Vickie Sheriff, Which? Director of Campaigns and Communications, said:
“These statistics show the staggering number of people who have fallen victim to fraud, and with scams becoming ever more sophisticated, it’s clear the Government, regulators and businesses need to do much more to protect consumers.
“We know that people can lose life-changing sums of money through bank transfer fraud and they currently have no legal right to get their money back from the banks. With so much fraud unreported, unrecorded and undetected, this needs urgent attention.”