Thieves raid bank accounts – and some may do it legally

Business banking news review: week ending 15 May 2014

News reports this week have been filled with stories of fraudsters mining one bank’s customers for cash while others reveal there may be legalised theft soon.

So here’s some terrible news – as many as 30 personal and business bank account customers in County Londonderry have had their money plundered. We’re not talking just a few quid either – one poor man saw £60,000 – his entire nest egg – simply gone from his bank account thanks to a sophisticated two month long attack perpetrated by a ring of criminal masterminds using phone scams and computer fraud to rack up their ill-gotten gains.

This is of course absolutely heartbreaking for these poor people, and I can only hope they catch these bastards and extract whatever money may be left from their grubby little paws. As terrible as this news is though it could be much worse: you could have legalised theft occurring that could see as many as 17,000 Brits each and every year have Her Majesty’s Revenue & Customs go into joint accounts and simply take money out without a court order.

Now I don’t know where you might have gone to school, but I was taught that taking something from someone else without permission of some sort is nothing better than pure unadulterated theft. HMRC apparently doesn’t think so; it feels such a dire need to stuff Treasury coffers with cash that it’s willing to circumvent a little thing called due process of law.

Luckily I’m not the only one who feels this way; the Commons Treasury Committee has already come out strongly against the new legislation by stating that the risks of the Government abusing this new power are simply too great. On top of that, attention was called to the taxman’s less than stellar track record when it comes to mistakes. For what it’s worth these criticisms ring absolutely true to me and everyone else who spends more than a single minute thinking about it.

Why in the world would the Treasury ever think this would be a good idea? The whole scheme is patently absurd and should be stricken from existence before HMRC goes absolutely mad with power and decides to raid the bank accounts of whomever they like for however much they want. Bloody tyrants!

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