Rocio Concha, Which? Director of Policy and Advocacy, said: “This plan from the PSR is a hugely positive step and could be a game changer for scam victims, ending the reimbursement lottery and ensuring the overwhelming majority get their money back swiftly when they are targeted by APP fraudsters. “The regulator must ensure fraud […]
Rocio Concha, Which? Director of Policy and Advocacy, said: “Confirmation of Payee checks are an essential step that all payment firms should be making to help prevent scams which can devastate the lives of victims. Which? has consistently warned that fraudsters will target payment providers not using them, so it’s positive to see these plans […]
Gareth Shaw, Which? Head of Money, said: “While many banks now have Confirmation of Payee measures in place, the regulator needs to make it mandatory for all payment providers as soon as possible so all consumers can benefit from the same level of security. “Which? has warned the regulator that relying on some providers to […]
Which? is urgently calling on the regulator to ensure banks do more to protect victims and provide them with fair reimbursement, as the consumer champion’s latest investigation shows many customers are still being treated appallingly when trying to get their money back. Five years on from Which?’s landmark super-complaint, which highlighted the threat posed to […]
Gareth Shaw, Which? Money Expert said: “A year on from our Super Complaint, consumers have continued to remain at risk from bank transfer fraud with many people losing life-changing sums of money to scammers. “The regulator must now clearly set out what progress has been made by banks, and what more they must do to […]
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 […]
Today Which? is making the first super-complaint to the financial regulators calling on them to ensure banks better protect customers who are tricked into transferring money to a fraudster. UK consumers now make over 70 million bank transfers a month, compared to just over 100 million in a whole year a decade ago. However protections […]