CAS Financial Health spokesman Derek Young says,
“We welcome the announcement of this fund and voluntary code, which is a step in the right direction to compensate people across the country who are taken in by authorised push payment scams and lose substantial sums of money. However, it will only be effective if all banks sign up and implement it fully so that blameless victims are always reimbursed.
“The reality is that people can be tricked even when taking reasonable care, especially if they are vulnerable, with fraudsters becoming ever more sophisticated and persuasive. We will be watching carefully to ensure that, having made this commitment, banks do not then worm out of paying because of excuses that they claim to have warned customers about the risks. We also want banks to commit to making this scheme permanent and implementing additional security measures, such as routine payee confirmation, as soon as possible.”