Gareth Shaw, Head of Money at Which?, said:
“These reports will be very worrying for people who have been victims of fraud. Too often, victims are left feeling abandoned and confused as investigations drag on with little sign of progress. Our own research estimates only one in 20 cases reported to Action Fraud are solved.
“While it is right that an investigation has been launched, these disturbing revelations reinforce the need for the government, banks and regulators to move swiftly to introduce better protections for consumers and vital anti-fraud measures like confirmation of payee security checks.”