Peter Vicary-Smith, Which? Chief Executive said:
“A year on from our super-complaint, it’s good to see the regulator coming down on the side of consumers. If this stops the huge amounts of money lost to bank transfer scams, it’ll be a significant win.
“To make this a reality, the regulator must now ensure any reimbursement scheme properly compensates victims. Meanwhile, banks must move to quickly put in place better checks and protections to prevent these scams happening in the first place.”
Notes to editors
Which? launched its super complaint on 23rd September 2016 calling for banks to better protect customers who are tricked into transferring money to a fraudster.
Which? called for:
- Banks to shoulder more responsibility for money lost to scams made by bank transfer, just as they reimburse customers who lose money due to scams via direct debit, credit and debit cards, or fraudulent account activity.
- The Payment Systems Regulator to formally investigate the scale of bank-transfer fraud and how much it is costing consumers.
- The regulator to take action, and propose new measures and greater liability for banks to ensure consumers are better protected when they have been tricked into making a bank transfer.