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Victims of bank transfer scams only get 46% of money back, says Which?
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Victims of bank transfer scams only get 46% of money back, says Which?
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Victims of bank transfer scams only get 46% of money back, says Which?
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Less than half of the losses of fraud victims who transfer cash to scammers’ bank accounts have been repaid under a voluntary code that banks are applying inconsistently, according to a consumer group.
Which? called for the code, introduced in 2019 to ensure the reimbursement of money lost in bank transfer scams, to be strengthened and mandatory standards to make the process “fairer and more consistent”.
The group cited UK Finance figures which show £412.9 million has been lost in 189,000 cases of bank transfer fraud between the introduction of the code in May 2019 and the end of 2020 – amounting to £707,000 every day.
But Which? said only 46% of the money lost in that time had been returned, meaning victims had taken a £225 million hit.
Surveys and Reports
Regulatory Developments
United Kingdom: Financial Services Act 2021 becomes law
On 29 April 2021, the Financial Services Bill 2019-21 received Royal Assent. In a press release, HM Treasury described the Financial Services Act 2021 (the Act) as a ‘major milestone in shaping a regulatory framework for UK financial services outside of the EU.’ The Act makes significant amendments to key legislation, including the Financial Services and Markets Act 2000 (FSMA) and onshored EU financial services regulation.
Sections of particular relevance include the following:
Section 29 requires the FCA to consult on whether it should make rules providing that authorised persons owe a duty of care to consumers. The consultation was launched on 14 May 2021 (see the separate item below). The FCA must publish the results of its analysis before 1 January 2022 and make final rules by 1 August 2022;