Gareth Shaw, Head of Money at Which?, said:
“While it is positive that the introduction of the scams code has led to banks refunding more customers, reimbursement rates remain unacceptably low given its pledge to return money to all of those who are not at fault.
“Our analysis has shown that there are glaring inconsistencies on how the code is applied across the industry, and until banks address this many innocent victims of bank transfer scams will not get the protection they deserve.
“The code’s voluntary basis simply isn’t working and should be made mandatory. The government should also tackle the root cause of many of these scams by adding fraud carried out through online platforms to its regulation of online harms.”