Which? analyses a damning new report that shows banks are failing to adequately support people who fall victim to bank transfer scams.
Victims lost £479 million to bank transfer fraud in 2020, as fraudsters exploited pandemic fears to trick people into parting with money.
Scammers posing as IT departments, telecoms providers and banks are tricking victims into relinquishing control of their devices to hack into their accounts and steal sensitive data, warns Which? Money.
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.
Fraudsters stole more than £208m through bank transfer scams in the first half of 2019 - and only a fraction was ever returned to victims.
Confirmation of Payee could protect you from being tricked into sending money to fraudsters, but it has been delayed again until March 2020.