The risks associated with authorised push payment ("APP") fraud have been exposed in a report by Which? that suggests that 12 out of 27 major banks have failed to sign up to a new code of conduct.
The code aims to make it easier for victims of APP fraud to get their money back.
APP fraud happens when someone is tricked into transferring money directly to a fraudster, often because they think they are paying a legitimate business. Banks have not been obliged to refund money in such situations because the fraud victim authorised the bank to make the payment.