£674 lost every minute in bank scams


£674 lost every minute in bank scams.

A Which report has warned that loses to bank transfer scams are spiralling out of control. Figures from Which reveal that £40,445 is the typical lose every hour due to victims being tricked into transferring money to a fraudster.

In the last year alone around £354 million has been lost and most of it was stolen from personal accounts. People believe that an email, text or cold call from a fraudster is from a legitimate body and are tricked into making a bank transfer, they then end up losing large amounts of money.

Which wants banks to sign up to a new voluntary industry code which takes effect from May 28th. The code aims to help strengthen standards for customer protection and reimbursement. The banks who sign up pledge to reimburse victims of the scams where customers have met the minimum standards expected of them under the code.

Last year only 23% of loses were returned which left many victims out of pocket by increasingly sophisticated scams. Which want to see no blameless victims being left out of pocket and a full refund issued quickly.

Have you ever fallen victim to a bank transfer scam?

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