Fraud is now at record levels, with more than five million scams costing Britons a mind-boggling £9bn each year. And while there are sensible steps we can all take to protect ourselves, an unfair burden has been placed on the public. We’re calling on the government, regulators and businesses to do more to safeguard us all from scams.
In 2016 we made a super-complaint to the Payment Systems Regulator (PSR). We asked it to:
– examine whether banks are taking enough responsibility when their customers are defrauded;
– investigate what improvements should be made to the processes, systems and practices firms use to prevent fraud; and
– recommend how financial providers should better protect their customers from fraud.
However, the regulator’s response suggests it has let banks off the hook. Don’t let the fraudsters get away with it – convince the government and the financial regulators to do more to confront scams head-on. Sign the petition now.
We asked the PSR to ensure banks better protect customers who are tricked into sending money to a fraudster. However, it’s not yet convinced that banks should be made liable for money lost to bank transfer scams. We need more people to share their experiences and help put pressure on the regulator to deliver this change.