Starting Oct 7, some UK banks may charge £100 APP fraud fee, reducing max compensation to £85k.

Starting October 7, some UK banks may charge fraud victims a £100 fee under a new compensation scheme for Authorised Push Payment (APP) fraud. While banks like TSB and Nationwide will not impose this charge, NatWest may apply it on a case-by-case basis. The scheme, prompted by rising fraud cases costing victims £460 million in 2023, reduces the maximum compensation from £415,000 to £85,000, raising concerns among consumer advocates.

September 30, 2024
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