Banks are shifting responsibility onto customers to avoid paying out for bank transfer fraud, a Which? Money investigation has found.
Which? Money has found that the way banks treat victims continues to be a lottery, despite the introduction of new industry standards.
The voluntary Contingent Reimbursement Model code, in place since May 2019, marked a breakthrough in protection for victims of bank transfer or authorised push payment (APP) fraud. It compels banks to reimburse blameless victims, as they do for fraud that’s related to card payments and direct debits.
Yet early signs suggest that banks are shifting responsibility onto customers, by refusing to cover losses on the basis that they show fraud warnings at the point of payment.
Read the full story on banks denying refunds to scam victims.