Gareth Shaw, Head of Money, Which?, said:
“Delays to the introduction of vital name-check security leaves millions of customers vulnerable to losing life-changing sums of money as a direct result of this missed deadline.
“This system, which would cut losses to bank transfer fraud in half overnight, should have been introduced years ago. Banks and the regulator must urgently work towards its implementation as customers cannot face further delays while they continue to fall victim to these devastating scams.”
Notes to editors
The PSR state that confirmation of payee would save £145 million in the first year, which means £108.75m would be lost during the 9 month delay.