Instead I binge on sugar free caffeinated fizzy drinks. I consume a lot less caffeine. I tried many times to quit but I just can't. Writing this I admit that I do have a problem, that I shamefully should do something about - but I am weak, and powerless - might be linked to my slight depression because of my current job situation. But then again, there is always an excuse.
Ha! fun game. The fun was writing a program to narrow down the alternative words, now I lost interest in the game.
Instead of fixing these issues this incident will most likely
change regulations in a way that it will be easier for banks to reclaim funds lost in similar ways in the future.
What consequences I can only speculate- but it might very well have severe negative effects.
The U.K. FCA tends to be extremely consumer friendly and somewhat bank hostile. There will be no regulation change as a result of this, more likely fines and greater oversight from the FCA. They’ll no doubt be demanding incident post-mortems already, and the general expectation is that Santander will have to cover any lost funds that can’t be recovered by asking nicely. The FCA takes an extremely dim view of banks aggressively pursuing individuals for money after the bank fucked up.
But the Fundamentally Complicit Authority (no that isn't what their initials really stand for, it's a Private Eye recurring joke because of how useless they are) as regulator is unlikely to expect Santander to actually fix anything about their process, and so this will happen again. And again.
Having been at a bank after a similar level of fuck up, you can be sure the FCA will be asking some tough questions, and they absolutely will instruct institutions to fix their processes. Fail to do that enough times, and you’ll be forced to do a skilled persons report. Having experienced that, I can tell you, you don’t want it happening to your bank. It months of audits, followed by years of remediation.
Yes, we understand regulatory capture. Thanks for making your joke cringeworthy by explaining it at length.
I think the rules are generally pretty clear on this: if you receive money by mistake, it is not your money, and you must return it (obviously if you don’t know where to return it to, you should try to find out where it is from and contact the sender, or try to get your bank to revert the transaction. Indeed asking your bank to revert it is probably the best way to return it). People who do spend the money that is accidentally sent to them can be prosecuted for theft.
Furthermore, accidental or incorrect transfers happen relatively frequently and sometimes with massive amounts of money. It is usually resolved with a phone call between companies.
There are some exceptions to these rules like the whole banque worms thing we saw recently, but that doesn’t really matter.
The problems here for the bank are:
- they are on the hook for any losses if they fail to get the money back
- there are a large number of transactions so there is a lot of work to do. Santander is probably trying to contact the other banks to process them in bulk.
I don’t think any regulations will or need to change.
If you’re wondering how crypto fixes this, I have two examples. 1. XRP let’s you mark one transaction as reverting a previous one, and 2. Binance accidentally duplicated a bunch of dogecoin withdrawals and then asked people to return the funds and suspended withdrawals hoping it would further motivate people to return funds.
Only Citi has surprised me more than Santander when it comes to completely insane IT org (Citi spent 2 months on an automated export and when we went live after UAT, we realized they were not ready and had a monkey do the "automated export" manually, with completely wrong format and information, and they didnt feel the need to warn us when it happened at 11pm...)
"Can't get it back" is a fallacy.
If you're interested to learn more there's a couple sites that teach advanced techniques ( https://four.lol and https://harddrop.com ).
I've also been playing this game for about 4 years and I'm nowhere near that level, but the progression you're able to make by learning new techniques is still very rewarding.
That’s partly why I like games like Borderlands or Fallout series. I spend most of the time searching for and testing guns and gear, because it gives you control over situations and alerts when you’re not ready for it.
But more importantly, it will let you reach the end faster, so you spend less time playing it. Which, might be a good thing.
When I skim over documents, information, I usually add to existing knowledge and it is easier to mentally TAG the what it is I need to learn. When I need to use this knowledge at least I know where to look, search or whom to ask if I need to dig into the material, and when I do - it is a slow process.
When I want to learn something, I need to sit down and slow everything down. It is very important to me that I take detailed notes and discuss the content.
I've been told that our memory has two modes; short term and long term. If you want to remember something you need to work getting it from short term memory and into the long time memory - and in order to do that you must iterate many times of the content you are trying to learn.