UK Aims To Force Banks To Reimburse Fraud Victims

By Najiyya Budaly (November 18, 2021, 5:46 PM GMT) -- Britain's payments watchdog said on Thursday that it is backing government plans to force banks to reimburse victims who are tricked into sending money to an account controlled by a fraudster.

The Payment Systems Regulator said that it expects to see financial institutions taking more action to block authorized push payment fraud, in which an individual is persuaded to authorize a bank transfer to an account controlled by scammers. The watchdog has found that consumers lost £355 million ($479 million) this way during the first half of 2021 — a 71% increase on the £271.2 lost during the same period in 2020....

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