Thursday, 15 March 2018

£236m lost in 2017 in authorised bank transfer scams.

A total of £236 million was lost last year due to people and firms being tricked into transferring money to a fraudster, new industry figures have revealed.

Financial providers were unable to return nearly three-quarters (74%) of the total value of these losses to victims.

Trade body UK Finance has for the first time compiled annual data on losses due to authorised bank transfer scams – also known as authorised push payment (APP) scams.

This type of scam was the subject of a “super-complaint” made in September 2016 to regulators by consumer group Which?, which has been calling for banks to shoulder more responsibility when victims are tricked in this way.

Which? made the complaint over concerns that, unlike many other payment methods, victims conned into transferring money by bank transfer to a fraudster have no legal right to get their money back from their bank.

By Vicky Shaw.

Full story at Yahoo News.

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