Fraud Fund For Bank-Scam Victims Gets March Extension

Law360, London (November 28, 2019, 12:11 PM GMT) -- Britain's largest banks have committed to continue to fund a central pot used to reimburse victims of transfer scams after the voluntary scheme was extended by three months.

Seven banks including HSBC Holdings PLC and Lloyds Banking Group PLC said they will continue to pay into a refund system set up to pay back people who are taken in by bank transfer scams until March 2020. The extension will allow the industry more time to devise a solution to fund the kitty full-time, lobby group UK Finance said Wednesday.

The banks — which also include Nationwide Building Society, Royal Bank of Scotland...

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