Our latest research has found that people are still losing life-changing sums of money to fraudsters exploiting bank transfer payments. So, how much longer should we wait for effective action from industry?
Last year, as part of our super-complaint to the Payment Systems Regulator, we collected evidence from nearly 600 victims of fraud who told us they’d collectively lost over £5.5m to bank transfer scams.
Five months on from the PSR’s response saying that they’d found evidence that banks could be doing more, we’ve been checking to see if anything has changed.
We’ve found that people are still exposed when it comes to bank transfer scams, with many losing significant sums of money.
Despite fraudsters continuing to exploit bank transfer scams, we’ve not seen enough evidence that banks are making progress to protect their customers.
Roger and his wife lost £2,000 to a scammer posing as their gardener:
And cases like Roger’s are far from unique. In fact, our latest research reveals 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.
Huge sums of money are being lost to these fraudsters, and we found that nearly four in 10 didn’t get any money back at all.
So, today we’ve written to banks calling for them to clearly outline what action they are taking to safeguard consumers from bank transfer scams.
When it comes to banking the general expectation is that banks will look after you as their customer and your money too. But with so many continuing to lose such large sums of money to fraudsters exploiting the system, it’s clear more needs to be done.
The industry, regulator and next government need to urgently take action to tackle financial fraud. We want the next government to set out an ambitious plan to ensure that financial institutions do more to protect consumers from bank transfer scams.
We need your help to do this – please share your scams experiences with us and help keep the pressure on to deliver this change.
Do you think the next government should tackle scams and financial fraud? What should the banks to do to protect their customers from losing money to bank transfers?