How Do Banks Encourage Frauds?

Banks encourage frauds? This statement is going to have a number of my banking friends baying for my blood, saying how dare you, we definitely do not encourage frauds. The answer is, my friends, do not give me that self-righteous indignant guff. I have been a banker myself. And I have seen how most of the banks work, in the East as well as in the West. Whatever an advertising company may say, your friendly banker is friendly as long as you keep adding to your account. His job is to persuade you to keep adding to the money which you are banking with him. I remember one really amusing joke, somewhere in the 70s. There was a cartoon of a man pointing to a sign behind a banker’s head which said “No Interest Loans” in huge letters and the manager telling him, yes, apart from our 10.25% on the loan that we are giving to you, we have no interest in you. There are billions hidden away in the banks all over the world, which have absolutely no heirs and nominees. Why would the bankers want to start hunting for them, and hand over that money parked by a relative so many years ago? This is the same thing for scammers.

How Can a Bank Help in Catching a Scammer?
This is a shadow exercise, but why would a bank want to do something which would cause a regular inflow of money coming in every day to be stopped? Swiss banks are banking on their reputation, which says that they do not give out the details of their clients. The real reason is that they do not intend to allow any person access to that information which is going to cause the freezing of that particular account and the possible confiscation of that money by some tax authorities somewhere else in the world. So that moral attitude of bank with us, your money is going to be safe with us is all advertising. That is why banks do their best to hinder any sort of activity which a client or an agency starts, which could prevent an influx of money coming in, into their banks. This includes not giving out information about a particular clients, antecedents, which could be used as evidence and data and which would cause any sort of legal procedure which would make other clients decide to take their money away from that particular bank. A banker has just one rule. Make sure that money stays in your bank for at least one day more, if there is a government agency breathing down your neck. And stall any investigation under any excuse. And so these investigations stretch on and on and on, while the scammers get away Scot-free. That is because they are not going to take immediate steps ever, however much you may want, for any activity which has anything to do with a financial transaction, especially when it is money going abroad. This includes blocking of credit cards.

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