Banks must take "meaningful action" to tackle the threat of customers losing "life-changing sums of money" to fraudsters, a consumer group has said.

Consumer group Which? says banks have made little progress in protecting people from so-called push fraud. Victims are conned into transferring money to the accounts of fraudsters, believing they are legitimate firms. The banks' anti-fraud group said it had a clear action plan which was being worked through.

Extra protection

The issue of bank transfer scams was raised by Which? last year when it submitted a "super complaint" - a legally-backed demand for a review - to the Payment Systems Regulator (PSR). Which? wanted banks to refund consumers in cases where victims had accidentally transferred money to a fraudster, similar to the protections provided on credit card transactions.

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