Many victims of bank transfer scams are being “abandoned” by banks when trying to get their money back, according to Which?
The consumer group said strong and urgent action is needed to ensure banks do more to protect consumers and treat customers fairly and consistently.
Measures including a voluntary reimbursement code have repeatedly failed to adequately protect consumers and provide reimbursement for victims, Which? said.
Losses to scams where someone is tricked into transferring money to a fraudster – known as authorised push payment (APP) fraud – soared to £479 million in 2020.
But Which? said reimbursement rates remain shockingly low, with banks finding victims at least partly responsible for their losses in 77% of cases assessed in the first 14 months of the code.
Financial Ombudsman Service (FOS) figures also indicate that banks are getting many decisions wrong, with 73% of complaints about APP fraud upheld in favour of…