Banks must do more to tackle scams where people are tricked into transferring money to a fraudster, the regulator has said.
The Payments Systems Regulator (PSR) was responding to a "super complaint" from consumer group Which?. This complaint highlighted the problem of "push" fraud whereby victims are conned into paying the wrong person. However, the PSR stopped short of recommending that banks should be forced to compensate customers. Which? had wanted banks to refund consumers in cases where account-holders accidentally transferred money to a fraudster, similar to the protections provided on credit card transactions. At the moment banks pay up in about a third of such cases. But mostly they do not admit liability, leaving consumers out of pocket.....Read more here