Will you never learn?

I just got across an article from December 5th. It was given to us by the BBC with the headline ‘I had £8,000 stolen but Revolut won’t refund it’ (at https://www.bbc.com/news/business-63796738). When we google Revolut we get all the bells and whistles. No hidden fees, ATM withdrawals in 120 currencies and transfers in 29 currencies directly from the app and it sounds amazing. The fact that most people will never see these countries is beside the point. But what is not beside the point is “as of December 2022 they did not have a UK banking licence” and “it does not reimburse victims of authorised push payment fraud.” And now for the stupid people in the back. A financial institution is not a bank, in this day and age if you are not with a bank, anything goes wrong it is on YOUR dime. It costs you! So when we get back to the BBC article we see “The fraudster said her bank account was under attack, and persuaded her to download some software that allowed him to take control of her computer.” Which is never a good idea to say the least and these fraud attacks tend to go on, and until we get clearance to execute fraudsters you are on your own and not being with a bank you will have nothing to protect you for these events. Financial Institutions wash their hands and come with some kind sounding answer that boils down to ‘Not our problem’ and that is what you face. So when we get that Revolut is an e-money company that offers digital banking services, we see the words, but the important part that they are not a bank is missing. And my idea of using targeted killing against these fraud people (not the fintechies) is not without merit. The BBC (at https://www.bbc.com/news/uk-63736573) gives us ‘Police text 70,000 victims in UK’s biggest anti-fraud operation’, which means that we could keep well over 70,000 people safe by killing these economic terrorists. Yes, they are not merely criminals and we do not care about their age. Just like they did not care about the financial situation they put their victims in. There comes a time when any action is better than the level of inaction we see here. In addition people need to know that places like Revolut is not a bank, they applied a year ago, but they are not at present and the call for reduced fee’s does not hold water, not when you end up with a loss of £8,000, but that is something you see after the fact. 

To be honest, there is another side. There is more and more indications that banks are seemingly not bringing home the bacon in regards to their customers. We saw that in the Guardian when the people were told in June 2022 “UK’s largest banks are no longer “too big to fail” and could foot the bill for their own failures, the Bank of England has said” it does not help people much, but it needs to be clear that you need your savings in a bank, because no matter what you have some protection, with e-money companies, financial institutions and other FINTECH options you have little to no protection, or you are in danger of having no protection and a banking license is pure protection for the bank and its customers. And my so called over reaction? Consider that in this economy a new criminal is born every minute, all hoping for that score. When you start executing the offenders and making sure EVERYONE knows, the wannabe’s might seek other avenues of income, not all of them legal, but avenues that keep them alive. And with 70,000 victims in the balance, I have little problems blowing off a head or two, three, four, five. You get the drill.

We want to be the ones finding a peaceful (non terminal) solution. But the police is losing this war too fast, there are too many victims and the parents do not get to cry that their son (or daughter) was such a good person, not with 70,000 people in the mix and one losing £8,000, and there is clear evidence that this was not the biggest gain. There comes a time when we need to acknowledge that the floodgates are bringing in too much trash and do not worry about where to leave them, Exmoor National Park could shelter well over 1000 cadavers, so there is space to grow.

Worried yet? 
You should be there is too much happening and nowhere near enough being achieved and I am not blaming the Police, they are fighting this war with both hands on their backs and it is time to alter the game a little, enough for some of these criminals to get worried. And the price is decent, 70,000 victims is not nothing, even as we see “as many as 200,000 people in the UK may have been victims of the scam” and to tamper your anger, we are also given “Fraudsters paid between £150 and £5,000 a month in bitcoin to use the iSpoof service, contacting, at times, 20 people a minute. Those behind the service are allegedly earning £3.2m and living “lavish” lifestyles” as such I believe they had their life, time to end it and capture these funds. Whose with me?