Victims of financial scams should not have to struggle to get their money back

We need to see the creation of a simpler and clearer standard of care when it comes to reimbursing those affected by such crimes, writes Rocio Concha

Financial scams have cost people thousands of pounds (PA Archive)

For a fraudster, the opportunities to trick people out of money are seemingly endless. There has been Brexit, where potential confusion over shipping costs under the terms of our new trading agreement led to people being duped into paying more that they needed to for deliveries, or for services that do not exist at all. Covid-19, where a slew of fake texts have been sent under the guise of public health guidance. And now it would appear that even humanitarian efforts to fundraise for victims of the Ukraine crisis are not off limits.

The common denominator between these types of scams is not just that they are despicably cruel, nor that they can have enduring impact on victims’ wellbeing – both of which are absolutely the case – but that they are often facilitated by what is known as “APP” (authorised push payment) or “bank transfer fraud”.

These kinds of scams happen when a person or business is tricked into sending money to a fraudster posing as a genuine payee. Which? first raised the alarm with a super-complaint five years ago, but a lack of swift, effective action from regulators and banks means they continue to spiral out of control.