Jenny Ross, Which? Money Editor, said:
“Fraud can have a devastating financial and emotional impact on victims, so it’s positive to see Nationwide trying to take steps to prevent their customers from falling victim to bank transfer scams.
“However, the onus is still on consumers to spot a possible scam and we know criminals use very sophisticated tactics to trick victims and ensure they don’t contact or even trust their bank. It’s not clear how much additional protection this new service offers and how effective it will be.
“The payments regulator must also urgently work with the government to introduce mandatory and more robust rules of consumer protection and reimbursement requirements for all payment providers, to ensure that customers are protected and treated fairly and consistently if they fall victim to a scam.”