Which? comments as Co-Operative Bank signs up to voluntary bank transfer code

Gareth Shaw, Head of Money, Which?, said:

“This is an important step from the Co-Operative Bank and its customers should now be better protected against devastating transfer fraud.

“However, many other current account providers are still not signed up to these vital protections, exposing their customers to a greater risk of losing life-changing sums of money.

“A voluntary approach to protecting scam victims is not enough. The code should be made mandatory and the government must work together with regulators and the industry to put in place long-term plans to ensure no blameless victims are left out of pocket.” 

Notes to editors
Banks that have not signed up to the code:
Bank of Ireland, Citibank, Clydesdale Bank, Danske Bank, First Trust Bank, Monzo, N26, Tesco Bank, Virgin Money, and Yorkshire Bank.