April 22, 2019

Online banking mishaps proving more costly

The Financial Ombudsman Service has warned people who make transfers of money via online banking against the potential costs of making mistakes whilst doing so, as this article suggests that more users are being caught out.

The article focuses on the case of Amy Lee, who initially lost £5,500 making a transfer from her HSBC to a Santander account, which was also in her name. Instead, typing in the wrong account number meant that someone else received the money.

Lee commented: ‘I know it was a really, really silly mistake to make, but it was also a very easy one and it has cost me so much money and so much hassle’. The Bristol-based teacher has now got back all but £1,600 of what she lost, and intends to take Santander to court in an attempt to secure the rest.

Allowing for user error and minimising the risk of it occurring is a concept that comes up in computer science studies and should be taken seriously, especially when large amounts of money could potentially be involved. This report does show how easy it can be to lose money online via simple human error; hopefully, however, incidents of this nature will soon become rarer as the public get more familiar with digital banking and the risks involved.

Image credit: Justus Blumer (flickr.com)

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