Lawmakers Want Tougher Bank Controls On Payments Fraud

Law360, London (November 1, 2019, 10:53 AM GMT) -- Lawmakers called on regulators Friday to urgently clamp down on fraud in the British banking and payments system, saying that watchdogs should impose a mandatory 24-hour delay on first-time payments and enact stricter rules for confirming the identity of payees.

Lawmakers want to see delays imposed on some banking payments in an effort to deter fraud. (AP) Scammers stole £600 million ($776 million) from consumers in the first half of 2019, the parliamentary Treasury Committee said in a report on economic crime. The cross-bench panel urged the Financial Conduct Authority, Britain's top finance watchdog, to put in place measures to close loopholes...

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