Article preview: Financial fraud where the scammers trick their victims into transferring money into their bank account is rife. But less than half of the losses from this type of fraud are ultimately repaid under the terms of a voluntary code adopted by banks. According to the consumer group Which?, banks are applying the voluntary code inconsistently and it should be strengthened as a result.
Banks fail to reimburse scam victims, despite voluntary code
This 385-word blog post looks at a new call from Which? asking for banks to more consistently apply a voluntary code designed to reimburse the victims of bank transfer scams. Written on 28th May 2021.
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