Gareth Shaw, Which? Head of Money, said:
“It is positive that the Payment Systems Regulator recognises the need to protect scam victims, but almost five years after Which?’s super-complaint and with hundreds of millions of pounds every year still being lost to bank transfer fraud, it’s clear that action rather than words is needed.
“Time and again banks and payment providers have fallen short when it comes to protecting victims, so the PSR must show it is prepared to stand up to industry interests. It must ensure all banks and payment providers are covered by a strong set of mandatory protections for consumers, take tough enforcement action against firms that don’t stick to the rules and ensure that all scam victims who are not at fault are swiftly reimbursed when they are targeted by fraudsters.”
Notes to Editors