The Consumer Association (Which?) reports that ‘in less than two weeks, we’ve recorded over £5.5m lost to bank transfer scams. Over 650 people have shared their story – with one person reported to have lost a whopping £395,000. The £5.5m is just the tip on the iceberg.

This is the harsh reality of bank transfer scams and something the Payment Systems Regulator (PSR) will not be able to ignore. Banks must better protect customers who are tricked into transferring money to a fraudster’. If you would like to support Which? in trying to protect people from becoming victims, please consider signing the ‘Safeguard us from Scams’ campaign.