Just received from Which
The payments regulator has just slashed the new mandatory reimbursement limit for fraud victims that would have forced banks to provide better protections.
In a disgraceful move, the regulator has dramatically watered down vital new rules for firms to reimburse scam victims - slashing the limit from a proposed £415,000 to just £85,000. This comes just weeks before the new safeguards were due to come into effect.
It is outrageous that the regulator is siding with fraud enablers in the payments industry at the expense of scam victims. This is a complete betrayal of scam victims and caves to months of lobbying from firms that refuse to take fraud seriously. Victims of high-value fraud, including house purchases, stand to have their lives destroyed by this screeching U-turn.
Our director of policy and advocacy Rocio Concha, said:
‘This decision puts all of us at greater risk of being targeted by criminals because it reduces the incentives for banks and payments firms to take fraud prevention seriously.’
In a disgraceful move, the regulator has dramatically watered down vital new rules for firms to reimburse scam victims - slashing the limit from a proposed £415,000 to just £85,000. This comes just weeks before the new safeguards were due to come into effect.
It is outrageous that the regulator is siding with fraud enablers in the payments industry at the expense of scam victims. This is a complete betrayal of scam victims and caves to months of lobbying from firms that refuse to take fraud seriously. Victims of high-value fraud, including house purchases, stand to have their lives destroyed by this screeching U-turn.
Our director of policy and advocacy Rocio Concha, said:
‘This decision puts all of us at greater risk of being targeted by criminals because it reduces the incentives for banks and payments firms to take fraud prevention seriously.’
