SIR ED SEES RED
BANK customers have lost £1.1billion in scams over the last three years.
Consumer group Which? is warning some banks are not committed to introducing new measures to protect customers.
And the consumer watchdog reckons £97million could have already been lost in the first three months of this year alone.
It is urgently calling on banks to introduce protections, including
TORY MP Sir Edward Leigh is battling with Twitter trolls who mock him for having a red face.
He suffers from rosacea, an incurable skin condition that causes redness and visible blood vessels in your face.
The MP for Gainsborough, Lincs, right, said: “I’m regularly mocked on Twitter for my appearance. I can take it but it’s harder for the young.” checks on names when customer sends a payment.
It would stop fraudsters from posing as trusted organisations such as a bank or solicitor.
Which? estimates £320m of losses could have been prevented if the Confirmation of Payee system had been introduced at the start of 2017.
It is due to be introduced by six of the UK’S major banks by the end of March.
Banks are also being urged to sign up to a voluntary code to refund people tricked into making payments to a fraudster.
Gareth Shaw, from Which?, said: “It is vital for all banks to commit to basic name-check security, and the whole industry should sign up and follow through on the protections offered by the scams code.”
Chief of UK Finance Stephen Jones said: “The banking and payments industry is wholly committed to defending its customers from fraud.”
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