You are here: Home - Credit Cards & Loans -

MP looking for answers over NatWest app fraud

Written by:
The chair of the Treasury Select Committee will be questioning the head of NatWest over its ‘Get Cash’ mobile application, which was suspended last week amid fraud fears.

Andrew Tyrie told Radio 4’s Money Box programme yesterday he would be writing to Stephen Hester, the chief executive of the bank to express his concerns and seek answers over its unsecure banking technology, reported the BBC.

NatWest only recently launched Get Cash, along with another system called Emergency Cash, which involves calling a phone operator. Both systems generate a security code allowing customers to withdraw money from cash machines without a card.

However, BBC Radio 4’s Money Box programme discovered that some customers had fallen victim to fraudsters, losing thousands of pounds through the Get Cash app.

Last week, NatWest promised to refund losses and suspended the app.

Andrew Tyrie MP said: “It seems possible that all NatWest customers may be vulnerable to this type of fraud even if they haven’t asked to take advantage of this new system.”

“Before they introduce these systems, they really have to be very sure they’ve buttoned up the fraud risk, but in this case it appears that didn’t happen.”

Tyrie said: “It looks as if the bank was slow out of the traps to deal with this.”


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
UK inflation falls to three year low

The UK's main inflation rate has fallen to 2.2% in September from 2.5% in August, dropping to its lowest level...