UK government publishes draft legislation granting banks 72 hours to investigate APP fraud after £485m lost in 2022, with PSR outlining new consumer protections for reimbursement.
The UK government has published draft legislation that grants banks and payment service providers an additional 72 hours to investigate potential fraud in authorised push payment (APP) schemes, after £485m was lost to such scams in 2022. The new legislation, due to come into force on October 7, aims to give banks, payment service providers, and law enforcement more time to contact victims and disrupt fraudsters' activities before money is sent. The Payment Systems Regulator (PSR) has also outlined new consumer protections against APP fraud, which will see the majority of money lost to APP frauds reimbursed to victims, with a maximum level of reimbursement per claim set at £415,000.
March 12, 2024
25 Articles