Banks told to combat payment scams

Banks told to combat payment scams


Banks must do more to tackle scams where people are tricked into transferring money to a fraudster, the regulator has said.

The Payments Systems Regulator (PSR) was responding to a "super complaint" from consumer group Which?.

This complaint highlighted the growing problem of "push" fraud whereby victims are tricked into giving bank details.

However, the PSR stopped short of recommending that banks should be forced to compensate customers.

The regulator said banks needed to work together to help detect this type of fraud, adding they could do more to identify potentially fraudulent payments.


The PSR's managing director, Hannah Nixon, said it had not taken the regulator long to realise the issue was serious: "In a short space of time we have built a clearer picture of the problems we are facing, and it is evident that this type of scam is a growing problem that needs to be tackled.

"Tens of thousands of people have, combined, lost hundreds of millions of pounds to these scams. We need a concerted and co-ordinated industry-wide approach to better protect consumers, and we need it to start today."



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