Which? response to the PSR’s draft terms of reference on preventing and responding to authorised bank transfer scams

Vickie Sheriff, Which? Director of Campaigns and Communications, said:

“We welcome the PSR’s commitment to tackling the significant consumer harm caused by bank transfer fraud, following our super-complaint.

“Banks need to do more to protect their customers, yet they currently have little incentive to put in place better safeguards and have failed to do so despite seeing customers losing life changing sums of money.

“We now want the PSR to take action, propose new measures and look at banks’ liability. Banks need to ensure their customers are better protected when they are tricked into transferring money to a fraudster.”

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