Gareth Shaw, Head of Money, Which?, said:
“Three years after Which? launched a super-complaint highlighting the devastating impact of bank transfer fraud, it’s good that consumers are finally getting greater protections and many should be spared from losing life-changing sums of money.
“The code will be judged a success if it halts this worsening crime and results in all blameless victims being fairly and swiftly reimbursed – and we want to see all remaining banks signing up as a bare minimum to reassure their customers that they will be protected.
“Banks must now ensure vital name check security measures are introduced on time and quickly agree long-term funding plans for all reimbursements – as there can never be a return to the dark days of banks turning away the victims of this ruinous crime.”