The Treasury Select Committee today heard evidence from Which? as to why the banking regulator must do more to protect victims of bank transfer scams.
Rich Piggin, Head of External Affairs at Which? told the Committee that £700,000 is lost to bank transfer scams every single day and banks are routinely dodging their responsibilities under the current industry code that should guarantee refunds to victims of this crime.
The regulator is even considering scrapping the existing code and letting the banks write their own rules. We’re arguing that this is completely unacceptable.
Read more on how we’re campaigning to protect scams victims.