Bank transfer scam victims risk being left unprotected from January after the industry failed to agree a plan to compensate people. More than £1m a day is being lost to scams in which people are duped into authorising a payment to an account controlled by a criminal. The failure to agree a protection plan may make it more likely that the next government will step in. In response to this growing crime, a voluntary code requiring banks to reimburse affected customers who meet the criteria took effect on 28 May 2019. But the funding arrangement that bails out some of the victims of this scam is due to end on 31 December. This relates to where the customer and their bank have done everything expected of them under the code – known as the “no blame scenario”. Last month the consumer body Which? warned that time was running out and, unless a solution was agreed soon, there was a risk of “a return to the dark days of blameless victims losing their life savings to this devastating crime”. A proposal for banks to pay a small fee on some transfers to collectively fund a no-blame reimbursement pot was put forward… Read full this story
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