Rocio Concha, Which? Director of Policy and Advocacy, said:
“Which? has consistently called for banks to publish this scam data, so it’s good to see the regulator moving forward with plans to name and shame the worst performers, which should ultimately lead to more victims getting their money back.
“Publishing scam levels by individual firm should encourage banks to do more to prevent fraud, while transparency around reimbursement rates will be useful for consumers – showing them how their bank would be likely to act should they become one of the many people who falls victim to a scam.
“Firms must be ready to share data on reimbursement rates by the May deadline so that the regulator can publish this important information in full.”
Notes to Editors
– Which? has campaigned to ensure victims of authorised push payment fraud receive fairer and more consistent treatment from their banks since launching a landmark super-complaint in 2016. See more: https://campaigns.which.co.uk/scams/
Statement: Rocio Concha