020toauthorisedpushpaymentfraud,whereindividualsareconvincedtomovemoneyintocriminals’accounts.Thefigure,whichwas5%higherthanthepreviousyear,represented38%oftotallossestofraud,secondonlytocreditanddebitcardpaymentfraud.NatWestsaiditscustomerswouldbeabletogoonlineandsettheirownmaximumdailytransferlimit,whichcouldbeincreasedordecreasedwhenneeded.Itsaidthatas95%ofpersonalcustomershadnevermadeapaymentofmorethan£5,000,itwasreducingthedailylimittothatlevelasadefault.Thosewhohavemadelargertransfersinthepastwillkeepthecurrent£20,000limitunlesstheychooseotherwise.Althoughthelimitcanbemovedupagainatanytimeatthecustomer’srequest,thebanksaidthattheaccountholderwouldneedtogobackonlineandtouseoneofitscardreaderstodoso.Ithopedthatthisextrastepwouldgivecustomersachancetoconsiderwhytheywerebeingaskedtotransferalargesumofmoney.Thelimitwillonlyapplytodigitalpayments,butitsaidtherewereothersafeguardsinplaceforwhencustomerswantedtotransfermoneybyphoneorinabranch.JonathanLeslie,fraudpreventionmanageratNatWest,said:“Forthefirsttimecustomersarebeinggiventheabilitytosetapaymentlimitmostsuitabletotheirneedswhichinturnwillhelptoprotectthemfromthelifechangingimpactsoffraudandscams.”TheGuardianhasreportedonalargenumberofscamsinvolvingbanktransfers.Insomecasescustomersbelievedthattheyweremovingthemoneytosolicitorsorotherfirmswhoseemailshadbeenhacked,butinotherstheyhadbeencalledbyfraudsterspretendingtosellinvestments,orimpersonatingabank’sfrauddepartmentandaskingthemtotransfermoneytoasafeplace.Thelaunchofaconfirmationofpayeesystemwasdesignedtoreducetransferfraud,bycheckingthatthenameonareceivingaccountmatchestheonegiventothepersonmakingthetransfer.Butnotallbanksareofferingtheservicecurrently.TopicsNatWestGroupBankingScamsConsumeraffairsnewsReusethiscontentBusinessEconomicsBankingMoneyMarketsProjectSyndicateB2BRetail