Which? responds to PSR proposals to delay new mandatory reimbursement rules for bank transfer fraud

Rocio Concha, Which? Director of Policy and Advocacy, said: 

"Hundreds of millions of pounds are lost every year to bank transfer fraud, and victims desperately need stronger protections in the form of mandatory reimbursement in all but exceptional cases. 

"It has been seven years since Which? first launched a super-complaint over the treatment of bank transfer fraud victims, and progress towards creating a reimbursement system that doesn't blame innocent victims for being duped by callous fraudsters has been frustratingly slow.  This further delay by the regulator means people who should have been protected risk facing devastating financial losses on top of the emotional ordeal of being targeted by scammers.

"There must be no backtracking on the PSR's proposals to create a fairer and more consistent system of APP reimbursement. With bank transfer fraud continuing to cause misery for so many consumers, these changes can't come soon enough."

-ENDS-