Which? supporters share their £5.5m scams stories

Evidence gathered by Which? following our super-complaint to the Payments Systems Regulator (PSR) on 23 September has revealed that bank transfer scams have collectively stung 653 people out of a staggering £5.5m.

To support our super-complaint, which called for a formal investigation into the scale and impact of bank transfer fraud and requested action to ensure banks better protect their customers when they’re tricked into making a fraudulent bank transfer, we launched an evidence-gathering reporting tool on 4 November.

In just under two weeks, over 31,000 people from across the UK have shared their views and experiences of scams, with 653 specifically about bank transfer scams.

The largest single reported loss due to bank transfer fraud was just shy of £400,000 with most people losing an average of £1,200.

Over 200,000 supporters have now backed our campaign.

Action needed

With around 70 million bank transfers made every single month in the UK and our latest research showing the real financial loss people are suffering at the hands of scammers, it’s clear that action from the regulators is needed.

Which? Managing Director of Home and Legal Services, Alex Neill, said:

‘We’re only seeing the tip of the iceberg, so it’s vital that these stories are heard and action is taken to tackle bank transfer fraud.

‘The harsh reality is if you’re conned into making a payment to a fraudster via a bank transfer you often stand to lose large sums of money.’

The PSR now has 29 days remaining to respond to our super-complaint.

If you’d like to share your experience with the regulator, go to which.co.uk/bank-transfers.