Gareth Shaw, Which? Money Expert, said:
“It’s right that banks and building societies have finally been forced to introduce this much-needed check at the point of transfer. However, customers will wonder why banks have dragged their heels and not implemented this system years ago, as it could have prevented a significant amount of fraud.
“With losses to bank transfer fraud increasing drastically it’s clear this measure can’t come in soon enough. While we await its introduction, it’s crucial that an agreement is reached on the funding mechanism to reimburse all victims of bank transfer fraud who have been left out of pocket through no fault of their own.”