British lenders are reportedly divided over whether to charge scam victims under new fraud reimbursement rules. Beginning Oct. 7, banks in the U.K. will be required to reimburse customers who fall victim to authorized push payment (APP) fraud for sums of up to 85,000 pounds. But...
The U.K.’s payment regulator is reportedly making a drastic cut to its fraud reimbursement plan. Banks and payment companies in England would have had to reimburse victims of scams up to £415,000 ($544,000), but will now have to pay a maximum of £85,000 ($111,000), the...
The U.K.’s payments regulator wants banks to reimburse victims of authorized push payment (APP) fraud. In light of a 40% increase in APP fraud in 2021, regulators in the country have been considering how to grant victims a right to compensation from their bank. Accordingly,...
October 03, 2024
U.K. FinTech Revolut has reportedly criticized Meta’s approach to combating financial fraud. As CNBC reported Thursday (Oct. 3), Revolut argues that the Facebook owner should be the one to provide compensation when scammers prey upon its users. This comes one day after Meta announced it was working with British banks MetroBank and NatWest on a data-sharing project designed to protect customers […]
September 30, 2024
British lenders are reportedly divided over whether to charge scam victims under new fraud reimbursement rules. Beginning Oct. 7, banks in the U.K. will be required to reimburse customers who...
September 04, 2024
The U.K.’s payment regulator is reportedly making a drastic cut to its fraud reimbursement plan. Banks and payment companies in England would have had to reimburse victims of scams up...
February 06, 2023
The U.K.’s payments regulator wants banks to reimburse victims of authorized push payment (APP) fraud. In light of a 40% increase in APP fraud in 2021, regulators in the country...
