CORENEWS: Bank transfer scammers steal £700,000 a day from UK victims

Consumer body Which? criticises ‘unfair and inconsistent’ bank reimbursement policies

More than £700,000 is lost to bank transfer scams every day, which works out at £491 a minute, according to research by the consumer body Which?

It claimed the banking industry’s approach to reimbursing victims of this type of fraud was “unfair and inconsistent,” with less than half of losses being returned to those affected.