Some banks are failing to provide satisfactory support for devastated fraud victims, leaving them feeling abandoned at a time of crisis and exposed to future scam attempts, according to the consumer advice and campaign body Which?.
Which? surveyed more than 400 people who had been victims of fraud or attempted fraud in the last 12 months. Most (83 per cent) said they were satisfied overall with how their bank managed the incident. Of the people who reported fraud to their bank via phone or webchat, one in seven (15pc) said that they waited 30 minutes or more to speak to someone. About a third (32 per cent) of victims of fraud or attempted fraud said that their bank did not offer advice or resources to help them better protect themselves.
Which? says that it contacted banks representing 98 per cent of the customers surveyed to ask them what protocols they had in place for victims of fraud. All of them said that they offer advice or guidance in some form. Which? however queries whether this information is reaching consumers and how effective it is at preventing scams.
Which? is calling for the voluntary code on bank transfer scams to be replaced with a mandatory reimbursement scheme, which will include protections against bank transfer fraud for consumers, and enforcement. Jenny Ross, Which? Money Editor, said: “Fraud can have a devastating impact on victims. When banks fail to offer proper support, it can make a nightmare situation even worse, and an absence of information from firms about how people can protect themselves could even lead to ruthless scammers striking for a second time.
“The lack of help provided to some victims of bank transfer scams is particularly concerning, and protections for this type of fraud have to be strengthened.
“The payments regulator must introduce a mandatory reimbursement scheme for all payment providers, to ensure that customers are treated fairly and consistently when applying to get their money back.”
Which? advice for scam victims:
Call your bank directly, checking its website for the correct number to ring. If the fraud involved any of your personal information, consider signing up for a Protective Registration with the counter-fraud trade body Cifas, which costs £25 for two years.
Change your passwords for any accounts that have been compromised due to fraud – and any that use the same password. Set up two-factor authentication wherever possible
