UK BRINGING IN MANDATORY COMPENSATION FOR APP FRAUD VICTIMS
November 2nd, 2021
The UK government is proposing the insist on mandatory compensation for victims of authorised push payment (APP) fraud - where individuals or businesses are tricked into sending money to an account controlled by a fraudster. It also wants UK banks both to step up prevention and report fraud performance. Pointing to the latest figures (1) showing losses from APP scams having already hit GBP355 million (USD477 million) in the first half of 2021, the Payment Systems Regulator (PSR) launched a consultation (2) November 18, running until January 14, on its proposals, ...
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