November 14, 2021

Banks ‘hiding under a cloak of anonymity’ over bank transfer scams

Which? has urged banks to “come clean” about how much money victims of bank transfer scams are being reimbursed.

It comes after the consumer champion called on the UK’s major banks and building societies to commit to publishing their reimbursement rates by Friday May 28.

The date marked two years since the introduction of an industry code that many banks have signed up to. It pledges to refund losses to victims of so-called Authorised Push Payment (APP) scams who are not at fault.

However, nearly all banks have failed to do so. Barclays, which last month provided reimbursement figures for the first two months of the year, was the only firm to say it was ready to publish “periodically”.

Banks’ commitments not matched by action

This leaves Barclays as the only organisation apart from TSB, which is not a member of the code but does have a “Fraud Refund Guarantee“, to…

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