Banks have been accused by a senior MP of “dragging their feet” when it comes to refunding victims of fraud.
Harriett Baldwin’s comments come as newly published figures name, for the first time, individual banks to show how much money they refund.
Mrs Baldwin, the Conservative chair of Parliament’s influential Treasury Committee, says banks are getting better but need to go further, faster.
Mrs Baldwin, the Conservative chair of Parliament’s influential Treasury Committee, says banks are getting better but need to go further, faster.
The report from the Payment Systems Regulator (PSR) covers data from 2022 on authorised push payment, or APP fraud, which is when victims themselves are tricked into transferring money to criminals pretending to be from a trusted body such as banks, the police or HMRC.
In total £485.2m was stolen this way last year. Banks refunded £285.6m – around 59%.
But some performed better than others in terms of their reimbursement rate.
Of the 14 major banks or building societies covered in the report, half of them refunded less than half the money that was stolen from victims.
Banks have been accused by a senior MP of “dragging their feet” when it comes to refunding victims of fraud.
Mrs Baldwin, the Conservative chair of Parliament’s influential Treasury Committee, says banks are getting better but need to go further, faster.
Harriett Baldwin’s comments come as newly published figures name, for the first time, individual banks to show how much money they refund.
The report from the Payment Systems Regulator (PSR) covers data from 2022 on authorised push payment, or APP fraud, which is when victims themselves are tricked into transferring money to criminals pretending to be from a trusted body such as banks, the police or HMRC.
Mrs Baldwin, the Conservative chair of Parliament’s influential Treasury Committee, says banks are getting better but need to go further, faster.
Mrs Baldwin, the Conservative chair of Parliament’s influential Treasury Committee, says banks are getting better but need to go further, faster.
The report from the Payment Systems Regulator (PSR) covers data from 2022 on authorised push payment, or APP fraud, which is when victims themselves are tricked into transferring money to criminals pretending to be from a trusted body such as banks, the police or HMRC.
In total £485.2m was stolen this way last year. Banks refunded £285.6m – around 59%.
But some performed better than others in terms of their reimbursement rate.
Of the 14 major banks or building societies covered in the report, half of them refunded less than half the money that was stolen from victims.
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