World
Financial fraud happens every 15 seconds
Jamie Dimon : Brexit could be reversed
The chief executive of JPMorgan ( JPM ) said before the June 23 referendum he thought Brexit would be a " terrible deal for the British economy ." Asked by an Italian newspaper how the European Union should now respond to the vote , Dimon said it must work together to address its weaknesses .
" Europeans should say : look , there are rational complaints , we are going to fix them for all of Europeans , not for Britain alone , but for everyone else . Maybe you can even reverse Brexit ," he told Il Sole 24 Ore . " If you buy a house but you never had a chance to look at it , and then you see it and you do not like it ... this can happen ," he said . " There is nothing wrong to change one ' s mind but this is not my decision to make ." Some voters have already said they regret their decision , especially after leading Brexit campaigners back-pedalled on a number of pledges they made . Dimon was one of many Wall Street executives who supported Britain staying in the EU . JP Morgan has 16,000 staff in Britain , but may have to move some employees out of the country because of Brexit . No big bank has announced any job moves yet . And on Thursday , Goldman Sachs ( GS ), JPMorgan , Morgan Stanley ( MS ) and Bank of America ( BAC ) issued a joint statement , promising to work with the U . K . to help London " retain its position as the leading international financial centre ." Dimon is not the only one suggesting Britain could still reverse course . A top London law firm is preparing legal action to ensure U . K . lawmakers debate Brexit . It argues that parliament must give its consent before the government triggers Article 50 of the EU treaty , beginning the formal exit talks . – CNN
Financial criminals will commit a fraud somewhere in the United Kingdom by the time you finish reading this sentence . More than one million incidents of card scams , online and telephone banking and check frauds occurred in the U . K . in the first six months of the year , according to Financial Fraud Action U . K ., an industry body funded by banks . That ' s an increase of 53 % over the same period of last year , meaning one such crime is now committed every 15 seconds , the FFA said .
Banks are getting more sophisticated in their fight against criminals -- last year , they managed to stop $ 7 in $ 10 of the attempted fraud transactions from happening , the body said . But there is a flip side to their success . " As the banks ' systems get more advanced , fraudsters turn their attention elsewhere and sadly this often means tricking people out of their personal details and money ," said Katy Worobec , the director of the group . The group said 26 % of people admitted providing personal details to people claiming to be from their bank , even though they knew they shouldn ' t .
Why ? According to a survey by the FFA , 43 % of people simply felt the person asking for their details seemed genuine , while 38 % said they provided the details because they were busy and wanted to get off the phone quickly . The group is launching a new initiative to educate people about financial fraud such as email and phone scams and phishing attempts .
Last year , losses from this kind of fraud in the U . K . totalled 755 million pounds ($ 980 million ). – CNN
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