Breaking though hardly surprising news this morning concerning UK bank customers being scammed out of £500m - in the first 6 months of the year. Almost a third of this has been in authorised push payment [APP] scams meaning the customer has no recourse for reclaiming losses.
The average loss is £11,402.
A spokesman at UK Finance [economic crime] said that "steps are being taken" to tackle the problem but it is difficult to see what steps. Which? magazine says what I believe we all think - the banks efforts have been "woefully inadequate".
So is there an alternative to this constant worry of our accounts being hacked? A facility where our money is totally secure and cannot be hacked? Where we can buy goods and services anywhere in the world, with the transaction 100% secure and which takes 1.5 seconds? Where those goods and services are much cheaper due to the fact the middle man has been removed?
Blockchain technology exists to make all of this possible. 10 years after the last financial crash we owe it to ourselves to learn more.