United Kingdom: Banks ‘must show action’ in fraud cases

Author(s): Kevin Peachey | Date: May 16, 2017 | Language: English
Source: http://www.bbc.com/ | URL: https://goo.gl/QvhSQN | Type: Text

Banks must take “meaningful action” to tackle the threat of customers losing “life-changing sums of money” to fraudsters, a consumer group has said.
Consumer group Which? says banks have made little progress in protecting people from so-called push fraud.
Victims are conned into transferring money to the accounts of fraudsters, believing they are legitimate firms.
The banks’ anti-fraud group said it had a clear action plan which was being worked through.
The issue of bank transfer scams was raised by Which? last year when it submitted a “super complaint” – a legally-backed demand for a review – to the Payment Systems Regulator (PSR).