Gareth Shaw, Head of Money at Which?, said:
“Millions of people are at risk of losing life-changing sums of money to fraudsters operating increasingly sophisticated scams. But they have little hope of getting their money back and victims are often deprived of justice, with our research showing fewer than one in 20 cases reported to Action Fraud are solved.
“In order to fight this worsening crime, a more joined up approach is needed from the government, police and businesses whose services are exploited by fraudsters to prevent people from being scammed in the first place – and to act fast to recover their money when the worst happens.
“The banking industry must urgently step up its preparations to introduce confirmation of payee name checks, which could cut bank transfer fraud in half overnight.”