Gareth Shaw, Which? money expert, said:
“It’s vital that the PSR now implements stronger rules and recommends new measures to help better protect customers when it comes to bank transfer scams.
“There is a massive gap in consumer protection for victims and we are yet to see improvements from the banks to stop people losing life-changing sums of money. We want the banks and regulators to be doing much more to protect consumers when they are tricked into transferring money to a fraudster.”
Notes to editors:
· On 23rd September 2016, Which? used its legal powers to make a super-complaint to the Payment Systems Regulator and alert the Financial Conduct Authority. The regulator responded on the 16th December 2016.
· Which? launched its scams reporting tool on in November 2016. More than 650 people shared their experience with Which? about losing over £5.5 million to bank transfer scams.https://prod-wordpress-press.internal.which.co.uk/whichpressreleases/which-reveals-potential-scale-of-bank-transfer-scams/
· Which? is encouraging people to sign it’s Safeguard us from Scams campaign, which has had more than 270,000 signatures to date.