Gareth Shaw, Which? Head of Money, said:
“The PSR has had more than four years since Which?’s scams super-complaint to study the evidence. Every day the regulator drags its heels, fraud victims are losing hundreds of thousands of pounds to bank transfer scams and the impact on those who lose life-changing sums can be devastating.
“Banks, payment providers and consumer groups are united in agreement that reimbursement should be made mandatory. We believe stronger enforcement must also be put in place to ensure victims are treated fairly, while banks and payment providers must be made to regularly publish information about reimbursement rates to improve transparency and address the shocking approach taken by some firms.
“Now is the time to take decisive action. If the payment regulator is not prepared to do what is necessary then the Treasury must step in and take control of ensuring consumers have the protection they need from scams and that victims know they will be reimbursed if they are targeted by criminals using sophisticated tactics to steal their money.”