MPs Rip Gov’t Failure To Help Payment Fraud Victims

Law360, London (March 13, 2020, 1:04 AM GMT) -- An influential parliamentary committee blasted the government on Friday for making “no commitment” to force banks to reimburse blameless victims of payment fraud after members of Parliament called for measures that will protect consumers against economic crime.

The House of Commons Treasury Committee has been calling on the government to force all U.K. lenders to join a program that reimburses victims of authorized push payment fraud, a practice in which banking customers are tricked into sending their money to criminals.

Banks can voluntarily join the so-called contingent reimbursement model, which was established by a payment systems regulator steering group in May...

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