NatWest bank has admitted that fraud is behind its decision to suspend a mobile phone application which lets customers withdraw cash without a debit card. Dozens of customers have told Radio 4's Money Box programme they have been defrauded of thousands of pounds by thieves using the Get Cash system.
The Financial Services Authority (FSA) says it is aware of the problem. NatWest says the fraudsters are using phishing attacks to gain the details needed to access the system. It will refund customers, but so far the bank has not been able to explain fully how the frauds have been perpetrated. Fraud attacks 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.....Read more HERE