Which Magazine is using its legal powers to make a super-complaint to the Payment Systems Regulator. They are calling on them to ensure banks better protect customers who are tricked into transferring money to a fraudster.

They want victims of bank transfer scams to have a legal right to get their money back.

The regulator has 90 days (which runs out in December) to respond to their super-complaint.

WHY ARE THEY DOING THIS?

For example, Stuart and Angie lost thousands of pounds when they had some building work done in their garden. Once the work was finished, they were sent an invoice from the builders – or so they thought. It was actually a ruthless scammer who hacked their email and faked an invoice tricking them to transfer the cash into the fraudster’s account.

Stuart and Angie have no legal right to get their money back from their bank and have lost over £8,000. Unlike credit or debit card fraud, banks haven’t developed sufficient security checks for bank transfers.

The  super-complaint wants to ensure that banks do more to protect customers who are tricked into transferring money to a fraudster.

With victims losing life-changing amounts of money to this type of scam, they need your support,

so please support their super-complaint today.

They’re using their legal powers to launch an official super-complaint targeting the financial regulators. Banks must do more to protect customers who are tricked into transferring money to a scammer.

Do enter your email address and click on the subscribe button on top right to keep up to date with new posts.