Banks leave customers exposed to bank transfer scams

Our latest research has found that banks are still leaving their customers exposed to bank transfer scams.

It’s been eight months since we first raised the alarm to the threat of bank transfer scams and made our super-complaint to the financial regulator calling for urgent action from the industry.

The financial regulator investigated and agreed that banks could be doing more. Yet five months on there’s little evidence of significant progress from the industry as people are still losing life changing sums of money.

Our latest research has found that one in 10 people in the UK had made a bank transfer, or knew someone that had made a payment, that later turned out to be to a fraudster. And of those people who had lost money to bank transfer scams, more than half had been victims in the last six months.

Gareth Shaw, money expert at Which?, said:

‘Despite the fact that consumers are still losing life-changing sums of money to fraudsters it’s not clear what meaningful action the banks have taken to protect their customers.

‘People assume that banks will look after them and their money. So it’s vital that the industry, regulator and next government act quickly and decisively to tackle financial fraud. Failure to do so will continue to leave consumers paying the price.’

Tackling financial fraud and scams must be a top priority for the next government. We need the next government to set out an ambitious plan to ensure that financial institutions do more to protect their customers from bank transfer scams.

If you agree that action is urgently needed, then sign the petition now.