Reply to post: Refunds hide fundamentally insecure system

Met police commissioner: Fraud victims should not be refunded by banks

Dr Paul Taylor

Refunds hide fundamentally insecure system

The reason why banks refund fraudulent payments is that it draws attention away from the fact that the system is fundamentally moronic in its design and cannot possibly be secure.

In a secure system, customers would initiate payments (cash or BACS) instead of giving payees the authority to take money off them (16-digit numbers, Direct Debit or, craziest of all, "contactless").

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