Jenni Allen, Managing Director, Which? Money, said:
“This is an important step that should help victims to pursue complaints and seek reimbursement from the bank that the fraudster has used to process payments.
“People are losing life-changing sums to bank transfer scams every day, so the new code to protect victims from this type of crime must be urgently introduced by all banks. We must also now see an agreement reached with the banks to ensure victims are properly reimbursed when they have fallen victim to this type of fraud through no fault of their own.”