16 Dec 2016
Banks need to work harder to improve their responses to scams, a watchdog has said.
The Payment Systems Regulator was responding to a “super complaint” from the consumer group Which? that said banks were not taking enough responsibility when customers lost their cash after being tricked into money transfers.
The regulator said the way in which banks work together in responding to reports of scams needed to improve.
It also found evidence to suggest some banks could do more to identify potentially fraudulent incoming payments, and to prevent accounts falling under the influence of scammers.
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