Jenny Ross, Which? Money Editor, said:
“The alarming rise of bank transfer fraud – with huge losses and little progress made returning money to victims – shows why the new banking industry code is so important and must deliver results.
“In force since the end of May, it promises better protection for fraud victims, and must lead to a significant increase in the amount of money being reimbursed to victims of these sophisticated scams.
“The banking industry must now urgently ensure that reimbursement for blameless victims continues beyond the end of this year. It is unthinkable that some innocent people could once again be exposed to the threat of losing their life savings to this devastating crime.”