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 little incentive to do more to protect their customers.
“The outcome for people is unfortunately that they will continue to be scammed out of millions of pounds. We need to see swift action and not see this kicked into the long grass in the second half of 2017.”
- In the first two weeks after launching its online scams reporting tool in November, more than 650 people told Which? about losing over £5.5 million to bank transfer scams. https://prod-wordpress-press.internal.which.co.uk/whic
hpressreleases/which-reveals-p otential-scale-of-bank-transfe r-scams/