Gareth Shaw, Which? Money Expert said: “A year on from our Super Complaint, consumers have continued to remain at risk from bank transfer fraud with many people losing life-changing sums of money to scammers. “The regulator must now clearly set out what progress has been made by banks, and what more they must do to [...]
Vickie Sheriff, Which? Director of Campaigns and Communications, said: “We welcome the PSR’s commitment to tackling the significant consumer harm caused by bank transfer fraud, following our super-complaint. “Banks need to do more to protect their customers, yet they currently have little incentive to put in place better safeguards and have failed to do so despite seeing customers losing life changing sums [...]
Today Which? is making the first super-complaint to the financial regulators calling on them to ensure banks better protect customers who are tricked into transferring money to a fraudster. UK consumers now make over 70 million bank transfers a month, compared to just over 100 million in a whole year a decade ago. However protections [...]