UK banks lose £341m annually to push payment fraud, with reimbursement rates varying between banks; a new mandatory scheme begins in Oct 2024.

UK banks lose customers £341m annually to push payment fraud, with reimbursement rates varying significantly between banks. TSB, Nationwide, and HSBC/First Direct top the list for reimbursing victims, at 88%, 87%, and 76% respectively. Smaller firms receive disproportionately higher rates of cash from push payment fraud, indicating potential weaknesses in their detection systems. A new mandatory reimbursement scheme is set to come into effect from October 2024, aiming to improve fraud victim reimbursement.

August 06, 2024
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