Vickie Sheriff, Which? Director of Campaigns and Communications, said:
“We welcome the PSR’s commitment to tackling the significant consumer harm caused by bank transfer fraud, following our super-complaint.
“Banks need to do more to protect their customers, yet they currently have little incentive to put in place better safeguards and have failed to do so despite seeing customers losing life changing sums of money.
“We now want the PSR to take action, propose new measures and look at banks’ liability. Banks need to ensure their customers are better protected when they are tricked into transferring money to a fraudster.”
Notes to editors:
- On 23rd September 2016, Which? used its legal powers to make a super-complaint to the Payment Systems Regulator and alert the Financial Conduct Authority. The regulator responded on the 16th December 2016.
- Which? launched its scams reporting tool on in November 2016. More than 650 people shared their experience with Which? about losing over £5.5 million to bank transfer scams. https://press.which.co.uk/whichpressreleases/which-reveals-potential-scale-of-bank-transfer-scams/
- Which? is encouraging people to sign it’s Safeguard us from Scams campaign, which has had more than 270,000 signatures to date.