Great to see the banking industry and Chartered Trading Standards Institute considering how to provide further protection to protect people from scams.
What other scam protection could be considered?
Vulnerable people should be allowed to place a delay on large payments leaving their bank to protect them from scams, a report says. A carer or family member should be sent a text alerting them to the planned payment, the recommendations suggest. The Chartered Trading Standards Institute, which represents officers, said banks and charities could do more to protect potential victims. The banking industry says a grey area exists in the current rules. Banks are obliged to make payments when customers demand it, but they also want to, and do, protect those who are vulnerable.