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 [...]
Alex Neill, Managing Director of Which? Home & Legal Services, said: “This is a welcome first step, but is not a cure and won’t be enough to protect people from bank transfer scams. Many people will be surprised that banks don’t already do things like check that the payee name matches the account number. “With [...]
In just two weeks since Which? launched its online scams reporting tool, more than 650 people have told us about losing over £5.5 million to bank transfer scams. Which? is submitting stories from victims of scams to the Payment Systems Regulator as evidence in its super-complaint into bank transfer fraud. UK consumers now make over [...]
Vickie Sheriff, Which? Director of Campaigns and Communications, said: “Pension scams are a worrying problem and are costing savers millions of pounds. Should the Chancellor announce plans to crackdown on pensions cold calling it would be a victory against criminals who will always find ways to try to target even the savviest people. “No legitimate [...]
New Which? research finds that major high street banks have failed to adopt two-factor security steps that could safeguard their customers from scams. Bank fraud is booming. In 2014-2015 losses soared by 64% to £133.5m for online banking and 28% to £323.3m for phone banking yet some of the major high street banks are failing [...]
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 [...]