Santander fully reimbursed 69% of reported fraud losses last year. After the rule change in October, the figure will be nearer 100%.
Although compassionate, reimbursing scam victims seems kind of foolish. I wonder how often they lose it all back to another scam or even to the same one. These people don't just need their money back. They need additional care and counseling, and a conservator to manage their finances.
It seems like that might be what they effectively end up with once the bank starts freezing suspect payments. I'm assuming they have some way of allow-listing other payments for rent and bills etc.
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Although compassionate, reimbursing scam victims seems kind of foolish. I wonder how often they lose it all back to another scam or even to the same one. These people don't just need their money back. They need additional care and counseling, and a conservator to manage their finances.
It seems like that might be what they effectively end up with once the bank starts freezing suspect payments. I'm assuming they have some way of allow-listing other payments for rent and bills etc.