Home Business News Victim of bank payments fraud? UK regulator makes compensation easier

Victim of bank payments fraud? UK regulator makes compensation easier

by LLB Reporter
28th Feb 18 4:29 pm

An interim code will be introduced to give consumers better protection

People tricked into transferring payments directly to a fraudster will be able to claim compensation more easily from their banks under a new industry code, a British financial watchdog said today.

But now the Payment Systems Regulator (PSR) has said that an interim code will be introduced in September to give consumers better protection from such push payment scams. These fraud occur when a fraudster tricks someone into transferring money from their account, often by claiming to be a trusted person or institution.

Paul Smith, head of policy at the PSR, said: “The banks have already made some changes but, from September 2018, this industry code will see better protections available to everyone.”

Gareth Shaw, a Which? money expert, added: “The industry must also use other measures to better protect consumers at the point of transfer to stop such scams happening in the first place.”

This type of fraud totalled more than £100m in the first half of last year, affecting more than 19,000 people with an average loss of £3,000 per case, UK Finance, a banking industry body, has said.

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