UK Readies Rule Forcing Banks To Reimburse Scam Victims

By Ronan Barnard (May 10, 2022, 6:38 PM BST) -- The government announced on Tuesday that it is going to amend legislation to ensure that banks and payment service providers reimburse victims of "approved push payment fraud."

The government said in a policy paper that the volume and value of push payment fraud, which manipulates victims into making real-time payments to the scammer's bank account, have risen across the U.K. This is despite pledges by a number of payment service providers to reimburse victims of the fraud to help fight the harm it causes to consumers.

The announcement said the government will introduce a legislative amendment to the upcoming Financial Services and...

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