I Was Taking A Stroll Outside & Next Thing I Knew £22,500 Was Gone From My Savings – The Bank Said It Was MY Fault
A MAN who had £22,500 robbed from his savings Account had the bank blaming HIM for it.
Jacopo de Simone fell victim to the crime in May 2022 after pickpockets used his banking apps to steal the staggering amount from his account.
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His bank blamed him for falling victim to the scamCredit: TwitterHe claimed at the time his bank investigated but deemed him accountable for the losses, and he is still struggling to get the money back.
Jacopo was walking around London Bridge in May 2022 when his phone was pickpocketed.
He said that despite being upset about his phone being stolen, he didn't think much of it as his device was locked and password protected.
But that only lasted until the morning after when he checked his online banking.
"I found both my current account and savings accounts had been drained of £22,500. I was completely shocked. I didn't know how this was possible," Jacopo said.
"I don't access my phone using a pin code - I use facial recognition. My Barclays pin is different to my phone pin and they'd need to have both of them."
He phoned Barclays and also reported it to the police.
He said the bank told him it would do an internal fraud investigation which later resulted in Jacopo being held liable for all the losses.
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Full list of energy suppliers ranked best to worst as rivals are 'miles apart'"They could not identify a point of compromise from the back end - to them it looked like the pin had been entered," he said.
"The only thing they could suggest was that someone knew the code therefore it's gross negligence on my part apparently.
"I was totally in shock, incredibly unsettled and you just think these things get resolved quite quickly."
After eight months of compiling evidence and dealing with cops, an investigator from the Financial Ombudsman Service (FOS) upheld Jacopo's complaint against Barclays, which now has the option to request that the ombudsman investigate the issue.
A Barclays spokesperson said: "We have no higher priority than the protection of our customers' funds and data. Our online banking services and the Barclays app are secure and safe to use.
"They undergo rigorous forms of testing, including independent testing, and have been continually recognised for their security and quality.
"This particular claim is currently with the Financial Ombudsman Service and we await the outcome."
How can you spot a scam and how to report itExperts warn it is too easy for fraudsters to access banking apps once they have stolen a phone.
Consumer group Which? Says thieves may peek over a victim's shoulder as they type the code to unlock their phone.
Then, after stealing the phone, they use the code to get into banking apps.
Which? Also found some smart-phones' "face ID" function could be opened using only a photo of the owner.
Face ID can also be used to get into some banking apps and to approve card payments, depending on how your phone is set up.
If you suspect a mobile banking scam, promptly contact your bank's customer support to report the incident.
Provide details such as the nature of the scam, any relevant messages or calls, and avoid sharing sensitive information.
Additionally, consider reporting the incident to your local law authority.
You can also forward suspicious text messages to your network provider by sending them to 7726 (which spells "SPAM" on your phone keypad).
Additionally, report the incident to Action Fraud, the UK's national fraud reporting centre, online or by calling 0300 123 2040.
Stay vigilant and consider changing your passwords for added security.
Barclays Online Savings Review 2024
Our experts answer readers' banking questions and write unbiased product reviews (here's how we assess banking products). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.
Barclays Online Savings Account
Insider's RatingA five pointed star A five pointed star A five pointed star A five pointed star A five pointed star
4.25/5It indicates a confirmed selection.
PerksFees
no monthly service fee
Annual Percentage Yield (APY)
4.35%
Minimum Deposit Amount
$0
ProsThe bottom line: The Barclays Online Savings Account is a solid free savings account and is a worthwhile choice if you'd like to open an account with Barclays and a competitive interest rate. However, Barclays doesn't offer a checking account, so you'll have to transfer money to an external bank account to access your money.
Barclays Online Savings Pros and Cons About BarclaysBarclays is an online bank that has a high-yield savings account and CDs. Barclays doesn't have a checking account, so you'll need to transfer your money to an external bank account to access it.
Customer service is available by phone or live chat seven days per week. Contact a representative anytime from 8 a.M. To 8 p.M. ET.
The Barclays mobile app has received 1.9 out of 5 stars in the Google Play store, and 3.3 out of 5 stars in the Apple store.
Your deposits are FDIC-insured for $250,000 for individual bank accounts or $500,000 for joint accounts.
Is Barclays Trustworthy?The Better Business Bureau rates companies by seeing how it responds to customer complaints.
The BBB gave Barclays an A+ rating. Barclays has been involved in a recent public controversy. In 2022, the Securities and Exchange Commission required Barclays to pay $361 million in a settlement that accused the bank of having unregistered sales of securities.
Barclays Online Savings FAQsYou may open Barclays Online Savings with $0.
You may like Barclays if you don't want to deal with monthly service fees or minimum balance requirements. It may not be the best option if you want quick access to your funds, because Barclays doesn't have a checking account or ATM access.
The Barclays Online Savings Account pays 4.35% APY, which is higher than what many traditional savings accounts pay right now.
You can deposit money into the Barclays Online Savings Account by making a remote deposit through online or mobile banking, setting up direct deposit, or transferring money from another bank.
Yes. Barclays is a federally insured bank. Deposits are FDIC-insured for $250,000 for individual bank accounts or $500,000 for joint accounts.
The Barclays Online Savings Account is a great option if you're searching for an account with no monthly service fees and a low minimum opening deposit — you may open an account with $0 upfront.
Barclays pays a higher interest rate than the national average and is competitive with the best online banks like Ally and Discover.
How Barclays Online Savings ComparesBarclays Online Savings vs. Marcus by Goldman Sachs High Yield Online Savings
Both offer an online high-yield savings account with no monthly service fees or minimum opening deposit, so it could be a bit of a toss-up.
The two institutions also share a similar disadvantage in their savings account — limited access to your funds. If you'd like to take out money from your account, you'll need to link an external bank account and transfer funds.
One small distinction that may help you decide between accounts is each bank's mobile app ratings. If you're an avid user of banking apps, Marcus may be more appealing. It has higher ratings in both the Apple and Google Play Store.
Marcus Bank Review
Barclays Online Savings vs. Discover Online Savings
Barclays and Discover pay similar rates. Both savings accounts also have a similar structure — no minimum opening deposit and no monthly service fees.
You might lean more toward Discover Bank if you'd prefer opening multiple bank accounts or having quick access to funds.
Discover offers a checking account. If you open both bank accounts, you'll be able to link your debit card to your savings account and access funds quickly. The Discover® Cashback Debit Account is also a rewards checking account. You can earn 1% cash back on up to $3,000 of purchases per month.
Discover Bank Review
Why You Should Trust Us: How We Reviewed Barclays Online SavingsFor our Barclays Online Savings review, we rated bank products and services using our savings account methodology. We review the minimum opening deposit, monthly service fees, interest rate, customer support, mobile app ratings, and ethics. Each category has equal weight in our rating, and we use a scale of zero to five stars to determine the overall rating of a product.
Sophia Acevedo, CEPF
Banking Reporter
Evelyn He
Compliance Associate
Evelyn He is a compliance associate at Business Insider who supports the Personal Finance Insider team. Personal Finance Insider is Business Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that Business Insider readers already know and love.The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team.Before joining Business Insider, she served in various legal and compliance roles in different industries, including the legal and pharmaceutical industries. Evelyn obtained her M.S. Degree in Marketing at Boston University in 2022. Prior to combining and consolidating her knowledge of law and business, she spent one year finishing 1L courses at Suffolk University Law School to further her legal knowledge. She has also completed MBA business law courses while working on her Bachelor of Business Administration in Management at the University of Massachusetts, Amherst. Outside of work, she enjoys spending time with her 14-year-old Shih Tzu named Money, and her 5-year-old Bichon named Tibber.
Read more Read less Top Offers From Our PartnersHigh Street Blow As Major Bank To Close MORE Branches This Year – Full List Affected
A MAJOR high street bank has confirmed that it will close more branches in another high street blow.
Barclays is set to close another five branches over the coming months.
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Barclays is set to close another five branches over the coming monthsThe closures come as big banks look to move more of their services online.
Most branches announced for closure will be shutting in April this year.
In December, the high street bank only recently announced that other sites are set to be shuttered.
Barclays has announced nearly 200 branch closures in recent years, saying only 10% of transactions were now taking place face-to-face.
Here is the new list of Barclays branches shutting:
A Barclays spokesperson said: "As visits to branches continue to fall, we need to adapt to provide the best service for all our customers.
"Where there is no longer enough demand to support a branch, we maintain an in-person presence though our Barclays Local network, live in over 300 locations, based in libraries, town halls, mobile vans and our banking pods.
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Full list of energy suppliers ranked best to worst as rivals are 'miles apart'"We also support access to cash with our cashback without purchase service, 24-hour deposit-taking ATMs and by working alongside the Post Office and Cash Access UK."
The bank has already announced that it will close the following branches in 2024:
But other big lenders have also been shutting branches, including HSBC, NatWest, Lloyds, Virgin Money and Halifax.
The closures are largely due to increased customers at major high street banks shifting to banking online and using apps.
Many people, particularly the elderly, still rely on in-person services, and the closures will make it more difficult for this demographic to access services.
But there are still several ways in which affected customers can access basic banking services without having to venture to the next town.
You can use one of the Post Office's 11,635 branches to perform basic banking tasks, but you cannot open new bank accounts or take personal loans and mortgages.
Many banks also offer a mobile banking service. This is where your bank brings a bus to your local area with the services usually available at your branch.
You should call your bank to see if it runs a banking bus, and they will be able to tell you where and when it will be parked.
Other banks use buildings such as village halls or libraries to offer mobile banking services.
Banking hubs, which offer traditional shared services, have also been set up in four locations around the UK to help plug the gap — in Brixham, Cambuslang, Cottingham and Rochford.
Banking hubs, which offer traditional shared services, have also been set up in eight locations around the UK to help plug the gap — in Acton, Brixham, Buckingham, Cambuslang, Carnoustie, Cottingham, Rochford and Troon.
There are plans to open dozens more hubs across the UK.
How many new banking hubs are planned?The first four banking hubs were successfully piloted in 2022 in Brixham, Cambuslang, Cottingham and Rochford.
More have since opened in Acton, Buckingham, Carnoustie and Troon and the following locations:
Following further branch closures LINK, the UK's Cash Access and ATM network, has identified a further 54 locations which require banking hubs.
There are 46 banking hubs planned for England in:
Four more banking hubs are planned in Northern Ireland in:
Nine more banking hubs are planned for Scotland in:
Six more banking hubs are planned for Wales in:
There isn't a set date for when these hubs are expected to open but it's expected that they'll be up and running within the next 12 months.
