Which? is warning consumers against ‘binary options’ investments after its investigation into the industry exposed unfair contracts, rigged data and practices so stacked against investors that millions of pounds are being lost with Which? aware of dozens falling victim. According to the latest police figures, around £50 million in total has been reported lost to […]
Peter Vicary-Smith, Which? Chief Executive said: “A year on from our super-complaint, it’s good to see the regulator coming down on the side of consumers. If this stops the huge amounts of money lost to bank transfer scams, it’ll be a significant win. “To make this a reality, the regulator must now ensure any reimbursement […]
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 […]
Gareth Shaw, Which? money expert said: “Sophisticated fraudsters are constantly finding new tactics to persuade us to part with money, one way is through fake or non-existent goods or services. “If consumers pay for these phantom goods using a bank transfer, there is little chance of getting their cash back from the banks involved. We […]
Gareth Shaw, Which? money expert, said: “Although the banking industry has started to raise awareness of fraud, banks are still placing too much responsibility on consumers to spot and protect themselves from sophisticated online scams. “We’ve heard from many people who have lost life-changing amounts of money through bank transfer fraud, but who have seen little […]
Banks are still leaving customers exposed when it comes to bank transfer scams, five months after the Payment Systems Regulator (PSR) found evidence that they could be doing more. According to research by Which?, people are still losing money and the consumer group warns it has not yet seen enough evidence that the industry is […]
New Which? research shows tackling problems in social care for older people, energy prices, and financial fraud and scams must be top priorities for the next Government. The consumer champion has today (Saturday, 29 April) published its “Consumer Agenda for Government” urging all political parties to use the forthcoming election to address critical consumer issues, […]
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 […]
Alex Neill, Which? Managing Director of Home and Legal Services, said: “Today’s figures are yet more evidence of the widespread impact of scams and fraud. “We’ve heard from people who have lost life changing sums of money to ever-more sophisticated scammers, and its clear that the Government, regulators and businesses need to do much more […]
Alex Neill, Managing Director of Which? Home & Legal Services, said: “The regulator has finally acknowledged the considerable consumer harm caused by bank transfer scams. However, while recognising that the industry is not doing enough, it has failed to adequately address the issue of liability and has let the banks off the hook, giving them […]