Britons have lost £1billion to bank transfer fraudsters in just three years, research shows 

Customers have lost £1.1billion to bank transfer fraud in three years – prompting calls for laws to be introduced to ramp up protection.

Consumer group Which? said banks are failing thousands of victims who have been tricked into transferring cash, often by criminal gangs posing as banks, police or even the taxman.

A security measure called confirmation of payee (CoP), which checks the name of the payee matches the identity listed for the account, is due to be introduced by March 31.

But only the six biggest banking groups have been told to sign up to the voluntary scheme by this date. 

Which? said all groups should be made to sign up and warned the RBS Group, which includes Royal Bank of Scotland, NatWest and Ulster Bank, and HSBC, which includes First Direct, had not confirmed a date for implementing CoP.

It said voluntary schemes are no longer sufficient and called for legislation to make CoP mandatory.

The Mail is campaigning for checks to protect ordinary people’s bank accounts being emptied in the fraud epidemic.

Gareth Shaw, of Which?, said: ‘It is vital for all banks to commit to basic name-check security. If the banks fall short of making these commitments… these initiatives must be made mandatory by Government.’

Trade body UK Finance said the industry is committed to protecting customers but agreed ‘a voluntary agreement alone is not enough’.

A security measure called confirmation of payee (CoP), which checks the name of the payee matches the identity listed for the account, is due to be introduced by March 31. A stock image is used above [File photo]