Emma explains how a scam threw her life into turmoil:
Whether people are conned out of a few hundred, or many thousands of pounds, the impact of scams can be devastating. And scammers are changing their tactics faster than the banks are acting.
In 2018 alone, UK banking customers lost £228m in bank transfer scams – that’s £625k a day. And without urgent action, that figure looks set to rise yet further.
It’s time for action. For too long banks have failed to take responsibility for bank transfer scams. We’re demanding they act now to protect their customers.
We believe banks should refund all innocent victims of scams – and do a lot more to prevent scams occurring in the first place.
That’s why we’re demanding all major banks sign up to the new scam refund Code of Conduct we helped create, which launched in May.
Make them do more
Banks still need to guarantee refunds for scam victim in the long-term – their current plan under the Code of Conduct only runs until the end of 2019. We need guarantees and detail on how they plan to help scam victims beyond this date.
The banks have also again and again delayed the roll out of Confirmation of Payee, which would confirm the account holder name when you send a payment – catching out any potential scammers posing as the genuine payee.
Their recent delay of Confirmation of Payee till March 2020 means consumers are likely to face an additional £109m in fraud losses. This is unacceptable.
We can win this
Together we can win these protections for consumers – our campaign has already achieved so much.
In April, TSB became the first bank to implement scam protection for all 5.2million of their customers, promising to refund all innocent customers who’ve fallen victim to fraud – even if they were tricked into handing over personal details or have sent money directly to a criminal.
If TSB can do it, why can’t others? We’re demanding all banks sign up to the Code of Conduct as a minimum – and, if possible, go even further to protect people from scams, as TSB have done.
Agree with us? Sign our petition.