Jenny Ross, Which? Money Editor, said:
“A staggering amount of money has been lost to fraud during the pandemic, and it’s particularly concerning that losses to bank transfer scams have overtaken card fraud for the first time.
“Five years on from Which?’s super-complaint, the number of cases continues to rise dramatically, while most of the money lost by bank transfer scam victims is still not being reimbursed. This shameful situation raises serious questions about the payment regulator’s response and the behaviour of banks that all too often wrongly try to pin the blame on their customers.
“The regulator must introduce mandatory and more robust reimbursement requirements for all payment providers, to ensure that customers are treated fairly and consistently when they fall victim to a bank transfer scam. It must work quickly with the government to get the powers it needs to deliver this.”