In a huge win for our campaign, banks have finally agreed to refund victims of bank transfer scams.
Banks had previously refused to provide funding to reimburse victims of ‘authorised push payment’ (APP) scams.
APP scams describe a scenario where you’re tricked into authorising a bank transfer to a criminal – who will often be posing as your bank, solicitor or even your builder.
And the scale of the problem is huge. £145m was stolen through APP fraud in the first half of 2018 alone, of which just £31m – less than 22% – was ever recovered from the criminals’ accounts.
But now thanks to the support of over 400,000 backers of our campaign, a coalition of banks has agreed to set up a fund that will ensure victims of this type of fraud receive the refunds they deserve.
Gareth Shaw, Head of Which? Money online said:
‘This long-awaited move to ensure victims of bank transfer scams are properly reimbursed when neither they nor the bank is at fault is a major victory for consumers.
‘The banks must now act to ensure this scheme is implemented as swiftly as possible so consumers can have confidence that losing life-changing sums of money to this type of fraud is a thing of the past.’