Gareth Shaw, Head of Money at Which?, said:
“While it’s encouraging to see more fraud victims being reimbursed as a result of some banks applying the voluntary scams code, these figures suggest that many innocent people who have lost money through this type of crime are still not getting the protection they deserve.
“The code clearly pledges to reimburse all blameless victims of fraud, so it’s vital that all banks signed up to it are consistent and fair to customers.
“The huge rise in money being lost shows much more must be done to stop ruthless fraudsters. This includes the whole industry signing up to the scams code, and applying its principles to refund all innocent victims, as well as all banks committing to basic name-check security.”
· Which? believes a voluntary industry-led approach to the scams code is not a long-term solution to the problem. The government must consider directing the regulator to make the code and reimbursement mandatory.