Santander has pushed back against calls from Which? for banks to publish figures on the proportion of customers they refund for authorised push payment (APP) fraud, arguing that looking at reimbursement rates in isolation could present a “misleading” picture.
Many of the UK’s biggest banks and building societies are signed up a voluntary code, which is based on the principle that blameless victims of bank transfer scams should be reimbursed their losses.
However, the firms have been reluctant to say how many customers they have refunded, prompting consumer group Which? to call on them to come clean.
In response, Santander says that concentrating on reimbursement rates ignores work done on fraud prevention, “which should be the overriding priority”.
The Spanish-owned lender says that reimbursement rates…