NatWest Group customers will soon be able to set their own daily bank transfer limit to help fight fraud, and other banks could follow suit, Which? reveals.
Which? is urging customers to check bank transfers made between 12 October and 13 November after finding Confirmation of Payee checks failed certain users.
Find out how online banking payments could change under the new rules, which aim to reduce the risk of bank transfer fraud.
Added security for online payments and contactless card use have been put on hold for months due to coronavirus (COVID-19).
Which? estimates £320m lost to fraud could have been prevented with the long-overdue system, but some customers remain unprotected.
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.
We help a saver who lost a life-changing sum of money when a TSB blunder meant he was issued with another person’s account details.
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