Building society launches pre-payment hotline after bank-transfer scams rise sharply during pandemic
Technology, telecoms and social media companies should take more responsibility for stopping scams as the problem reaches “epidemic proportions”, the UK’s biggest building society has warned.
Cases of authorised push-payment fraud, where victims are persuaded to pay money into a criminal’s account, have risen sharply since the Covid pandemic began, with banks last week revealing that losses from such scams were up by 71% in the first half of the year.