OUR 6-POINT MANIFESTO TO STOP THE SCAMMERS

1 FOLLOW THE STOLEN MONEY

Criminals bounce stolen money from account to account – often within the same bank – so it becomes ‘lost’. At present, once money leaves someone’s account it is typically gone for good. Banks must set up an industrywide system that enables them to trace where that stolen money goes – to give them a chance of clawing it back.

2 MAKE BANKS ACCOUNTABLE

If they have not done enough to stop fraudsters opening accounts they use to store stolen funds – for example if scammers have used fake ID – the banks must be responsible for the losses and refund the missing money.

3 SET UP FRAUD HOTLINES

All banks must have a dedicated fraud hotline that victims can call 24 hours a day/seven days a week. Currently delays reduce the already small chances of banks being able to claw back their money.

4 PHONE FIRMS MUST HELP

Telecom providers should identify and stop scam text messages and calls getting through. Untold numbers of victims are caught out because the scam message appears within a string of genuine communications from their bank.

5 WATCHDOGS WITH TEETH

The Payment Systems Regulator should draw up clear rules on exactly when banks should refund fraud victims – and police these rules strictly. The Financial Ombudsman should be given more power to investigate fraud regardless of who the customer banks with.

6COMPENSATE VICTIMS

A total of £130million is sitting in frozen bank accounts once used by criminals. With a simple change in the law it could be used to compensate victims.