Gareth Shaw, Head of Money, Which?, said:
“This alarming rise in bank transfer fraud suggests criminals are winning the war over scams as banks are still struggling to get a grip of this worsening crime.
“While a new voluntary code should offer victims some extra protection, the industry must do more to stop people losing life-changing sums of money in the first place – starting by introducing vital confirmation of payee security checks, which could cut bank transfer fraud in half overnight.
“Banks must also ensure the new reimbursement scheme works fairly to pay back victims and ensures that cases of people having their lives devastated by these scams when they are not at fault become a thing of the past.”
Notes to editors
“Benefits of CoP Direction Overall losses due to maliciously misdirected APP scams £75m in half a year (or £150m a year)” – PSR consultation paper, November 2018