Gareth Shaw, Head of Money at Which?, said:
“Banks will be facing additional pressures as a result of the coronavirus pandemic, but delays to the introduction of this vital name-check security have already resulted in thousands of customers losing life-changing sums of money to bank transfer scams.
“It’s therefore vital that if a directed bank doesn’t introduce confirmation of payee at the end of the month, and one of its customers falls victim to an APP scam that would have been prevented by this measure, they are fully reimbursed.”
Notes to editors:
- Which? is a non-profit organisation working to make life simpler, fairer and safer for consumers.
- During the coronavirus crisis, Which? is making a range of news, advice and guides available for free for anyone who needs it at https://www.which.co.uk/news/coronavirus/