Banks need to work harder to tackle the situation and scams and protect the people while transferring money as they are tricked by the fraudster, the regulator has said.
The watchdog and regulator added that most of the people are tricked by the fraudsters and transferred money into their account. They added that the payment systems regulators (PSR) had not done enough to bank to handle its responsibility and not doing much for losses of the money from the people as they affected the ten thousands of the people.
The PSR was responding to the consumer group to a super-complaint which? The complaint was highlighted as the push fraud and the people are paying to the wrong person.
The PSR said that banks needed to do more work to identify the fraud cases of the money but it doesn’t make banks answerable for the losses of the persons that are termed for the authorized push payments and they needed to work for the betterment of the development.
The PSR also added that some banks needed to do work to prevent accounts falling against the criminals and the manager of the PSR said that “We have found out the problem we are facing these days in a short period of time and need to work to tackle the situation – we have gathered that nearly 10 thousand people have lost their money due to these scams but we have limited data at the moment”.
We need to develop a company with wide range of abilities to protect the customers and provide them a better approach for the future and we need to start this today. The Alex Neil added that ill-advisedly millions of pound of different people are scammed but we didn’t want to see this risk and the situation in the next year.
The consumer group added that nearly 60 percent of the people didn’t realize that they don’t have any kind of security against the fraud into making money transfer as more fraud cases come in the light we need to change the rules and tackle the scamming.
The PSR was agreed to do a program known as Financial Fraud Action that works against these kinds of the scam – the banks collect more data about the push fraud and develop the statistics.
The bank revealed the information to remain safe against these kinds of the attacks including never disclose security details, and don’t assume the phone call is authentic. The PSR is already revealing other sources to remain safe against these kinds of an act to enhance payment security.