A study by Which? has found that banks are refusing to reimburse fraud victims by having "unreasonable expectations" of what customers should have done to protect themselves. Gareth Shaw, from Which?, said: "Our analysis has found clear issues with how banks are meeting [the voluntary code of conduct’s] core objective of reimbursing blameless people who have lost money through bank transfer scams.” The Payment Systems Regulator says just 41% of fraud victims are getting their money back. But Katy Worobec, managing director of economic crime at UK Finance, said the code has more than doubled the amount being repaid to victims and the banking and payments industry “continues to take action on all fronts to stop these crimes from occurring in the first place.”
Read more: The Daily Telegraph