Banks tell the vast majority of fraud victims they are to blame, warns Which?, with investment scam victims the most likely to be told they won't be reimbursed.
Victims lost £479 million to bank transfer fraud in 2020, as fraudsters exploited pandemic fears to trick people into parting with money.
All too often, Which? hears devastating stories from victims of fraud. The banking industry is stepping up measures to protect customers, but being aware of the risks to your money is key.
Over £200m was lost to bank transfer fraud in the first half of 2020, but nearly two thirds of losses weren't covered. Which? looks at new data from UK Finance.
Which? Money is urging fraud victims who have been refused reimbursement to ask the financial ombudsman service (FOS) to review their cases, following new guidance on handling fraud complaints issued to banks.
Which? Money has found the way banks treat fraud victims continues to be a lottery, despite the introduction of new industry standards.
Which? explains quick and easy ways to save potentially thousands of pounds on your existing bills and outgoings this year.
It's the ninth bank to sign up to the code to protect customers from bank transfer scams. But as many as 10 banks are still dragging their heels.
Banks have failed to reach an agreement on how scam victims are repaid their lost money - find out what this means for future compensation claims
A new code offers scam victims reimbursement and increased protection, but just under half of the UK's major banks and building societies haven't signed up.