May '24 • General 💡
This is personal to me
My father was one of two partners in a private dental practice, and when he died (almost twelve years ago to the day), the surviving partner purchased his share, with my mother receiving the proceeds.
Five days before she was due to meet up with an IFA, the money was sitting in her bank account. The amount represented my dad's life's work.
Three days later every penny was gone.
I'll never forget her voice when she phoned me saying 'she thinks she has done something very silly.'
Back then the attitude from banks was very different from now, and for a year her bank flatly refused to even discuss it with her. Thankfully we have a lawyer in the family who wasn't going to take no for an answer and to cut a long story short she got every penny back plus interest and a sum in apology for allowing it to happen. (The bank acknowledged that they should have spotted the fraud taking place)
Fast forward to today and we have this shocking headline: Brits lose £3.2 million a day to fraudsters as ‘authorised’ scams rise.
What's the answer? I happen to think that AI is going to play a part in the solution one way or another.
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This is personal to me
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