two blue and black Halifax Cash Machines

Do Banks Love Scammers?

8 mins 7 mths

Banks make lots of money because they have utilised digitisation to streamline their operations. Which in plain speak means they have sacked all their workers and machines do all the work. That automation, however, makes their services vulnerable to scammers who get hold of the pass codes. Do banks love scammers? There are no human gatekeepers to stop the flow of money from one account to another. The banks make their money from countless small fees charged on transactions and accounts. They make their money just as easily from the scammer’s account as they do from yours or mine.

Economics Fresh