UK's PSR sets £85k refund limit within 5 days for authorized push payment scams, effective Oct 7.
The UK's Payment Systems Regulator (PSR) has set new rules requiring banks to refund customers up to £85,000 within five days for losses from authorized push payment (APP) scams, effective October 7. This adjustment from the previous limit of £415,000 aims to cover over 99% of claims. Consumer advocates criticize the change, arguing it may endanger scam victims by limiting compensation and increasing fraud risks.
September 25, 2024
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