Blameless scam victims who have been tricked into transferring money to a fraudster are set to be entitled to reimbursements under new plans.
The UK’s biggest banks could also be required to publish their performance data in relation to authorised push payment (APP) scams, the Payment Systems Regulator (PSR) said.
It said changes would be made by the UK Government to provide for mandatory reimbursement for scam victims.
A PSR consultation sets out proposals and options to make reimbursement for payment scams mandatory. Barriers have been identified in current legislation that limit the PSR’s ability to ensure victims are reimbursed.
The UK Government intends to remove these barriers to enable the PSR to act as needed following the outcome of its consultation.
Anabel Hoult, chief executive, of Which?, which previously made a super complaint on bank transfer scams, described the plans as “a huge win for consumers”:
“People are still losing life-changing sums of money every day, so the Treasury must move swiftly towards introducing the necessary legislation,” she explained.
“Which? has been calling for banks to come clean on how they treat fraud victims, so it’s positive that the PSR is planning to direct firms to publish data that shows fraud case numbers and how often they reimburse customers. The banks must cooperate fully with putting in place these long-overdue requirements.”
In the first half of 2021, £355 million was lost to APP scams, overtaking…