Gareth Shaw, Head of Which? Money, said:
“Fraud levels have skyrocketed during the pandemic, so it’s good that banks, telecommunications and technology companies are working together to make it easier for people to contact their bank if they fear they’re being scammed.
“However, we know fraudsters use incredibly sophisticated tactics to trick victims and many people will not know they have been scammed until it’s too late. This should be part of a range of solutions as no one solution on it’s own will be enough to tackle phone-enabled scams. That’s why we also need action to prevent scams at source and to ensure victims are treated fairly after they have been targeted.
“The payments regulator must introduce mandatory and more robust requirements for all payment providers, to ensure that customers are protected and treated consistently when they fall victim to a bank transfer scam. They must work quickly with the government to get the powers they need to deliver this.”