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 scams on the rise and scammers becoming ever more sophisticated, the financial regulators need to go further to ensure banks adequately tackle bank transfer fraud and safeguard us from scams.”