IT’S emerged that UK banks have failed to return more than £100million stolen from customers by scammers.
New figures show that a total of £249.1million was taken by crooks tricking customers into bank transfer scams.
But only £140.1million – or 56% – was returned to victims, data from UK Finance shows.
Bank transfer scams – known as authorised push payment fraud – is where customers are scammed into authorising a payment to a criminal.
Whether or not you can get a refund if you have been a victim of an authorised push payment scam will vary.
In 2019 some banks, including Barclays, Santander and HSBC, signed a scam code agreeing to voluntarily reimburse victims of these scams.
Banks don’t have to sign up to the code – which means many customers have lost thousands without being reimbursed.
Over 95,219 people were tricked into handing over their cash as part of a bank transfer scam in the first half of this year.
It has become increasingly common since the pandemic, as more people shop online.
These types of scams include tricksters pretending to be the taxman, the police, or a bank manager, persuading you to handover your money as part of a very convincing fraud.
Although there has been a 42% increase in the amount returned to victims by banks compared to the previous comparable period last year, it still means many victims are still being refused refunds.
UK Finance managing…
