Which? response to Payment Systems Regulator update on APP scams

“Banks that reimburse just four per cent of cases are making a mockery of the scams code, which clearly pledges to reimburse all blameless victims of bank transfer fraud.

“We want to see banks regularly publish their reimbursement figures so consumers have a better idea of how a bank may treat them if they fall victim to a scam.

“The industry has demonstrated that the voluntary approach to tackling bank transfer fraud has failed, so the time has come for the protections consumers need to be built into the payments system. If the PSR is unable to make this happen, the government must step in.”