Read a summary of this article on FAST.
FAST
Common disputes customers face with financial institutions include having their bank accounts frozen due to fraudulent transactions or not understanding why their insurance claims were rejected. So how can these issues be resolved?
Eunice Chua, CEO of the Financial Industry Disputes Resolution Centre (FIDReC) shares with Andrea Heng how mediation can help.
Here is an excerpt of the conversation:
Eunice Chua, CEO of FIDReC:
So we might ask, "Do you often do online shopping? What are the common sites that you go to? Do you buy things off social media?" And then through these conversations then the customer has this realisation, "Yeah, maybe (around) that time I did click on this link and there was this attractive deal," or "Oh I was playing this game, and there was an internet pop-up, and I just clicked on it."
So actually it is quite scary that we can lose a lot of our information by just clicking on something, and you may not realise it but that has allowed some scammer to view maybe what is on your phone, or to actually be able to gather what you key in on certain websites and so on. So that has led to this sort of compromised credential situation where the customer doesn't know what happened. But from the bank's perspective, "Oh this was proper." There was an OTP keyed in.
Andrea Heng, host:
The (two-factor authentication) was done and all that.
Eunice Chua:
These are both victims.
What FIDReC does is, number one, we try and explore whether it's possible for any goodwill payment. So even though technically the credentials have been keyed in, but perhaps the scam was particularly sophisticated. So perhaps the customer's profile is someone who is more vulnerable. Maybe this person does not often use online banking or online services. Maybe there are some other mitigating factors (such as) certain financial situation or illness.
To be fair to the banks, they do take a broader view of things, rather than just a very technical (approach), "Oh, it is unauthorised." So we do talk through these things, and we try to see whether there can be a goodwill payment.
I just have to be frank about it - it is not 100 per cent recovery. Because often the bank will take the view that it's out of goodwill. It's not that I did anything wrong, and so maybe I will take a portion of this loss or share this loss with you.
(Photo: iStock/MTStock Studio)
Find more episodes of Money Talks here.
A new episode of Money Talks drops every Tuesday. Follow the podcast on Apple or Spotify for the latest updates.
Have a great topic for us? Drop the team an email at cnapodcasts [at] mediacorp.com.sg
Source: CNA/jj
Stay updated with notifications for breaking news and our best stories
Download here
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Join here
Continue reading...
FAST
Common disputes customers face with financial institutions include having their bank accounts frozen due to fraudulent transactions or not understanding why their insurance claims were rejected. So how can these issues be resolved?
Eunice Chua, CEO of the Financial Industry Disputes Resolution Centre (FIDReC) shares with Andrea Heng how mediation can help.
Here is an excerpt of the conversation:
Eunice Chua, CEO of FIDReC:
So we might ask, "Do you often do online shopping? What are the common sites that you go to? Do you buy things off social media?" And then through these conversations then the customer has this realisation, "Yeah, maybe (around) that time I did click on this link and there was this attractive deal," or "Oh I was playing this game, and there was an internet pop-up, and I just clicked on it."
So actually it is quite scary that we can lose a lot of our information by just clicking on something, and you may not realise it but that has allowed some scammer to view maybe what is on your phone, or to actually be able to gather what you key in on certain websites and so on. So that has led to this sort of compromised credential situation where the customer doesn't know what happened. But from the bank's perspective, "Oh this was proper." There was an OTP keyed in.
Andrea Heng, host:
The (two-factor authentication) was done and all that.
Eunice Chua:
These are both victims.
What FIDReC does is, number one, we try and explore whether it's possible for any goodwill payment. So even though technically the credentials have been keyed in, but perhaps the scam was particularly sophisticated. So perhaps the customer's profile is someone who is more vulnerable. Maybe this person does not often use online banking or online services. Maybe there are some other mitigating factors (such as) certain financial situation or illness.
To be fair to the banks, they do take a broader view of things, rather than just a very technical (approach), "Oh, it is unauthorised." So we do talk through these things, and we try to see whether there can be a goodwill payment.
I just have to be frank about it - it is not 100 per cent recovery. Because often the bank will take the view that it's out of goodwill. It's not that I did anything wrong, and so maybe I will take a portion of this loss or share this loss with you.
(Photo: iStock/MTStock Studio)
Find more episodes of Money Talks here.
A new episode of Money Talks drops every Tuesday. Follow the podcast on Apple or Spotify for the latest updates.
Have a great topic for us? Drop the team an email at cnapodcasts [at] mediacorp.com.sg
Source: CNA/jj
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Download here
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Join here
Continue reading...