Rocio Concha, Which? Director of Policy and Advocacy, said:
“The UK is in the grip of a scams epidemic, with victims facing devastating financial and emotional consequences when they are targeted by fraudsters.
“While it’s good to see a reduction in the level of bank transfer scams, reimbursement rates are still far too low. Too many people are being turned away by their bank or made to feel like they are to blame for their misfortune, when in reality they are innocent victims of criminal gangs.
“New legislation and regulatory rules set out by the Payment Systems Regulator to make reimbursement mandatory in all but exceptional cases can not come soon enough, and must be backed with tough enforcement measures for any banks that fail to treat their customers fairly.”
Notes to Editors
– In order for the Payment Systems Regulator’s proposals to require mandatory reimbursement in all but exceptional cases of fraud to take effect, they require the passing into law of the Financial Services & Markets Bill, and Which? believes this Bill must be passed before next Spring’s King’s Speech.
– 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/