When consumers are subject to sophisticated scams and are tricked into transferring money to fraudsters via ‘push’ payments (such as Faster Payments) banks do not provide the levels of protection that they could – and that they typically do provide for other types of payment. The sums involved are often large and can be life-changing for the victims. The use of push payments is growing and likely to grow further as new push payment services are introduced, increasing the risk of such scams.
See our full report:
See the response to our super-complaint: