Which? comments on £32m of fraud being prevented in the first half of 2021

Jenny Ross, Which? Money Editor, said:

“While it’s encouraging to see that the banking protocol is helping to prevent a significant number of scams, we still hear regularly of cases where banks have failed to spot clear signs of online bank transfer scams and then compounded the victim’s misery by refusing to reimburse them.

“It’s clear that banks are failing to properly apply the voluntary code to help victims of authorised push payment scams, with two banks pinning the blame on customers in more than nine in 10 decisions.

“The payments regulator must urgently introduce mandatory rules to ensure banks do more to protect consumers against these scams – through prevention, but also by reimbursing all blameless victims.”