Comments on: Residents Lose Over $1.2M Due To Scam

By: Hilarious

Hilarious — Sat, 30 Nov 2024 00:03:14 +0000

OK, fair enough. Let me hold on to your money since banks obviously hold no water with you.

By: Joe Bloggs

Joe Bloggs — Fri, 29 Nov 2024 17:32:09 +0000

“banks are supposed to protect your money. Do you agree or disagree?”

I do not agree. Banks are supposed comply with the agreement between banker and customer. There may be local laws that affect that contractual relationship, but the fundamental basis of the relationship is contractual, not fiduciary or statutory.

By: Hilarious

Hilarious — Fri, 29 Nov 2024 16:33:36 +0000

Oh, my bad use of words people would easily understand. It applies worldwide in the banking industry. It is sometimes umbrellaed under a duty of care plus anti-fraud measures. Bottom line: banks are supposed to protect your money. Do you agree or disagree? Specific reasons, thank you.

If not, why require passwords to sign on and access your account?
If not, why require ID and your signature to withdraw money in person?
If not, why require ID and your signature to deposit money into your account in person?
If not, why do banks perform cybersecurity audits?
If not, why do banks keep money in a vault?
If not, why do banks have security cameras and locks on doors?
etc, etc, etc.

Now, tell me why I am wrong in detail. Thank you.

By: Joe Bloggs

Joe Bloggs — Fri, 29 Nov 2024 14:30:03 +0000

“Banks have a fiduciary responsibility to protect your money.”

Not in Bermuda. The idea that banks are fiduciaries of their customers is an American concept. It does not apply outside of America.

By: Hilarious

Hilarious — Fri, 29 Nov 2024 13:05:32 +0000

What security have the banks put in place to reduce the risk of this happening? Something simple, like instantly freezing a transaction if a transfer request is made to an overseas account you have never transferred money to before. Or if the transfer is going to a country on a blacklist. Then, CALLING the account holder! YES, CALLING the account holder!!! Banks have a fiduciary responsibility to protect your money. Will the banks issue credits for all the processing fees and taxes from the fraudulent transfers? (sarcasm)

Blacklist (Not Raymond “Red” Reddington’s Blacklist)
Top 10 Scamming Countries in the World + The Global Terrorism Index + State Sponsors of Terrorism + The Ministry of Legal Affairs Financial Sanctions Implementation Unit (FSIU) Bermuda Sanctions Regime List 2021

1. Afghanistan 2. Indonesia 3. Russia
4. Bosnia and Herzegovina 5. Iraq 6. Somalia
7. Brazil 8. Lebanon 9. South Sudan
10. Burundi 11. Libya 12. Sudan
13. Central African Republic 14. Mali 15. Syria
16. China 17. Myanmar 18. Tunisia
19. Crimea and Sevastopol 20. Nicaragua 21. Turkey
22. Cuba 23. Nigeria 24. Ukraine
25. Democratic People’s Republic of Korea (North Korea) 26. Pakistan 27. Venezuela
28. Democratic Republic of the Congo 29. Philippines 30. Yemen
31. Egypt 32. Republic of Belarus 33. Yemen
34. Guinea 35. Republic of Guinea-Bissau 36. Zimbabwe
37. India 38. Romania