Gareth Shaw, Head of Money at Which?, said:
“A staggering amount of money has been lost to a growing number of scams since the start of the pandemic. The government now has the perfect opportunity to force online platforms to do more to protect their users from fraudulent content through its proposed Online Safety Bill.
“Meanwhile, banks are failing to consistently follow the voluntary code that was put in place to protect customers from bank transfer scams. The majority of victims are refused reimbursement, with some banks all too often unfairly pinning the blame for these sophisticated scams solely on their customers. It’s time for these protections to be made mandatory and for prevention and reimbursement rates to be published on a firm by firm basis.”