Gareth Shaw, Which? Money Expert, said:
“It’s positive to see Santander raising awareness of scams among vulnerable customers. But banks should also be doing much more to protect customers from such scams in the first place.
“People are still losing life-changing sums of money to bank transfer scams with no protection. So when the regulator introduces its reimbursement scheme later this year, it’s important that it properly compensates victims, particularly those who are vulnerable when they have been left out of pocket through no fault of their own.”