Rocio Concha, Which? Director of Policy and Advocacy, said: “Hundreds of millions of pounds are lost every year to bank transfer fraud, and victims desperately need stronger protections in the form of mandatory reimbursement in all but exceptional cases. “It has been seven years since Which? first launched a super-complaint over the treatment of bank […]
Rocio Concha, Which? Director of Policy and Advocacy, said: “The Treasury Select Committee is right to say that victims of APP fraud deserve better treatment than the reimbursement lottery they currently face and that plans for mandatory reimbursement need strong regulation. “The Government should heed the committee’s warnings and amend the Financial Services & Markets […]
With the UK in the grip of a fraud epidemic, fraudsters will use any tactics they can to lure unsuspecting victims into their trap. Whether it is get-rich-quick schemes or a bargain from an unknown seller, the rising cost of living is forcing many consumers to seek alternative ways of saving or making money – […]
People aged between 20 and 39 are the most likely to have reported being scammed in the past year, Which? research reveals, with many young victims losing huge sums of money to online shopping scams, pyramid schemes and rental fraud. Which?’s analysis found that between November 2020 and December 2021, individual victims lodged a total […]
Victims are losing more to bank transfer scams every hour than the average UK worker earns a year, Which? research reveals, as the consumer champion calls on the government to urgently act on its commitment to legislate for mandatory reimbursement of victims. A voluntary reimbursement code on bank transfer scams, also known as authorised push […]
Gareth Shaw, Which? Head of Money said: “A staggering amount of money has been lost to bank transfer scams during the pandemic, and it’s particularly concerning to still see so many cases where banks aren’t treating fraud victims fairly and handling the complaint as they should. “While the Treasury’s commitment to make reimbursement mandatory was […]
Which? today reveals which banks are most often found to be treating authorised fraud victims unfairly, with some firms getting decisions over scams and reimbursement wrong in nearly nine in 10 cases. Most major banks have signed up to a voluntary reimbursement code on bank transfer scams, also known as authorised push payment fraud (APP), […]
Gareth Shaw, Head of Which? Money, said: “Fraud levels have skyrocketed during the pandemic, so it’s good that banks, telecommunications and technology companies are working together to make it easier for people to contact their bank if they fear they’re being scammed. “However, we know fraudsters use incredibly sophisticated tactics to trick victims and many […]
Jenny Ross, Which? Money Editor, said: “Fraud can have a devastating financial and emotional impact on victims, so it’s positive to see Nationwide trying to take steps to prevent their customers from falling victim to bank transfer scams. “However, the onus is still on consumers to spot a possible scam and we know criminals use […]
Jenny Ross, Which? Money Editor, said: “The huge rise in scam complaints reflects a surge in fraud generally as criminals exploit the pandemic to target victims. What is really shocking is the proportion of claims upheld. This shows that in three quarters of cases banks aren’t treating bank transfer scam victims right and handling the […]