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http://www.bbc.co.uk/news/uk-37555025
UK Jockeys have been advised to move their money out of high street banks after a series of frauds which have affected about 30 jockeys accounts over the last two years.
A plot for Steeplechasing maybe?
Yep, a nice final scene when 30 jocks surround the captured villain: cue the whip bans.
Seems odd that they’re told to get their money out of High Street Banks. What other kind of banks are there? Under-your-bed banks?
There are internet-only banks that have no physical branches. The most used of these are probably First Direct and Smile, divisions of HSBC and Co-Operative Bank respectively. There are a few supermarket/retailer banks like Sainsbury, Tesco and M&S, who have an idependent licence but the transactions are administered by one or other of the big banking groups.
The key point is that you cannot go into an internet-ony bank branch and sweet-talk the cashier into thinking that you are a genuine customer who has perhaps lost a bank card, but desperately needs some cash because you have arranged to buy a car today. Everybody whom you have ever paid by cheque or bank transfer knows your bank sort code and account number. Knowing the genuine customer’s address, date of birth, wife’s name on joint accounts, the odd standing order detail (eg. annual subscription to Weatherbys, lease car monthly payment), a recent airline ticket, the garage where petrol is regularly bought, can all add to the litany of facts that might convince a cashier that it would be OK to trust this person. There is a lot of detail out there about us all that it is not too difficult to legitimately ascertain. Apparently, something like this is involved with these frauds.
Given that interest rates are next to non-existent an Under-The-Floorboards Bank makes a lot of appeal. Envelopes stuffed full of these new plastic fivers will prove ideal as the damp, dry-rot and woodworm won’t affect them
I was under the impression that Weatherby’s provided cuurent-account banking services for racing professionals. Is that not the case?
MV, I have a Smile account but sometimes use the Co-op bank on the High St. Can’t FD customers also use an HSBC?
Not so sure about High St access for Tesco and M&S, but, yes, Weatherbys do have a banking division, which would seem the obvious solution.
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I’m a bit puzzled by the significant losses into 6 figures, surely all the jockeys would be reimbursed in full?
It’s not only jockeys who are targeted though but the lack of action by the authorities is very frustrating.
Could be wrong but I think the charges would be significantly higher at Weatherbys bank but the other non High Street should be okay.
It does say all jockeys were reimbursed. But the jockeys in question would have to phone the bank, wait on hold for while, answer a set of security questions and explain what has happened. As they may be riding out in a morning and then travelling to the races for the afternoon, will they get time to do this, with all the correct information in place. Just hope the banks compensated them more for the inconvenience and any distress caused.
I can just picture a 6’4″ 18 stone bloke going into the bank to withdraw cash in the name of Ryan Moore
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Rather unfortunate picture at the top of an article about a serious affair. Why is there a picture of the Mongans and Baker with the St Leger in an article involving Fraud? A mischievous person might link it , lol
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