UK's PSR plans to reduce bank fraud victim compensation from £415k to £85k in Oct 2024, facing criticism from consumer advocates.

The UK's Payment Systems Regulator (PSR) plans to reduce the maximum compensation for bank fraud victims from £415,000 to £85,000, effective October 2024. This decision, influenced by banks and fintechs, has sparked criticism from consumer advocates who argue it could expose victims to significant financial and emotional harm. In 2023, Britons lost £459.7 million to authorized push payment fraud, highlighting the need for robust consumer protections.

September 03, 2024
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