Which? response to the NAO report into online fraud

Gareth Shaw, Which? money expert, said:

“Although the banking industry has started to raise awareness of fraud, banks are still placing too much responsibility on consumers to spot and protect themselves from sophisticated online scams.

“We’ve heard from many people who have lost life-changing amounts of money through bank transfer fraud, but who have seen little swift action to help them.

“The Government now needs to set out an ambitious agenda to tackle fraud, publish an update on the progress of the Joint Fraud Taskforce and outline what action it will urgently take to safeguard consumers from scams.”

Notes to editor:

  • With many scammers using bank transfer payments to obtain money from victims, Which? used its legal powers to make a bank transfer fraud super-complaint to the Payment Systems Regulator (PSR) and alert the Financial Conduct Authority in September 2016. The PSR has proposed a package of work for the industry to take forward, which it will report back later in the year.

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