Fraud investigator urges regular account checks as cash suppression cases rise
Ransford said one of the most worrying forms of fraud highlighted in the latest figures is cash suppression, a situation in which money handed over for deposit either never reaches the customer’s account or is credited short.“I will tell you a story about how in one of the banks a gentleman used to dress up, go and sit down in the banking hall and then look at those who are in a hurry, looking at their time, and say, ‘You can leave the money with me and go,’” he said.”Ransford said cash suppression also happens outside the formal banking environment when customers hand money to relatives, caretakers, or other trusted people to deposit on their behalf.
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