UK Banks Shift Method For Reimbursing Scam Victims

Law360, London (May 4, 2021, 2:23 PM BST) -- British banks will now pay back customers directly when they fall victim to scams that trick them into sending money to criminals, a trade organization representing the financial sector has said.

UK Finance said on Friday that it is changing the official process for compensating bank customers who have been fooled into authorizing payments to criminal accounts.

The compensation system, called the authorized push payment voluntary code, previously involved a central pot of money that banks could draw on to repay customers. The new setup will give banks funding to pay customers directly without the use of an intermediary, UK Finance...

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